What is Savings?
It is the rate of profit obtained as a result of a debt agreement. In another sense, it is the income rate of a capital used as input for production purposes. There are two different methods of accumulating interest, classified as simple interest or compound interest.
How to Calculate Savings?
It is the calculation of income over the rate determined over the principal amount according to the period type. Below is an example of how to calculate interest easily.
If $1000 is taken from the bank and the annual interest rate determined by the bank is 10%$1000 x %10 = $100
The debt to the bank must be paid in total $1100.
If the same amount is taken from the bank with the same interest rate with a repayment of 2 years instead of 1 year, interest is calculated again at the end of each year, equal to the interest rate. In this way, the total amount to be repaid will be as follows.$1000 + $100(1.Year) + $100(2.Year) = $1200
At the end of the second year, the amount of interest paid to the bank will be ₺200.
The simple interest calculation formula is as follows:Interest = Principal × Interest Rate × Maturity
For more complex interest rates, such as monthly or daily, the following formula is used:Interest = Principal × Interest Rate × (Maturity / Frequency)
Explained how to calculate simple interest easily. However, compound interest calculation is often used in daily life. You can click here to go to the compound interest calculation page.
Ways of Savings?
There are different ways of saving and saving from person to person. The common savings items of people who have achieved financial success in their lives are as follows:
- Divide investment vehicles into parts. Instead of investing all your money in stocks, houses, gold, foreign currency, cryptocurrencies, divide your savings into investment instruments.
- Try to create passive incomes. Passive income is investments that make money even while you sleep.
- Make sure you understand it thoroughly before investing. Investments made without taking time depend only on luck.
- Research the products of financial institutions for savings and savings. This will help you find new ideas and ways.
- Set a goal. As with any job done without setting a goal, trying to save will result in frustration. When setting goals, avoid being delusional and find ways to remind you of that goal.
How Much Should I Save for Retirement?
The answer to the question of how much should I save for retirement varies from country to country and depending on one's lifestyle. In addition to the general retirement conditions, it is very important for you to have a comfortable retirement life in saving 10 percent of your income during the working period. In addition, it would be beneficial to research the pension instruments of financial institutions and to get help from financial experts.
I want to save what should I do?
To save, also known as savings, first set a goal. Clarify what you will do with the savings. When you set aside the amount that will sustain your life, transfer the remaining money to your deposit accounts. Remind yourself of the goal you have set often and do not lose your faith.
How to Save Bills?
The most effective way to save on utility bills is to reduce wasted consumption. Turn off the lights in rooms you are not using. Collect and wash laundry and dishes. Use energy saving bulbs. Inform your family members to prevent water waste.
I can't save, what should I do?
The biggest factor in saving is setting a goal or goal. Before you start saving, you should definitely set a goal and remind yourself of this goal often.