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Boost your Savings
Everybody likes to see their money grow quickly. But, most of the time we find people complaining that they do not have enough money to save and invest. Saving is not as difficult as it seems. In fact, you can even use some smart and easy tricks to boost your savings manifold. Here are some ways you can enhance your savings.
Track your expenses
One of the best ways to ensure that your spending habits or impulses do not get in the way of your life savings is to create a budget with an expense tracker. While you may not always be able to stick to watertight compartments, it will definitely give you a better hold on your spending habits and help you gain control of your financial future.
Here is a sample of an expense tracker
Fixed Expenses Monthly average(₹)
Investments/savings
Rent or mortgage
Loan repayments (other than mortgage)
Credit card expenses
Life insurance premiums
Health insurance premiums
Electricity
Telephones (including cell phone and internet connection)
Child care (if any)
Pet care (if any)
Support to family members (if any)
Sub Total
Variable Expenses Monthly average(₹)
Groceries
Entertainment expenses
Transport
Home improvement/repairs
Digital TV expenses
Gym memberships
Doctor’s bills
Dry cleaning bills
Personal allowances
Sub Total
TOTAL MONTHLY EXPENSES (SUM OF TWO SUB TOTALS)
Make smart purchases
More often than not impulse or unplanned purchases throw monthly budgets out of gear and jeopardize your financial security. Here are some ways to save money and arrest your spending.
Make a shopping list each month and stick to it.
Carry only cash while shopping.
Look for sales and bargains in stores, but do not get lured into buying items that are on sale, but you don’t actually need.
Compare prices of the same item on various websites.
For things of regular use buy in large quantities and stock up to save money.
These simple and seemingly common money habits can go a long way in helping you save in the long run.
Avoid using credit cards
Try and keep credit card usage to a minimum. Keep only one or two credit cards and keep spending limits low. Frivolous purchases can lead to a debt pile and become unmanageable over time, so use your credit card judiciously.
Also, in order to keep your debt under control, make sure you pay your bills every month. When you miss a payment, you end up paying a penalty and a higher rate of interest on your card annually. Thus, by deploying some easy and simple methods you can cut down on your monthly spending and ensure that your savings grow over time. You can then use these funds to invest in various asset classes and enhance your gains on your portfolio.
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TIPS
#1
Draw up your customized expense tracker and use it regularly.
#2
Avoid impulse purchases under any circumstances.
#3
Use your credit card in emergency situations only.
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