There is a saying which goes, ‘A penny saved is a penny earned‘ yes it is true but very hard to actually do. It has never been easy to save from salary not just for me…I guess for the millions of people out there too. We all should make a New Year resolution on SAVING for a better future. When it comes to family long term wealth become the final goal and saving 50% of that goal makes you achieve it. So here we have the-
5 golden tips for you to work on:
- Valid reasons to save: Always remember whenever we have a strong reason to save we end up doing but when we don’t then ultimately we spend it. Simply saving will not help unless we have a good reason and be self- disciplined and then only things can change.
- Budget all expenses: All the unnecessary expenses that you did last year try not to make it this year. Try to cover up all extra expenses from groceries, unplanned purchase and trips, dining out too often and many more. Once you identify all the extra expenses you can easily cut down on some.
- Start a piggy bank: When you open or start a piggy bank, the total idea of saving grows and your habits too. Always remember when we have cash in hand there is an urge to spend it soon but instead if you just drop it into the piggy tummy 🙂 then after sometime you forget. This unusual behaviour can save you a lot by the end of the month or three.
- Buy ornaments: This would be counted as one of the best habits of saving- Is to buy ornaments. Try to buy at least 10gms of gold every year, if you go to see 1gm cost Rs. 2,569 on January 4th, 2017 rate. So if you purchase the whole year and finally calculate the amount, I’m sure the saving would be a WOW! factor to you.
- Open saving account: This is one of the easiest way to save money, is by opening a saving account in a bank which provides the highest interest rates. With this saving account you can not only pay your home loan but also plan a holiday soon. So make the right move and choose what you heart tells you to do.