In today’s fast paced world, with everything moving ahead, so have the prices sky rocketed. Everything has become super expensive. So, what should we do in such time? Yes, we can always try to earn more money. But along with that we should also try to save our precious money.
So how can we save money? Let’s look at some very effective ways to do the same
1. Set monthly saving goals
We should follow this practice sincerely by setting monthly goals to save some of the money we have earned. For example, if we are earning a monthly salary of 75000, then from that we should try and put aside a minimum of 25000. Then by the end of the year if we have followed this practice we will have a good amount in the hand.
2. Jot down the list of items you need, before heading out to shop
How often do we find ourselves indulging in things that we do not need? If we have a list ready, we will not overspend on buying the items that we do not need. But sticking to the list is important.
Everything needs to be properly prioritised where your expenditure is concerned.We need to distinguish between need and desire. Basically, we should spend wisely so that we do not end up emptying our savings.
4. Keep a fixed budget for everything.
Budgeting will help keep track of our money and also we will act responsibly if we have everything planned well in advance. For instance, we should keep a certain amount only we would like to keep our home expense to be. Similarly, our mobile bills should not exceed a certain x amount; shopping amount should limit to an x amount monthly and so on and so forth.
So you can invest your saved money wisely so that it multiplies. There are many schemes offered by the government and banks nowadays. Choose wisely and take an investment which provides you good returns.
6.Read a book on managing your finance
It is always beneficial to have some form of finance knowledge.It is always good to learn from the best. Pick up a finance guru and read his book. The knowledge is always useful down the line.
Hope these above few saving tips will help you increase your bank balance. Always spend your money wisely.