Factors Affecting Savings Levels and Strategies to Increase Income

Consumer loans began to provide credit to customers in the retail and business markets, and this information continued despite the fact that business and commercial spending in companies became competitive. When consumers search for value, consumer behavior changes for the worse. It compares the method cost and loan time. He also looked at the added value that his fame line brought to his lifestyle.

Current levels of saving vary between individuals and countries. Think of Asians, there are savings of 10% -15% due to high inflation and a lack of healthcare. In Europe and the United States, it is slightly higher at 20% -25%. Despite improved living conditions and healthcare, taxes still exist in these countries.

The inflation and taxes are factors that impact on savings level. Micro and macro factors that affect savings are given below;

1. Interest rates – the higher the interest rate, the more you will have to save your money.
2. Rising income enables higher saving - Low-income earners cannot afford the luxury of saving
3. Economic growth – Business growth and consumer confidence boost spending and reduce savings.
4. The age of individuals – Usually people between the ages of 40 and 50 save for retirement.
5. Cultural trends – some cultures have a culture of "stability" while others seek to increase spending and borrowing.
6. Wealth – Having a wealth in real estate will increase family costs and reduce the need for alternatives.
7. Inflation – High inflation can prevent savings, but it encourages the purchase of spare parts.

1. Save it first, then use a scale.
2. Deposit funds for advanced training
3. Mutual protections that protect your investment are a great way to invest your money.
4. Find another bank that offers better interest rates and deposit more money in this bank account. (Pettinger, 2020)

• Pay yourself first. List the things that are part of your budget. You're less likely to spend money than you actually have.
• Use the automatic money saving method. Set up a withdrawal from your bank account to your bank account on a monthly basis.
• Save all or part of a given income. Report tax returns, annual income, income, or income from garage sale for a savings account.

• what do you need
• Shopping tour
• Holiday
• Pensions

• Start with a goal of $ 500, then write down the recommended amount for 3 to 6 months.
• Keep it separate from other accounts.
• Use it only in emergency situations and re-use it after you step foot.

Before thinking about saving, you need to think about exactly where all of your money is going each week and increase it to about 4. It is important to be clear about how much you are spending. For items that are no different. (Yousra Zaki, 2020)

1. List your expenses and eliminate unnecessary ones.
2. Do not use debit cards and other loans
3. Always buy with cash
4. Used for home cooking
5. Don't go to the mall often
6. Health is rich, so keep your health
7. Don't buy expensive things like clothes, perfumes, and other things. ("21 lifestyle changes to make if you want to save more money", 2020)
8. Forming close relationships with family and friends improves your mood and helps you make better decisions.