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 Its Never too Early to Save

Its Never too Early to Save

From the way the economy is fluctuating in the recent past as well as now, it is always a good thing and the right time to save up.

As Warren Buffet rightly said “Do not save what’s left after spending, but spend what’s left after saving” which is exactly what you have to practice as much as possible. There are several avenues to spend and an equal number of avenues to save up as well. Irrespective of how old you are, or how much you earn saving a part of your income is definitely required. So, that you have some left for a rainy day.

Here are some simple tips to save money

-     Spend only when necessary – keep a tab on the things you need and the things you don’t need. Think more than once about the expenditure you’re about to make, ask yourself if it’s worth it or not.

-     Get rid of your Debt – having high amounts of outstanding on your credit cards or loans for longer than required, will pull you farther away from your ideal savings plan. Make sure you pay all your installments as well as bills promptly, in order to close off your debts as soon possible. if you think you require assistance with this, then choose a known financial advisor to help you manage your finances efficiently.

-     Invest wise – choose the right time and people, to invest your money with so that you may gain significant return on your investments. However, if you are not sure how to go ahead with this, it isn’t a bad idea to get the help of a financial consultant.

-    Make a family savings plan – encourage everybody in your family to save up even if it’s in the smallest way possible. Teaching your kids the importance of saving and making sure they understand the same can be quite a challenge, the earlier you start the better.

-    Practice what you Preach – it isn’t enough if you advise your family members, you need to set a good example and influence your kids to save up – this happens only if you practice it yourself first.

-    Make a note of all your expenditures and check how much you have left at the end of every month. This will give you an overview over your spending habits and cut down wherever required. Be it for your smartphone, ipad, or tablet, there is an app for everything- why not use one to help you with money management? It is sure to help you with controlling your money as well as it save it.

Saving money isn’t about stashing everything in the bank and not spending at all. Whether you are 15 or 35, saving should be a habit, so that you enjoy the benefits now and later. It is all about balancing the line between essential and nonessential expenditures in life.

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Priya Rai is a loan consultant.