Some have less, more than anyone, money is with everyone, but not everyone knows how to save money. Saving money is a big task because it is very difficult for everyone to do it. Here, step by step will tell you how to save money, which may prove to be beneficial for you too. So, I am telling about your 08 Easy Ways to Save Money.
1. Keep a Record of your Expenses
The first way to save money is to first find out how much you spend. Track every expense from small to large. Whether it is a bill of newspaper or 10 rupees spent on buying snacks. Once you make a record of all expenses, then next month you will not have to work hard to make it and everything will be in your mind.
2. Create Budget
Once you know how much you spend in a month, then after that you can make a budget according to that record. After making the budget, you can control the general expenses and expenses that exceed the limit.
3. Plan to Save Money
Now that your budget is ready. So you should start a category of savings. Try to save 10 to 15 percent of your income. You cannot save if your expenses are too high. To get rid of these expenses, you will have to cut down on unnecessary things like entertainment and food.
4. Choose something you want to Save
The first thing you should do before saving is to fix the thing for which you want to save. Once your goal is achieved then saving will become easy. For example, you can save for buying a house, for a car or a bike, or for any other expressive thing that may work for you in the future. Here are some examples to tell you about the short term and long term savings
Short term for 1 to 3 years
- Emergency fund
- Downpayment for car
Long Term for 4 years and more
- Children’s education
- Down payment for a home
5. Set your Preferences
What is more important for you, which will be necessary for you in the future. Save and spend according to your preference for home, children, parents, education, and marriage. Therefore, pay more attention to long term savings.
6. Invest Money in Right Place
To save, you have to invest somewhere. Or you have to keep your money at a fixed place where you get the right interest rate and profits. Therefore, before getting the money, get a good idea of that savings account or investment tool.
7. Create Automatic Saving Account
There are many such savings accounts or savings schemes, where only a few rupees are deducted each month from your salary. So by choosing that savings account, you have to fix one amount for each month.
8. See the Growth of Savings
When you have already started saving. So along with saving money, see its growth as well. That is, in any account in which you keep your money or where you have invested your money, keep in mind how much extra income you are getting.
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