In today's world, everyone is competing with their past-self and some are excelling as well. But how? It is quite simple; if numbers are what matters to you the most then you can beat your past-self by saving more money.
A penny saved is a penny earned!
Money is the basic resource required to survive in this world. With money, you may buy food, water, shelter, cloths and other survival tools for life. So, how can we save more money without cutting any of our necessary expense? It is simple too! You need to prioritize your expense and then set parameters of your expenditure which is also referred as budget. Once you start following your budget, you may also feel the need to invest your saved money into something more productive. Still wondering how?
Here are some easy ways for saving money without cutting your expenses:
It is very important to know where are you spending and how much. So, take some time out and make an expenditure journal to keep a record of your expenses. Once you know where all you spend money in a month then you will have apt information for sketching out your budget.
Sketch out your budget
Once you acknowledge your expenses, you are ready to sketch out an efficient budget to be followed. By this stage you will be sure of your expenses and hence, must draw some guidelines to prevent overspending.
Plan your savings
You need to plan your savings and till the time you don’t do it, no savings plan is going to work out for you. You must at least keep 10-15 per cent of your monthly earning as your savings and if you are not able to maintain it then either you are earning less or you need to re-plan your expenditure.
Another better of savings is to set goals; long term (5+ years) or short term (5- years). Short term goals could simply be a car’s down payment or saving for a hi-end cell phone. However, long term goals include retirement plans, remodeling or building a house etc. Setting such goals and achieving them will motivate you towards saving more money.
By using these simple ways of saving money you
will surely see your balance sheet uprising. Stay tuned for more lifestyle