For living a balanced, stress-free, and smart life you need to manage your income and other money sources into a steady and stabilize way. Being a human we all are trapped in the dilemma of this colourful world and its fascinating things because of our gluttonous nature. We self-indulged ourselves in those things which are temporary and intemperate. If we cut out our main expensive which are necessities of life we can save money by supervising our luxuries. All we need to do is differentiate whether it is “bread and butter” or “milk and honey”.
Saving money from an early age is way-way better for future investments, in emergency cases such as accidents, disaster, and for old age savings plans. These money-saving ideas can be a part of the daily, monthly, or yearly habit of your money analysis system. The following are effective and quick-witted ways which can help to save money.
Analyze your income or money sources
How much do you get from your job or business? Your pocket money? Are you self employed? How much do you get from your business and job? Write down all your money away on a paper, calculate the total amount. If its low no problem, you can also save from it too. If it’s a good amount you can easily save money before spending it on luxuries.
Make a budget for yourself
Income – expensive = savings. This is the basic formula of living a neutralize life. Expenses refer to necessities such as food, bills, rents, groceries, etc. after spending on all of the expenses whatever the amount is left it’s your SAVINGS! Make a savings goal i.e.,‘ I have to save this amount of money this month or year ‘ A mindset will always lead to successful endings.
Cut down luxuries
Who doesn’t want a polish and classy life but remember these all are glitters. Eating pizza, spending money on branded clothes, watches, and accessories, buying things that are not necessary can leads to fewer savings. Before spending money on things remember these points
- Is it necessary at this time?
- Aren’t you buying in hustle and bustle?
- Can I make it later after achieving my savings goal?
Try envelope saving method
Buy different envelopes and labeled them as junk food, entertainment, trip, shopping, etc separately and try to save money in them. If it hasn’t filled yet you have to be patient to enjoy your cheat day!
This will help you to save money and won’t let you pull out the money from the envelopes.
After saving money for a thing be conscious before purchasing it. Compare the rate from different sellers regarding its taxes and maintains facility if it requires and look for permanent and long term benefits
Investments and savings
After saving a good amount from your income you can make it safe for durable and long-lasting saving by
- Investing in a business
- Buying price bond, gold and a plot or house
- Saving deposit plan in bank
These all above can be sold or taken anytime without any damage or loss in your money. You can save money by taking a life insurance plan after knowing all the terms and conditions and what can suits you. Not only you, your partner or family can also help you to achieve your savings goal as sharing things can make life easier and loveable!
Always remember life is not a bed of roses. Ups and downs are part of life some months you can save more than your goal or some months you can’t save even at your saving goals. So be consistent and go with the flow and in the end, you will achieve long term money in the form of your savings! Now drink some water and take your pencil and copy and start saving your money.