5 Tips to Save Money and Become Financially Independent

Becoming financially independent from your family is not an easy decision to make especially at a young age. It takes time and effort, but the end result can be very rewarding.

In this article, we’ll give you 5 tips and tricks to help you on your way to financial independence.

1- Gain some work experience

Try to find a job at a young age even if it is an unpaid internship. Internships don’t usually offer compensation at the beginning but once you gain some experience you will be able to find ones with a salary or even a regular part time job.

2- Find a job immediately!

Many of us prefer to take a break after finishing university as a way to relax and decompress after so many years of studying. However, our needs and wants don’t have a “stop button” that we can press while we take a year off, which is why it is preferable to start working immediately after graduation. You’ll be able to save up faster and as your income becomes more stable you will gain financial independence.

one of the most important steps is how to spend wisely and save properly

3- Invest!

You will have to go through many stages before achieving financial independence and one of the most important steps is how to spend wisely and save properly. We recommend that you use part of your monthly income to open a Certificate of Deposit at the bank or invest in a Time Deposit for example where you will receive interest that can be withdrawn at any time. 

Use Faydety to compare Interest rates between Certificates of Deposit and Time Deposits right now!

4- Frugal Living will pay later!

If you decide to live on your own you must learn how to economize your expenses. Every pound makes a difference and there are several areas where you can easily save up such as:

• Food expenses: try not to waste your money on delivery/take away/eating out as much as possible. Fresh produce is cheaper, and you can control the portion according to your needs. It is also much healthier!
• Electricity: whether you live with your parents and contribute to the monthly electric bill or you live on your own you should monitor your electricity consumption and pay the bill on time to avoid penalties.

Here are some services that you can get rid of easily, 5 services you can eliminate and save up!

5- Emergency Fund!

To really become financially independent, you must have an emergency fund. Every month put aside a small amount of money (you can go as low as 100-200 Egyptian pounds) for emergencies. To open a Savings Account most banks require more than 1,000 Egyptian pounds minimum opening balance which you can save up in a few months and then directly use the account as your emergency fund later.

Save up and find out more on how to open an emergency savings account and when to use it.