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Hello friends!!! Today I am going to talk about how to “Save Money”. This word is so short and simple even easy to understand but is it easy to adopt in our lives? Every one of us is always worried about “Savings” and we try our best to save our money for the Future.
As we all know day-by-day Inflation is rising because of which our expenses go out of the planned budget and ultimately we get more conscious. Some of us are working in double shifts so that we can full fill the basic needs of our family members. So we should work on how to save money each month. I know it’s not that easy to cut short all our expenses suddenly, but if we do proper study and planning then we can do it.
Let’s Quickly check what can we do to Save Money
Find out your priorities, that means make priority list like what is necessary to buy and what is not so important as of now? This will help you to recognize where you should spend your money.
2. Budget planning
Budget planning is a must, without it you won’t be able to do proper savings and also you won’t be able to know how much you have saved this month.
3. Note of Monthly Expenses
- Make a diary or note in a notebook about your monthly expenses and divide your list into two parts
- Must to buy
- Can buy Later.
- This will help you to know what is important on which you should spend money.
4. How to save money from salary
- Always remember at least 20% of your income should go for your savings. Make it a compulsion no excuses at all except for an emergency. For people who can save more than 20% of their income then please go ahead.
Cut down your expenses means to stop unnecessary shopping of clothes, games, toys, accessories, utensils, etc. due to which your budget will not exceed or in simple words Budget will not go out of control.
Many of us buy repeated products which we already have that too in working condition but still, we buy a new one and use it once and keep aside say for a long time. So that is a waste of money, isn’t it?
People who are using credit cards very well know that they have a certain amount of credit limit and can buy things within that limit and can pay later on. Due to which some of us are little careless and do unnecessary expenses. So try to avoid using your credit cards for unimportant needs.
You should always track your expenses, also make note of it and in the month-end, you should calculate where you have spent the extra money and how you should avoid it in next month. Don’t get upset if the first time you fail to manage to save money as it was planned, believe in yourself that next time you will surely manage and save money for your future.
These are a few tricks and tips that I have tried to save my money and it even worked for me. Also, all of us have witnessed lockdown in 2020 where we learned to save money and even you guys have new more ideas about it. Lastly, one more thing I wanted to add is I think every one of us should teach even our kids that how to save money and how to control yourself from buying things which are not so important and make them aware about the need of “Saving Money for Future”. And I believe that you all can save money for the future and family.