InvestorQ : What are the simple ways to save money?
Roshni Hegde made post

What are the simple ways to save money?

Answer
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Priyanka Singh answered.
1 year ago


I have seen the tough part about saving money is just getting started. However, I find my motivation to save money by the fact that it gives me peace of mind. Wealthy people believe in maintaining the combination of their own hard work and smart savings and investment decisions. Here are few realistic plans that you can save for your goals, big or small.
Track all your expenses:
I find this is the primary rule of saving money. Many of us tend to escape from tracking daily expenses. The task is just to take few minutes and write down your expenses every day. Through this, you will come to know about your expenses that could be avoided.
Make your own budget:
The idea of preparing the budget will give you some ways to earn extra income to increase your savings. This will organize your recorded expenses into a workable budget.
Set your goal and stick to it:
Your goal can be anything like buying a car, gifting that one luxurious thing to your loved one, our children higher education. You must focus on setting these types of goals. This will definitely hit your saving habits positively.
Don’t just pick one investment:
Your structure of investment must be diversified according to the need of your fund. Choose the fund separately for short term and long term goals. Don't just pool your money in one account.
Consider options like interest rate, charges applied, the risk involved and minimum amount.
Avoid using credit card:
Expert says the graphically credit card has made most of the credit card holders end up making payments to avoid extra spending. Use of credit card encourages to pay every month in a day otherwise you have to pay a higher rate of interest on the balance amount.
Bonus point: Even after being a sincere money saver, keep a hold on your spending by reviewing your budget timely. Not all of the above points will suit your case for personal savings plan but I am sure that it will fix your financial problem smoothly. So lastly, maintain your simple ways to save money, hit your goals faster and inspire others for the same


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1 year ago


Assuming you are an earning individual; you can try some of these:

1) Saving account: Open an account where every month deposit 10% of your earnings and make sure you only touch this account for emergencies.

2) Parents: Give 10% of your earnings to your parents for safe keeping until required. Its okay if they use some of your money or buy assets like Gold on your behalf with it. It will tune you to contribute to the house if needed in future.

3) Budgets: Set budget targets for all purchases and avoid impulse shopping. It can be difficult at first, but pays in the long run. So if you crave the latest gadgets, set a 3-6 months savings target to get them.

4) Cards: Set a cap on your Credit Card for less than 25% of your earnings. Use a debit card as far as possible.

5) Expense books: Our parents maintained a diary, we should do it as well o keep track of where we are spending. Reduce on things which are not necessary.