Thursday, 7 January 2016

Here is How You Save Some More

We know it all, yet somewhere along our way we lose track of our finances! This is something every one of us goes through at some point in our lives. Here is a complete guide on
how you should manage your finances and save some extra bucks just in case!

1.  Analyze your expenses-


                 First sit and calculate an approximate expenditure on all your bills, expenses on food, clothing and other necessary commodities. Do not be too accurate on this as your bills can always fluctuate.  Sum it all up.

2.  Set your budget-


                Take the sum of your necessary expenses, loosen it up on a few bucks and keep the money separately. This is your budget. You should always include a few more bucks for emergencies. Once you divide the money, try not to disturb the other half.

3.  Keep room-


                 Do keep room for the pair of shoes you had your eye on since last month, or the cool new gadget in the market. Even if you are saving for something, include it in your budget. Do not buy more than one of such things per month or spend your whole salary on it. If it gets heavy on your pocket, then start saving for it and buy later.

4.  Arrange it all-


                Arrange the money you need for the month in separate envelopes labelling each respectively. For example, put the money required for your rent in an envelope and label it as “Rent”.

5.  Save the rest-


               Take the other half of money you kept separate and save it in your bank. Many people make a separate bank account for saving and do not debit much from it as it helps the money to multiply. You can also wait till the end of the month just in case you need to use some of it.

6.  Keep track-


              Always keep track of your expenses by maintaining a written or digital record. The best option I think is to maintain a diary so you can compare them over time. Many people do prefer digital records as well. So it’s up to your preferences.
               Follow the above steps and you are sure to find that saving money is cool and fun enough. You don’t have to scratch your head by the end of the month thinking where it went!

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