Ways To Gain Control Over Your Finances

by | Aug 18, 2017 | Financial Tips | 0 comments

One of the best saving master plans is to pay yourself first. This means that you save up a certain amount of your salary before you pay your bills or anyone else. Most people pay all of the bills first and then save anything that might be left. For most people, that method of saving doesn’t really work because nothing is left over to save. So, the important part is that you pay yourself first rather than last.
The nice feeling is that it forces you to make adjustments elsewhere and your savings continues to grow. The best method to save money is to create a ‘Spending Plan’ or a ‘Budget’ that will help you to manage your monthly expenses and Banksdirect.in will help you with a few tips on,

How to control your finances:

  • Save before you spend: We know controlling expenses is easier when said than done. However hard you may try, there will be some expense that will gobble up the surplus and prevent you from saving, but the solution lies in automating your savings. So that’s why to make up your mind and plan a budget so better and safer future.
  • Wait before you splurge: The urge to buy something you like can be overwhelming as easy financing options and plastic money prevents an individual from distinguishing his wants from his needs. Whenever you want to buy something expensive but not essential, think hard whether you really want the item or not. If at the end of the month, you still want to buy it, then go ahead and purchase it. This simple rule works very effectively in case of gadgets, apparel, footwear and accessories.
  • Start small to save big: The low quantum of investment at the initial stage is more important as it gives you the habit of saving with the increase in income the saving can also grow. The investment can be scaled up as the income grows in the coming years.
  • Levy luxury tax on yourself: After working so hard and saving so much, one should also enjoy the luxuries that you have worked. You should make it mandatory that every now and then, you need to treat yourself and your family to some amazing and memorable fun as well. Take as much advantage of the luxury tax that you should own to yourself, especially for your family.
  • Fix a budget and stick to it: This is the most important fact attached to ones saving the plan. The fact is that setting up a budget is the first step towards prudent financial planning, and it’s not too difficult. You have to just set a limit on how much you are going to spend on your clothes, travel, movies and eating out while doing all that one should stick to one’s budget.

Loansdirect.in has the best experts for all your finances, from savings bank accounts and credit cards to loan payments and mutual fund SIPs. They will help you to keep track of your money, alerting you when a payment is due or when you have overspent under a certain head. So remember us in time or need or trouble.

Safety Tips for Safe Debit/Credit Usage

The world of finance crazily depends on digital transactions and things can never go back to all-cash transactions anytime in the future. Debit/Credit card transactions constitute a majority of retail transactions across the globe. Here are the safety tips that you...

How To Educate Kids About Saving And Spending Money?

Making children work for their spending money is a great way to help them learn the value of each rupee. Money gives people decision-making abilities so if you teach your kids from an early age this is the best that you can do. Educating, motivating and...

Advantages of Using EMI Calculator When Applying for A Bike Loan

India has become the only country which has the maximum number of two-wheelers, owning a bike is not just for style but a necessity now. People have more choices when it comes to owning a bike because many international companies and brands have made a mark in the...

Best Mobile Apps That Help You Stay Financially Safe

Do you want to keep a budget, but aren't sure where to start? Knowing how much money you have and how much you owe is where everyone should start. We all know that banking and managing money keeps getting easier and easier, only if you know how and where to save....

Effective Financial Planning Tips For Single Mothers In India

Single parents face unique challenges which can be fairly daunting to manage. Being a single parent one has to manage a lot like not only do they act as the sole provider of care and emotional support, but they are also the only financial provider for their...

GST And All You Need To Know About It

Goods and Services Tax (GST) is the biggest reform in India's indirect tax structure. The purpose of the bill is to introduce one single tax on supply of goods and services from the manufacturing stage until its delivery to the final consumer. For new businesses and...