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Do you see yourself going broke by the end of the month? Do you find yourself borrowing money from friends and family?Then it is high time that you start a healthy savings habit.
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Introduction Do you see yourself going broke by the end of the month? Do you find yourself borrowing money from friends and family? Then it is high time that you start a healthy savings habit. Opting for FD and savings account is one of the ways by which you can save for your future financial goals.
Money Saving Tips Track Your Expenses This can be considered as the first step when it comes to money saving. Making a note of your daily expenses will give you an idea of where the money is being spent. Expenses can be divided into 2 categories Daily - groceries, travel, food etc. Monthly - rent, electricity bills, internet etc. Bank statements can come in handy for tracking your online expenses.
Money Saving Tips Set up a Budget Setting up budget varies from person to person, hence plan and set up a budget that works best for you. Plan your expenses and limit the areas of overspending. Your budget plan should cover miscellaneous expenses like car maintenance, medical emergencies etc. Savings Plan Set aside at least 15-20% of your income for savings. Keep a check on the non essential expenses like entertainment, food etc and try to fit them within your expense budget.
Money Saving Tips Set Goals Save according to your goals Categorise your goals into short term and long term. Short term goals include: Vacation trips. Buying a car. Long term goals include: Retirement plan. Education of your child. Prioritize Prioritize your savings based on the need and this will give you an idea on what to save and when to save. Review your budget from time to time, and check the monthly progress in terms of savings. This can help you stick with your savings agenda, and also help you in identifying your money leaks and solve them quickly.
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