Tips for saving money
Below are a few tips to save money not just for your short-term goals but also for the long-term goals:
Tip #1 - Open a savings account - The best way to bring discipline in your savings habit is to open a separate account for your savings, apart from your regular salary or business account. Transfer the amount set aside for savings to this separate account. You can then invest in different savings instruments directly from this account
Tip #2 - Allocate a budget - The most important thing when saving money is to exercise strong will power to not touch the money earmarked for savings. It’s possible that you may give up your resolve to save and utilise the funds for some unwarranted expenditure. Be wary of this. Stick to the budget and do not exceed it. Instead, make all efforts to try and save even from a tight budget
Tip #3 - Evaluate your spending habits - Constantly evaluate your shopping and spending habits to take advantage of any extra savings possible. Make a conscious decision to set aside the amount saved. This will help to enlarge your savings kitty
Tip #4 - Involve your family - Another good strategy is to involve your family members in your savings habit. You can also create a competition among your family members to see who would save the most every month
Tip #5 - Invest in savings plans - Life insurance savings plans can help you save to take care of your needs and the needs of your family. They help in developing a regular saving habit and can give good returns. This keeps you financially prepared for any emergency
Tip #6 - Set goals - Setting goals while saving money can help you save in a systematic manner. Goals can be either short-term or long-term:
Short-term goals are events that you expect to happen in the near future. For example, buying a vehicle or going on a vacation. On the other hand, long-term goals are events that have a longer time horizon. Buying a house or planning for your retirement are usually considered as long-term goals
Knowing your goals beforehand will help you identify the right plan to invest in. For example, if you are saving for a long-term goal like your child’s wedding, you can consider investing in a plan like ICICI Pru Guaranteed Income for Tomorrow. This plan provides guaranteed* returns that can help you achieve your long-term goals. It also provides a life cover` that can protect your loved ones financially in case of an unfortunate event
*Terms & Conditions applicable.
Tip #7 - Automate your savings and investments - It is important to save and invest regularly in order to fulfil your short-term and long-term goals. The easiest way to do so is to automate savings and investments. This can be done by setting up a regular deduction from your bank account towards the choice of your savings and investment plans
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