HOW TO SAVE MONEY? [blog 127]

Saving is vital. This is much easier said than done. It is not uncommon for individual short term happiness to override their long term goal of saving. To be able to save, they need to be firm with themselves.

Here are some steps to start saving:
• Assessment current sources of income and the total amount of income.
• Set aside funds required to run household and meet other necessary expenses.
• Set a tight budget for themselves and operate within the budget at all times, barring a few unavoidable exceptions such as a medical emergency.
• Earmark funds for expenses to be experienced on shopping, outings, and other activities.
• Mark the rest of earnings as monthly savings.
• Once individual have a comprehensive plan of their expenditure, they would be able to find out the amount of money left over for savings. This will give them an assessment on how much they can save every month. Then plan on deploying these savings in appropriate investment avenues.

1. Track Spending
We can fall into the trap of thinking spending on big things is what gets us into trouble, when often it’s the little things that end up costing us more.
That’s why it’s significant to keep track of day-to-day spending, so individual don’t live beyond their means. Their bank statement will express them how much money is going into their bank account and how much is going out. They can then associate it with their budget to see whether they are penetrating to it or not. They can then identify areas where they can save. Just the thought of having to track our spending can ward off instinct purchases.
2. Eliminate Your Debt
If individual are trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much they spend servicing their debt each month, and they will quickly see. Once they are free from paying interest on their debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so they can better pay it off.
3. Set Savings Goals
One of the best ways to save money is by envisaging what individual are saving for. If they need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now they have a target and know what they will need to save each month to achieve their goal.
4. Record your Expenses
The first step to start saving money is to figure out how much you spend. Keep track of all your expenses that mean every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’re accurate and don’t forget any.
5. Find a better Bank
Preferably, individual bank should have no-fee checking, a extensive ATM network and good online banking services. If individual bank frequently hits them with account maintenance fees or ATM fees, look for another bank. Here are some inordinate full service banks that offer these features and some great online-only banks that excel at online banking in specific.
6. Ideal distribution of Salary
Ask the human resources department at the organization individual work at to divide each of salary amount between their checking and savings accounts. If individual retain a definite percentage to routinely deposit into their savings so they are not expected to touch that while out shopping or pubs. Another perk here is that interest rates are normally more for savings accounts than they are for others.
7. Spend to Save
Let’s face it, utility costs rarely go down over time, so take responsibility now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficacy review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or ENERGY STAR high-efficiency appliances and products. You could save thousands in utility costs over time.
8. Decide on priorities
After individual expenses and income, their goals are likely to have the biggest impact on how they allocate their savings. Be sure to remember long-term goals it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.
9. Plan Cash Withdrawals
If they end up using ATMs more frequently, plan each visit prudently to avoid usage fees. The first few times, they are permissible free transactions, after which it will be charged INR 20 per transaction and INR 10 per enquiry. Stick to their own bank’s ATM as much as they can. When it is time to take out cash, see if they can swipe their card.

10. Pick the right Saving Tool
If individual are saving for short-term goals, consider using these insured deposit accounts such as savings account, Certificate of deposit (CD), which locks in money for a fixed period of time at a rate that is usually higher than savings accounts. For long-term goals consider securities, such as stocks or mutual funds. These investment products are obtainable through investment accounts with a broker-dealer.
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