Tips to manage your savings

Financial Planning - leading a wealthy and tax efficient life

Most of us think we can’t save. Well saving does seem like a daunting task in lieu of the rising cost of living , but all of this makes it even more necessary to start saving from today to secure those incidental future needs. The way to do it is to trick yourself into saving and make it a everyday habit.
Check out some of the neat tricks below that’ll help you build an emergency fund & live a little healthier.
Opt out of monthly subscriptions:- Downgrade any service that isn’t regularly used, such as cable television, humongous data plans, a streaming service you don’t watch very often. Although these monthly expenditures may seem minimal, but when they culminate they form a major chunk of your monthly expenses.
Be a DIY Champion:- One way to wiggle out room for your savings is to write down all your expenses that aren’t directly related to food, lodging or getting to work. Remove everything that you could do yourself instead and figure out ways to do them. Examples of things to DIY on an everyday basis: car washes, salon services, cooking in instead of ordering, micro-gardening, turning the outdoors into your personal gym, opting for a carpool to work or using public transport.
Try a Social Media Detox:- Most of the times we don’t realize but a lot of our unwarranted expenses happen because we see something on social media that we want buy or experience immediately. Try doing a social media detox and you will definitely see a fine chunk of your expenses depleting.
Automate your savings:- The best way to do this is to set up an automatic transfer from your most used account to a separate savings account each month you get your pay.
Change an unhealthy habit:- Try changing an unhealthy habits which you think ends up running your monthly budget. If you like smoking, binge drinking, eating out — stopping form indulging will not just save you money (fuel, wear-and-tear), but also keep you healthier.
Last but not the least – Make a plan:- Plan for your monthly expenses in such a manner that it includes actionable ways to achieve short and long term goals. Financial planning will help you examine why you make the money decisions you make. If the reason is “ I don’t really know” or “It had to be done”, start thinking about planning your finances out differently.

Post Your Comment