Save money for future and emergencies, by setting up short term and realistic goals and follow simple tips-tricks to reach your saving goals early.
We all work so hard to earn money and want to use it in such a manner that it becomes helpful to us in our present and future. Many people go for the fixed deposit to save their hard earning money that can be helpful to them in their old age. Some people occupy their money in buying shares so they can get benefits to increase their money, while some people just use their money randomly even when it does not make any sense. People, who do not have nature of thinking much for future, usually face the finance problems. Here are some of the interesting tips that people can practice easily on daily basis to save money and assure their future without any finance related issues.
Make a realistic saving goal:
Some people make big mistakes by making unrealistic goals. Do not make goal like you will save 6 to 7 lacks in just six months. As it is really unrealistic because you have to pay all your utility bills, grocery bills, children’s school fees, etc. Do not bother if you do not save more money in the first few months. You will get habit to save some money daily after few months.
Make short term goals:
Do not make saving goal for 2 or 3 years. Make sure you place saving goal not more than a year. Short term goals will complete soon and you will not loose your temptation to save money. It will also make up your mind to save more and more by placing various short term goals.
Keep a daily motivator:
Daily motivate yourself to save by writing small encouraging quotes near to your mirror or working table. Idea of placing encouraging quotes at various places will help you to remind repeatedly that you have to stick your goals.
Reevaluate your bank account:
Switching to the new bank or credit union will help you to understand what different kind of facilities you will get from them. Find out what interest they are providing you on your account.
Have a jar for all your pocket change:
It is little old fashioned type idea but work simply great. Do not put loose change into the vending machine, wait till you reach to the home and put all your loose change into the jar. If you daily put your coins into the jar by the end of month, you will save more money than you have imagined. Convert them into the currency notes or directly deposit them into the bank if your bank receives it.
Reduce utility bills:
Use energy efficient electric items in your home to save money and electricity both. If you do not want to use television or other electric appliances, then switch off all the plugs of television to reduce the vampire power consumption to reduce the utility charges.
You can make a resolution for a month or two that don’t purchase anything that is not required. Do not visit any discount sales to buy any extra clothes or household items that will only occupy space in your home and reduce your money. Sometimes we visit sales and due to the low price, we buy more than what we want; it is just waste of money. Avoid purchasing unwanted jwellery and bags that you do not going to use daily.
Shop wholesale or discount stores:
Whenever you want to buy something, search for discount sale or shop it in wholesale to get discounted price. It will help you to save some of money. Wholesale purchasing will let you free from worrying about the stocking.
Keep record of your expenses:
Try to adapt habit of writing down your daily expense into the diary. Keep records of your daily shopping to understand that what expenses you can reduce to save some money.
Cut travel expenses:
To cut travel expenses, do not go for the last minutes deals on hotels and cruises. Search for cheap destination and plan your vacation trip before 2-3 months to save 80% money on your travel expense. Many sites provide you exciting and cheap plans to visit different places.
To reduce your petrol or diesel purchase, make habit of carpooling. Decide everyone’s turn to get their car for car pooling. It will help you to save some money and you can use that saved money only to refuel your car again.
Avoid late fees:
Many people are clumsy to pay their utility bills on time. So, make habit of placing reminder to pay your utility bills before one day of the due date. It will help you to not pay any late fees or extra charges. To remember due date, you can mark it on calendar or set reminder on mobile so that you can avoid all the extra fees that you pay.
Avoid expensive loans:
Check out all the terms and conditions before you take any home or car loan. If their EMIs are so big, then you must look for the financial organizations that give you loan on less interest so that you can save some money for your future.
Become a landlord:
If your home is too big and some part of it is of no use, then give it on rent to any person to get extra income that will also help you to reach at your saving goal early.
Make a monthly budget:
To save some greens, you can also prepare monthly budget. Try to buy everything in your budget to save some other money for future. You can also try to purchase every needy thing in such a way that you save some money even after doing all shopping. Put it in piggy bank every month and you will see that you save lots of money at the end of month.
Kill your debt first:
To save money for future, you have to eliminate debt as fast as possible to free your money. Many people spend more than required money in paying debt every month. So, try to pay your debt as soon as possible to save money.
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