How to Determine the Period of Saving?

Millennials, are you not foreigners about period of saving money? Of course not, yes, because this word is still being echoed. In fact, early education such as school play groups or kindergartens will be given learning about saving at school. Well, if you have started to instill the habit of saving since childhood, it is not difficult to practice it when you are teenagers or even adults. Then, is there a way to determine the period of saving?
Millennials, is it necessary, when saving, do we determine the period of saving? Are there any benefits? Let’s check.
Saving is the same as investing. The allocation can of course be adjusted according to individual needs. If we look at the time frame to determine the time frame for saving, we can categorize it into three, namely: short, medium, and long term.

Save for the short term

The use of saving in this period can be used or allocated for unexpected purposes such as medical expenses, suddenly a house is leaking and other urgent needs.

Saves for the medium term

The existence of this medium-term savings can be allocated for school fees for children, for example, or meeting needs in reaching goals or buying supporting equipment such as laptops. Can also plan savings for worship such as Umrah.

Save for the long term

If only, long-term savings meant that these savings could be allocated for a considerable amount of time. Such as buying a vehicle, house or for doing business or other forms of investment.

Determining the time frame for saving certainly needs to be prepared and planned as early as possible. This planning can be done for anyone. Can be practiced privately or planned with a partner.
So, the related question should not determine the period of time to save? The answer is necessary. How important? This returns to the individual. However, if you see the urgency it is very important. Especially for millennials who have lived together with a partner or are said to be married.
Then answer the next question, which is how to determine the time frame for saving? The answer is yes. How? The easiest step is to set aside a little of the income earned.
For those of you students who have not earned their own income, you can set aside a few percent of the allowance that you get. For example, you have the desire to buy a cellphone to support learning and the price of the cellphone

Because you already know the price, the next step is to determine the target for how long it will take to buy the cellphone. Depending on how much money is set aside.
The example above is an example of saving for clear and definite needs, then for the types of savings that have been described previously, the method is the same. Set aside a few percent of the income that is owned.
From the example above, at least you have a picture to determine the period of time to save in carrying out your personal life. may be useful.

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