5 smart ways of saving money to meet your goals quicker
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Meet your goals quicker with these 5 money-saving hacks

  • Highlights

  • Set a monthly budget and prioritise expenses

  • Grow your wealth by investing as well as saving

  • Use debt smartly and repay it on time to save on interest payments

  • Install eco-friendly technology to save on long-run costs

It is natural for you to not only want to be financially stable, but to also enjoy a certain kind of lifestyle. To ensure this, you must plan your finances and take measures to manage your money correctly. The first step in this direction is to save. This allows you to build a corpus for big purchases, gives you a sum that you can invest for better returns, and ensures that you are able to tackle emergencies. If you want to speed up the process of saving, take a look at 5 tips that you can implement.

1. Create a budget

A budget takes into account your regular expenses and income, and is a great way to gauge how much money you are spending and what you’re spending on. To kick-start your savings, it is essential that you create a budget with your salary and any other sources of income. Then, list your expenses and see where you can make cuts. This will allow you to save more.

2. Prioritise your needs over wants

Get into the habit of putting your needs before your wants, can be one of the best ways to save money. For example, needing warm clothes for a business trip to Finland is essential, but splurging on a new wardrobe every 2–3 months isn’t. So, prioritise spending on your needs and reduce spending on wants. This will help you save significantly.

How to Grow Your EPF Savings

3. Save regularly

Simply setting aside funds once in a while isn’t enough. You must do so regularly to ensure that you are able to save as much as possible. In this regard, having an EPF account, for instance, is ideal. It requires you, as well as your employer to contribute towards the account each month and allows you to save all through your career, while building financial discipline. Apart from this, you can also consider setting up a recurring deposit or start an FD to save for short-term goals.

4. Use debt responsibly

Having debt isn’t a bad thing, but having too much of it certainly is. A loan, after all, can help you achieve your financial goals with ease. However, being able to repay this amount is essential too. So, check if you can make a larger down payment or negotiate a better rate of interest. in addition, make part pre-payments whenever possible to clear your debts quicker. Implementing these measures will also help you save on interest payments.

5. Install environment-friendly appliances and technology

Investing in green technology may seem expensive, but it is important to understand that it is a long-term investment, and that the benefits you accrue will outdo the one-time cost. So, depending on your home and needs, invest in solar water heaters, solar panels and replace regular light bulbs with LED ones. Also look into energy efficient appliances such as ACs and refrigerators to cut down on your expenditure on electricity, and thus save more.

Use these 5 tips to enhance your savings without compromising on comforts. Then, use your savings to invest and multiply money.

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