Some small activity measures which may be more beneficial in savings
Posted on: 07/Aug/2018 10:56:47 AM
Only while thoroughly planning regarding the long-term investments, the maximum benefits of the same can be availed. Some simple steps only need to be followed to ensure this.
Rather than simply saying the income earned does not provide any scope for saving, it is more advisable to seek various small avenues for saving and indulge in them. It is certain, such a measure will good long-term benefits in a period of 10 years. Here are a few very handy tips for the same:
Don’t worry about time wasted earlier - Please does not worry that no efforts for saving investment has been made till now and then postpone this investment further! As far as savings are concerned, the earlier the investment, the better is the return. Though it is very true that time had been wasted by not having saved earlier, it is never late to start! Consider that it is the right time and start saving.
Avoid/reduce wasteful expenditure – Once a decision has been taken to save, the very next step is to find the avenues for starting saving. So, analyse all the wasteful expenditures and reduce/avoid them. The amount saved thus can be used as savings. For example, if as a family or single, if you have the habit of eating out during weekends, better stop it.
Saving fuel expense - Just like taking measure to avoid/reduce the wasteful expenditure, it is better to explore the measures to be taken regarding the use of fuel and save the expenses on it to an optimum level. For example, those who own vehicles can avoid using the vehicle once or twice a week and use the public transport system. It is also worthwhile to save electrical energy consumption by selecting and using better gadgets for air-conditioners. Bulbs, refrigerators, etc.
The obsession to buy new gadgets – The present day lifestyle has increased the urge among people to own more and more new gadgets. Even if the currently used phone is performing ok according to features/requirement, people still prefer to exchange it for an ultra-modern Smartphone by paying the excess price. This is worth questioning and it is ok to give up the habit of buying new unnecessary gadgets. Mind you, this amount can be simply earmarked for saving.
Your own exploration – Please try to explore in detail any other private avenues which may lead to further saving. This is because the individual traits of spending differ from one individual to another. So, it is entirely up to you to explore the saving avenues by changing your spending routine after analyzing and reviewing the same in depth. Locate the avenues and indulge in saving.
