Here Are a Few Brilliant Money-Saving Tips |
Posted: February 15, 2018 |
Contrary to what people believe, saving money is an art that demands patience and persistence. Experts say the simplest rule for saving money is to spend less than you earn and not the other way round. Once you are on your own, you will have bills to pay along with liabilities to take care of. Family-related expenses, medical expenses and entertainment expenses, the list is never-ending. So, in these times when the price of everything is about to touch zenith, how does one save money. Here’s how… Categorize Your Monthly Expenditure Make a list of things that you need to buy every month religiously. For example, groceries, petrol, internet among others. Set aside that some and then divide the money further into luxury and savings. Under luxury, put a fixed amount of money for all your eating out and shopping plans. Stick to that budget and do not extend it. Under savings, set aside a fixed amount of money. Open a Savings Account But Don’t Get a Debit Card Once you get your paycheck every month, transfer a certain sum to a savings account. Make sure that this account remains inaccessible to you. Do not carry the debit card of this account with you. If you have it, hand it over to a trusted family member or a friend and ask them not to give it to you. Be adamant and encourage them to be so too! Do Not Over-indulge Every person has a wish list filled with things they want to own. These lists are mostly ambitious and filled with things that one cannot afford. Hence, be realistic with your list. Don’t end up over-buying stuff. Buy things that you can afford. The ones that you cannot afford right away, can be in your wish list and you can buy them one after the other once you save up enough for them. Be Consistent in Saving Up Consistency in saving is a huge challenge. There will be months when you will like to indulge and will end up losing money. But don't. Keep saving consistently to reap long-term benefits from it. Invest And Grow Be it your EPF account or your emergency funds, always try to grow your money. Invest in EPF-linked investment accounts, fixed deposits accounts and similar saving accounts that have low-risk investment channels. Refinance Your Student Loans Try to refinance your student loan with banks and lenders based on your financial situation. Doing so will not only help you in lowering the interest rates but will also help in saving money over a period of your student loan. Don't Get Into Debts Not getting into debts is the wisest thing to do but if you still end up taking a few, try to pay them off as soon as possible. Paying a debt with another debt is a really bad idea. So if you already have a credit card balance, don't borrow money on interest from any other source to pay your bill.
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