Does salary increase at all? Many people will frown when you ask this question. In fact, salary increases, but at the same time, the prices of goods also increase. Therefore, many people struggle to save the money that has increased, and it all goes to household expenses. If you look at it from this perspective, salary increases, and then does not increase – the financial situation remains at the same level!
Due to increasing inflation and lack of financial knowledge, many people are not able to save. It has also been seen that even people who earn a good salary or earn enough are not able to save. Lifestyle changes and excess expenses can be the reason for this. However, if we pay attention to some things, it can improve. One solution is to be conscious of spending. That is, spending should always be done wisely. Let’s take a look at some ways to restart the journey of saving.
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1. Take the No-Buy Challenge
If someone wants to increase their savings, they should give themselves a no-buy challenge. In this, they should only buy essential items and avoid unnecessary expenses. This small step can significantly increase their monthly savings.
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2. Make savings a top priority
A certain amount should be set aside for savings as soon as they get their salary. If one wants, an auto-debit can be set up for this purpose. This will ensure that the savings can continue without any interruption every month. It is often seen that within a few days of getting a salary, we spend most of our income on shopping and other activities. After this, due to lack of budget, we keep putting off saving.
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3. Create a thoughtful budget
To manage expenses well, a simple and reasonable budget should be created. And the most important thing is to stick to it. Cut down on unnecessary expenses and spend money only on essential items. Avoid spending on things that only bring temporary happiness. Expensive shoes, clothes, mobile phones and the latest gadgets may bring momentary happiness, but they can ruin an entire month’s budget.
4. 36 to 50 years: Savings are your everything
At this age, income usually increases. But with it, responsibilities also increase. Family, children’s education, house or car loans; All in all, the pressure of spending keeps increasing. So there is not much scope for saving here. You have to keep the savings you have made earlier. Also, keep adding funds to it little by little. At this age, it is necessary to reduce the risk level a little. Along with equity, emphasize safe investments like debt funds, fixed deposits, PPF. If you have plans for your child’s higher education or marriage, start now. Retirement planning should also start from this time. Start saving money in plans like NSC, PPF, FD. Make sure that you have a lot of money in your hand at the time of retirement. You have to ensure this.