Every one of us want to save money but how to start up saving is the most common question that comes to our mind. As we all know that saving money is extremely important for achieving your short term and long-term goals so today we are sharing a step by step guide to save money.
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Keep a record of your expenses –
Sometimes we don’t realize that how much we generally spend. We seldom take the count of our daily expenses like a coffee, daily meal etc. Also we spend a lot of money on cinema halls, grocery items, gas etc. Its wise to count these expenses so that you get an overall idea of your general expenditure.
Plan your budget –
Budget planning is extremely important. Once you know your expenses then it becomes very easy for you to plan your budget accordingly. Also count your factor expense like car maintenance, home furnishing etc. plan your budget according to your income and expenditure.
Build a saving plan –
Building a saving plan is extremely crucial. Save at least 15-20 percent of your money. If you need then you must then cut down your expenses. Try grabbing items and things on discounted and well affordable price from places like the sello store.
Set a goal or aim to save your money for –
Goals can be of two types such as short-term goals of 1-3 years such as vacation fund, emergency fund and long-term goals of 4+ years such as buying home, marriage, retirement etc. So, start thinking about your aim for saving and plan accordingly.
Pick the Right Tools and options –
You can put your money in savings account, fixed deposit, real estate, mutual funds. Build a diversified portfolio that suits your needs.
Keep a record of your savings –
Track your savings, it will allow you to fix any issues or problems related to your savings account. Accordingly make changes in your savings plan if required.
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