5 Tips for Smart Savings
It is never too early to start saving your money. Whether you have just stepped into the corporate world, or have settled down with a job, saving your money is one of the most important parts of financial planning.
Set realistic saving goals.
It’s okay to start small. Especially if you are not good at saving your money. Break down the amount you save to the bare minimum and work your way up. Increase the amount you save by 5% every two months.
Manage multiple savings accounts.
Ideally, you should keep three separate savings accounts. One for emergency situations only, one for major purchases such as a new car, house, or other investments and lastly, for retirement. Make sure to look into banks that offer a high-interest rate on your savings. Saving money separately for separate goals helps keep you on track, puts your priorities in perspective and reach your ideal saving amount effectively.
Keep separate checking and savings accounts.
Keep your savings accounts in different banks from the ones you use on for daily purchases. Also, avoid getting debit or credit cards and access to net banking. This will help avoid the temptation to dip into that account.
Limit ATM transactions.
ATM machines start charging you extra on every transaction. To avoid this extra cost, try to stick to your bank’s ATM and live a cashless lifestyle.
Invest. Invest. Invest!
Start investing at the earliest. Your future self will thank you for it. May it be bonds, mutual funds or larger projects like real estate, it always helps to plan finances for your future. Get in touch with us - Cedrus Wealth Partners.
Additional tip: Never hesitate to ask for help.
If you are not able to successfully save the goal amount you set out to, ask for help! Keep a family member informed about your finances and saving plans so that they can keep your spending habits in check and help you reach your financial goals.
Try out these simple, but effective tips to save money and start your financial planning at the earliest! For further active assistance on managing your wealth, visit http://cedruswealth.com/index.php or download the Cedrus Wealth app, available on App Store and Play Store.
Set realistic saving goals.
It’s okay to start small. Especially if you are not good at saving your money. Break down the amount you save to the bare minimum and work your way up. Increase the amount you save by 5% every two months.
Manage multiple savings accounts.
Ideally, you should keep three separate savings accounts. One for emergency situations only, one for major purchases such as a new car, house, or other investments and lastly, for retirement. Make sure to look into banks that offer a high-interest rate on your savings. Saving money separately for separate goals helps keep you on track, puts your priorities in perspective and reach your ideal saving amount effectively.
Keep separate checking and savings accounts.
Keep your savings accounts in different banks from the ones you use on for daily purchases. Also, avoid getting debit or credit cards and access to net banking. This will help avoid the temptation to dip into that account.
Limit ATM transactions.
ATM machines start charging you extra on every transaction. To avoid this extra cost, try to stick to your bank’s ATM and live a cashless lifestyle.
Invest. Invest. Invest!
Start investing at the earliest. Your future self will thank you for it. May it be bonds, mutual funds or larger projects like real estate, it always helps to plan finances for your future. Get in touch with us - Cedrus Wealth Partners.
Additional tip: Never hesitate to ask for help.
If you are not able to successfully save the goal amount you set out to, ask for help! Keep a family member informed about your finances and saving plans so that they can keep your spending habits in check and help you reach your financial goals.
Try out these simple, but effective tips to save money and start your financial planning at the earliest! For further active assistance on managing your wealth, visit http://cedruswealth.com/index.php or download the Cedrus Wealth app, available on App Store and Play Store.
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