Why is Saving Important?
Many people don’t consider saving in their 20s to late 30s. They start saving money when they enter into their 40s, which is quite wrong. The important years to start saving is in your early 20s or mid-20s to have a good amount saved up with you after your retirement or for your big purchases or medical expenses.
Many people start facing medical issues after they enter their 40s and if you don’t have anything saved up until that period, then you are probably going to face problems managing the expenses. At that age, it also becomes difficult to earn extra money. Saving from the very beginning is therefore absolutely necessary.
Saving money makes sure that your future is secure and you are not under a debt. so that you could lead a peaceful life, without having to worry about your daily expenses after retirement. The current global pandemic has shown many people the importance of saving. Many people have lost their jobs and are currently surviving on their savings. Therefore, we can conclude that savings will always come to your rescue in such situations.
Tips to save more money
· Avoid impulsive buying
One easy way to save more money is to stop yourself from impulsive buying, when you see something and want to buy it, wait for 30 days in case of big purchases and 24 hours in case of small purchase, after that period of time if you still want to buy it, you can buy it. Many times it so happens that we buy things only because they look good whereas they are of no use or we don’t really need them. Therefore, when you wait for a certain period you eventually understand whether you truly need it. Thus, helping you avoid impulsive purchases.
· Practice automation in saving
Technology has advanced, there are many facilities available to save your money. One of which us automatic saving. Which means as soon as your salary gets credited a certain decided amount if your salary goes to your savings account. Thus, helping you stay away from that money and decide your monthly budget with the money available in hand.
· Invest in quality and take care of your assets
Try to buy quality products so that they last long, while purchasing always search for a better option, find out the better deals and then buy it. Something that is good in quality and that fits your budget. Also, learn to take care of your assets like car, house, etc. Learn to handle them with proper care. Spend on their time to time service, so that they last for a long time and it may increase your expenses a bit monthly but will benefit you in the long run.
· Always purchase on the cash
Avoid using debit or credit card while purchasing, always purchase on cash. It helps you keep a track of money in your hand your spending and thus helps you save more. It’s a general human tendency to spend money in cash with more care than money spent on cards.
· Choose the cheap alternative
Always look for a cheap alternative. Avoid buying branded clothes and shoes unnecessarily. Today’s youth is more into showing off due to social media apps like Instagram. Therefore, the youth tries to buy expensive branded stuff even if it makes them go in debt. So avoid doing it. Wear normal clothes that are available in the shop or from brands that are reasonable and fit in your budget.
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