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5 Tips on saving that you must not miss
Published On , 29 Oct 2018 By HT
To read the benefits of investing, you must save first. Let’s look at a few tips that can help you save money easily.
5 TIPS ON SAVINGS THAT YOU MUST NOT MISS
Tip 1 Set clear saving Goals Why: You would not be motivated to save without a Goal to save for. Saving becomes easy with clear Goals in mind. Do: Write down your short-term, medium-term and long-term Goals separately. This helps you allocate resources efficiently.
Tip 2 Save regularly Why: Saving once in a while may not secure your financial future. A regular saving habit could make a significant difference to long-term Goals. Do: Start your Systematic Investment Plan (SIP). This encourages you to save and invest a pre-determined amount every month.
Tip 3 Create a budget Why: A budget gives you a clear idea of your income and expenses – not just current but also potential. This, in turn, helps you prioritise your expenses. You thus become a cautious spender. Do: Make the most of technology – use online budgeting tools or mobile applications for creating budgets.
Tip 4 Record your spending Why: Even your ordinary day-to-day expenses can put you in financial trouble over time. Once you start tracking these expenses, you understand your spending behaviour and you can avoid unnecessary expenses if any. Do: Record ordinary as well as one-time expenses such as ordering lunch at work or taking a cab instead of walking.
Tip 5 Save for emergencies Why: Emergencies can wipe off your savings. You must be proactive and save for uncertainties. If you save smartly today, you will end up saving a lot more in the future. Do: Keep aside a small part of your monthly income for emergencies; invest the same for building your fund faster.
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