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.