Saving money is an art if we have to decide which money we can save we definitely rely on our salary or business income for savings in future. We have to make a system how we can save money on regular basis. We can follow the rule like at least we have to save 20% of our salary each month after expenditure. We have to take saving money as a habit for whole life. By savings each month we can tackle our unexpected expenditures or can achieve our long term goals like buying own house or purchasing a brand new car.
If you want to save more you can spend 50% on expenditure and try to save 50% as savings if you strictly can control your expenses you can save more for your future.
Future savings Tricks
1. Prepare Monthly Budget- You have to do the creative money management. You have to prepare the monthly budget and try to cut down the unnecessary expenses. Categorise your spending and income and make a balance between them. You should avoid overspending.
2. Avoid overspending- you can reduce the spending on items which are non essential and find methods to save money on essential shopping like Grocery, Online, Subscriptions, electricity bills,, mobile recharge, credit card spending and transportation.
3. Investment- you have to save money and invest in the long term plans. If you want better growth in future long term investment plans will give you good returns and future growth. You can invest money on mutual funds, Long Term FD EPF/PPF, Digital gold or any kind of corporate bonds for future growth.
4. Smart online shopping tricks- if you want to save more money shop online with great rewards and benefits. You can use various discount coupons and can have cash backs which will provide the extra benefit during online shopping. You can use payment wallets like phonepe, pay tm and get additional discounts and rewards sometimes payment done through debit card and credit card and UPI Will also offer additional discounts. Free delivery will provide benefit of having product at ease of your home.
5. Lower down your entertainment cost- Entertainment is very important in our life. We can save money by cutting down our entertainment cost like going out for gym or movie in a theater. if you have a hectic job schedule you can quit the memberships of gymkhana or sporting activities or zumba classes . it will save your money.
6. Save money on Bonus – if you have any kind of extra income in a month like bonus or overtime income you can save it for the future and avoid spending all the income coming from all sources.
7. Don’t take Loans- avoid taking loans if you don’t have any necessity. As all of us know that the loans come with much higher interest rates which is the enemy of savings so avoid loans on unnecessary things. Or if any emergency come check out the best option for loans without interest.
8. Quit smoking or drinking- if you indulge in bad habits like smoking or drinking it will definitely will reduce your savings. So avoid these unhealthy habits as soon as possible. it will not only save your money but will help you from falling in to the trap of dangerous diseases.