We are back with our new post on Money Saving secrets for Salaried persons Start Saving today , every salaried person now a days struggling to save some money, also its very hard for some people to save money easily here in this post we will share some good tips for saving money which will help you in future .
Everyone wants to save money, but only the smart people are able to save some money for them, let us tell you how exactly they save money, or what is the best method to save money, with strong willpower and some smart tips you can actually save up-to 20% of your salary per month. here are few points to consider.
1. Make note of your expenses – the first step of saving money is watch how much and how you spend your money, keep the track of all your expenses, every penny you spend is an expense for you , once you know the expenses segregate them,
2. Make a budget – once you have the idea of expenses you make per month, categories them into 3 main category 50% should be spent on essentials such as groceries, fuel , rent etc, 30% should be spent of items other than house hold items. and 20% should be straight saving no matter how much you earn.
3. Saving plan – Now when you know how much should be save per month. you should save that much amount anywhere which you thinks good. if you feel you can’t save 20% of your income its time to cut some expenses
4. Save for something you love/future needs – the first thing you need to have a goal for saving define your goal for which you want to save it could be a new MOTORCYCLE, a home , for marriage , then calculate how much money do you need and how much time it will take to save it. once you start planing according to your goal , you will save before spending.
5. Choose priorities – you should prioritize your saving goal. if you are thinking that you need to replace your card in near future. start saving for it right away, you should have some goals and prioritize them on the basisi of time and importance.
6. Right saving methods- there are several methods of saving in the Market like investing in saving account. investing in SIP Here is out post on how to save in SIP. you may invest in share market, Fixed deposits that’s your choice,
7. Automatic Savings– banks now a days offers auto saving in most account. you may Open reserve deposits RD in any account for a regular amount which will be saved automatically . bank will deduct the amount from your account per month for the period you choose like 12 month 24 months and so on.
8. watch your money Grow – now When you start saving the amount watching your money grow will motivate you more then anyting else in this world you will love saving once you watch your money grow.