How saving money with long term proceess

Some people think that saving money is a very easy task.Whereas four out of five Indians have nothing left at the end of the month No, they have any such savings which can be used in emergency.So even if spending money is more exciting But you should prioritize saving money And there are so many ways to save money So that you will not have to cut down on your hobby.the hardest thing to do to save money that is to start saving money In today’s article, we will tell you about such a simple and static way to save money.

Why is saving money so important?
Just imagine if you are going for higher education of children.Want to spend 7 to ₹ 8 lacks in 10 years So for that you have to start from today You have to save for such a long term plan In addition, the way Inflation is increasing, you definitely think that a lot of money will be needed in the coming time Also for your food and essential expenses If there is an emergency in the family at some point in which you need a lot of money, then you should have money for that expense so as not to ask others From your first job to your second job You should think that when you retire you will Will you have money in your hand or not?For that, you should start such long-term savings from today itself.There are many such reasons for which you should start saving today

How can we save money?
record your expenses The first reason to save money is to find out how much do you spend Keep track of all your expenses it means coffee household goods market spend Rent petrol and record the smallest expenses Once you have your data So divide it into different categories such as gas groceries policy personal use care products and then total your credit card Use your bank statement and credit card statements as well so that no expense is missed This calculation will help you a lot in saving money Nowadays there are many digital ways to record your expenses, you can also keep a record of all these on your mobile, there is no need to open an account pen like before.You can also use a mobile app for this that will make your work even easier

How to make a budget for saving?
Once you keep track of where and how much you spend in a month.You can fix your record and find out where is it costing Your budget outline should be like this The difference between your expenses and your income to be recognized So that you know how much and where to spend can plan it and can reduce over speeding you your budget 50/20/30make from

50/20/30 what is budget strategy?
Accordingly, you will get your 20%income to be withdrawn Meaning that as soon as you get the salary, 20% of it has to be withdrawn.and put it aside because often everybody thinks that Let’s see how much it will cost in a month And then at the end of the month we’ll save what’s left but it never happens So you have to withdraw the savings amount in advance After this you have to keep 50% of your income for your urgent expenses such as household expenses, children’s expenses and after that for the rest After this, the part of these works, which is 30%, you have to use it.for your hobby It will contain all the things that are needed whatever you want to do If you have anything left at the end of the month so you can save it

saving automatic
If you want to save some part of your income so there are many ways for that You can open your two or more bank accounts You can put one of these on the wall that you want to use for the future.In this you can also put auto save option Whoever would have done that some money out of your month’s salary which you have fixed will be auto saved in it.

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create an emergency fund
Some exports ask for separate savings They say that you should always have 6 months worth of rupees for expenses.Suppose if there is a situation in which you lose your job.or a medical emergency In which you can not work, then you can avoid taking loans and you will not even need to spread your hands in front of anyone.Because you have the money to spend equal to 6 months And in 6 months you will find your new job

how to get out of debt?
When it comes to taking a loan, taking a loan proves to be the biggest risk.It robs your entire income You should avoid taking loans as much as you can Use a credit card as it is one such loan what you get without any interest But it also has to be paid on time Otherwise it becomes costlier than all other loans.Pay your credit card bills on time If possible, spend within your limit with a credit card Because when we don’t have to spend out of our pocket So sometimes we spend more than we need And often this problem occurs with credit card holders only.So you have to take care of it carefully.

Use the 30day  rule
Maybe many of you have not heard about the 30 day rule Many people who know how to save money well they follow this rule To know in which those expenses they want to invest money whether it is necessary for them or not You can also use this to stop your unnecessary expenses here and there.When you want to buy something great expensive so think about it first See what and how much that thing is worth and how much it is of my use or not If even after 30 days of the month you feel that it is necessary for me to take that thing then buy it In this way the eyes will be ringing with many unnecessary expenses.




Make savings goals for retirement
Many experts say that taking a smart working class from your salary Some percentage money should be withdrawn for your retirement Either those withdrawn money should be taxed RD Or put in mutual funds so that when you retire you don’t have to depend on anyone else.

 

spend on quality
Try to spend more on things that you have to use for a long time For example, high quality household items So that you do not have to spend again and again on the same item You may feel that how much this will affect your savings but But believe me, this will cut down on the thing that you have to buy outside the bar.Which will help you to increase your settings

Use 24-hour rules
This is also similar to the 30 days rule, only in this The difference is you don’t have to take it as long as 30 days Because smaller and less expensive things are used in it.Suppose you want to take something which has no urgent use and it ain’t too expensive Still you take 24 hours and think whether you need this thing or not if in 24 hours If you need that thing then you buy it You might think that nothing happens, but in this way you can reduce your unnecessary expense.

 

no spend days rule
Ask yourself and your family to take up a challenge every week that today we will not buy anything from outside Whether it’s your morning cofee or a movie ticket This will give you an idea of ​​where the waste was spent And you’ll learn to spend under control

use outside material sparingly
Do you know that an average person spends his whole life time fast food and on water bottles An average person Experts say that an average person earns his 10 years on outside fast food and water bottles.spends a lot of money So that will affect your savings Also your condition gets worse You can save for your retirement by just saving water bottle expenses use household water For this, use home water and take a bottle from home and eat only home-cooked food.A middle class family cooks at home for an entire month Can eat outside can be eaten only till 3:00 night Use public transport Use more and more government vehicles

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