6 Ways to Save More Money
Its always said that Money Saved is Money Earned!
The hardest part about saving money is we don’t know where to get start. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals. This step-by-step guide to money-saving habits can help you develop a realistic savings plan.
- Record Your Expenses
The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, newspaper and snack you buy. Ideally, you can account for every penny. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this. If you bank online, you may be able to filter your statements to easily break down your spending.
- Make a Budget
Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending. In addition to your monthly expenses, be sure to factor in expenses that occur regularly but not every month, such as car maintenance.
- Have a Goal Based Saving Approach
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—anything from a down payment for a house to a vacation—then figure out how long it might take you to save for it. If you need help figuring out a time frame,
Here are some examples of short- and long-term goals:
Short-term (1–3 years)
- Emergency fund (3–9 months of living expenses, just in case)
- Down payment for a car
Long-term (4+ years)
- Your child’s education*
- Down payment on a home
- Decide your Priorities
After your expenses and income, your goals are likely to have the biggest impact on how you save money. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Prioritizing goals can give you a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one.
- Grow Your Money By Investing
Many individuals have kept all their money in FD and Gold. The foundation of wealth creation is diversification. There are multiple categories in Mutual Funds like Debt Funds, Balance Funds, Equity Savings Funds, Large Cap, Diversified and Mid Cap funds.
Choose the right scheme according to your Risk Appetite and Financial Goals.
- Have a Trusted Financial Advisor
Investors who are not well versed with mutual funds should have an advisor who is an expert, trusted, Genuine & Long Term Player. Rely on experts advice on choosing the right funds for your risk appetite, choosing funds depends on tenure and exit strategies.
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