The Wealth Guide says that if you can save money, it will help you. This old fashioned saying is still relevant in the present. It is essential to invest a large portion of your earnings to investment options that are likely to yield significant returns. The long-term savings you accumulate will be crucial in helping you achieve your goals for the long-term. A crucial aspect, in addition to investing is keeping a mindful mindset towards saving and applying the same habits in your daily life. Keep in mind that every cent is saved today can go the cost of the future of your family.
If you are determined to accumulate some serious savings There are three main elements you should manage: borrowing, spending and investing. This is due to the fact that at some point you’ll be forced to pay for vital utilities, and borrow money to cover the needs of your family, and invest in order to help you achieve your goals in your life. Rohit Garg, the Chief Executive Officer and Co-founder of Smart Coin will share his insights about some of the oldest methods to ensure your savings game is always on the up and up.
“The crucial thing is to start saving as soon as you can. Even if you just start small but you will end up with a significant advantage which will help you advance in your life. Saving regularly will guarantee you many advantages in the future, like a secure savings account that will assist you in navigating through any possible weather conditions. This is one habit should be incorporated into your routine. The most effective and easiest method is to make an earlier start since it would require the use of a lesser amount of money as opposed to saving at later times in your life.” Rohit Garg suggested.
Save money before you spend
“When you are thinking about saving the golden rule is that you should save some money before you begin spending. This means you should only make purchases after you have committed a significant amount of your earnings to the savings account. If you’re not doing this then it’s high time to make a switch if you want to remain on dry ground,” Garg advised.
Check accounts in banks
“Many individuals have multiple banking accounts. It is crucial to monitor your bank statements to find any charges that are imposed based on possible reasons. It is possible that they are erroneous and the bank can reverse the charges. Also, keep an eye on the minimum charges for bank balances and make sure you take remedial actions,” he opined.
Cover risks
“If there is a household that depends on you for all their financial requirements, it’s advisable to secure adequate life insurance and health insurance coverage for all dependents. The only thing you have to do is pay a small amount in premium so that you are able to easily handle any emergencies that may affect your loved ones that may be a possibility in the coming years,” the expert advised.
Credit card dues
“If you’re in the habit of accumulating monthly credit card bills it is not a great saver when you’re buried in an inundation of dues to credit cards each month’s end. With the annual rate of interest increasing to over 40 %, this may be a gruelling experience for everyone. Furthermore, if you do not repay your debt in full and are not able to do so, you’ll be barred from enjoying interest-free periods for purchases made later. It is essential to pay your outstanding dues in full If you don’t want to incur late penalties or other fees,” he explained.
home loan
“If you’ve already signed up to an home loan, make sure that you are able to make your regular prepayments and don’t postpone them until the end of the loan. The faster you pay off the loan, greater is your savings on interest. The shorter term also aids when you’re EMI is paid in full regardless of the expenses of the household and long-term savings” the official said.
Go digital
“The the world already made the switch to digital. So, it’s only right to follow in their footsteps. Make use of digital payment platforms when you shop. If it’s for household needs or utility-related transactions or purchasing life insurance, the cost of insurance with digital platforms is typically 25% lower than traditional insurance plans.” the expert concluded.
(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to speak with their financial advisors prior to the making of any investment decision.)