How to Save Money | How to Save Money for Future

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Life is not easy, most people want to make a change in the way they live and have a positive life. It is not easy to save money because of many reasons; life is unpredictable, most people do not have enough money, their income is not constant, cost of living is increasing; only an a few people are aware how to save money. So let’s see how to save money and Build Saving Habit for Better Future??

Why you Need to Save Money?

Never underestimate your power as an individual. If you are able to save any amount of money with little effort you will be hard pressed to find a way to spend more than your available savings. Locking in savings every month and at least that amount of money is considered a sense of achievement. This will work well for you as well because you will only take all the savings and use them for your main purpose so in a few short years your savings will still be growing.

Till you have all been there in your younger days, when the bills keep adding up as no one would give you the money you had saved. Becoming an adult and deciding to go into a job paid for the tax refund, we all start to panic. The monthly budget will be a hard nut to crack at times as the rise in daily costs might get stuck in your head, in most cases, rising wages will only give you another 1 to 2% salary increase over that increase and still there will be increasing costs to cover. Saving money can become an uphill task as we work all day and go home to the empty house after the crazy day at work. This will take away a day of any high school vacation but it will also give you an overnight amount.

Advantages in saving money | Importance of Saving Money

For Future Financial Planning

You may have some future financial plans that may be personal. This may be like buying personal car, smart phone, personal care products etc. For that you should always save some amount of money you make.

Emergency Fund

You should always have some amount of money in reserve as emergency funds. Before you face such situation you must start saving some part of your income. Since future is uncertain and ups and downs in the life is limited so you must be always financial ready for that.

For Higher Education

You must save for your or your children’s education. because education is becoming costlier day by day so you should think about this.

Big Financial Goals

If you have some big financial goals like building home or travelling abroad then you must always save some amount of income to fulfill your future dreams. How do you plan your family life?

How to Build Saving Habit for Better Future

How to save money | 20 Ways to to Save Money

You can follow the following steps that will definitely help you in saving money;

01. Planning every weekend

Your every weekend must be planned. You should not spend accidentally on anywhere. So please plan according to your resource.

02. Save and plan on your family vacations

You must think upon the spending during family vacations. while spending you can have a check over your expense limits.

03. Plan to get the latest electric scooter and car and save on fuel

You can buy electric scooters, cars that will help you in saving fuel.

04. Spend time with your family rather than going out

You can also opt this way. Rather going out form home you can think upon spending your time with your family. This will help you not only saving the money but also will make you feel good with family.

05. Plan your Household Spending

You should also have regulated check on house hold spending. For this you can make a list of required household items and allocate separate budget for this. by doing this you will be able to control over your your expenses.

06. Limit on Luxury shopping

Till you have sufficient amount of money as emergency fund. you must refrain form such luxury shopping.

07. Saving on Outdoor Food

You can try different dishes at home. by this you will not only save money but also be sure about healthy and hygienic food. This will further help to save your money because you will not fell ill.

08. Planning your transportation

You can plan your transportation. If there is proper public transportation system in you area then you can avoid private vehicle and avoid spending on this.

09. Forced Saving

To create emergency fund you can try forced saving. For instance you can save in monthly recurring deposits schemes, insurance policies etc. This will force you save some amount first then spend the remaining amount.

10. Saving on some lesser liquid financial instruments

You can also try to invest some amount of money which is not liquid. You can do this by investing in Insurance policies, Govt. Bonds, real estates etc. Here you will not be encash the assets so easily and will be save something.

11. Planning your 2nd vacation not each one

You can try to plan second vacation rather each one. By doing this you will be able to save at least 50% on pending on vacations.

12. Limit on Dine with friends

You can limit dining or outings with friends to save money.

13. Postpone your travel for next year

You can postpone you outing / tour for next year if not having sufficient money with you.

14. Retirement and save on some retirement plans

You can start some investments in retirement saving plans. This will help you saving for future.

15. Plan your credit card spending or avoid using credit cards

If you are habitual of using credit cards then there is alarm for you. Credit always stimulates to spend more than the income. So if you don’t have much sources of income and reading this article then you must immediately stop this type of spending.

16. Saving on house and furniture and try to be economical in spending

You can save on spending on household items like furniture and other such items.

17. Saving on electronics and computers

You must always have check over your spending on electronic gadgets because these are so costly and don’t give you much time to think over spending.

18. Saving money on wedding

You can save huge amount of money here. If you just care about unnecessary so-off spending in weddings then you will see how smartly you can save money.

19. Invest money for better returns and compound the same

You can invest your money in multiple financial instruments as discussed above also. This will help to not only save the money but also give you chance to compound your income.

20. Saving on non essential bills

You can make the list of each item and then can check one by one. Once your list is ready you can smartly shortlist the unnecessary bills and same money.

Conclusion

Only an a few people are aware how to build saving habit. But please, you should plan accordingly, to plan to save for your family life, for your education, for your vacation, for your kid’s birthday! Save now to your family vacation. To plan for your emergency, you need to be prepared for the worst. Plan well for your emergency fund and safe savings fund today onwards. Happy savings!!!!

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4 thoughts on “How to Save Money | How to Save Money for Future”

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  4. This is the perfect blog for anybody who wants to find out about this topic. You know a whole lot its almost hard to argue with you (not that I actually would want toÖHaHa). You certainly put a fresh spin on a topic thats been written about for a long time. Excellent stuff, just wonderful!

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