The lines above may sound like a well-known old phrase – a dime saved is actually a dime earned. Of late, it is considered the most difficult of all practices in a millennial’s life. And those that have followed the lines like a gospel have every right to feel the sense of jubilation that fills with the money made or by the money saved. At least for me, that is so. I still save my money in my piggy bank. They contain my precious change and loose cash. With each passing day, they get heavier, which is also an indication that the month is about to close, and the coin collection swelling in the piggy bank ultimately increases my little savings at the bank. Looking at the amount saved through time fills me with an incessant sense of jubilation. I feel, there’s a lot of strength in the saying ‘every penny counts’ and actually it does, to save ultimately.
Well, my strength lies in saving money, therefore, I excel the art of doing so. But what is yours? For those that find savings hard, we have a whole lesson on managing daily stuff available with the experts online at Sample Assignment.
My forte is the art of saving, and if you find that hard, we have a shortlist for you below explaining how to go about it. Here are a few quick pointers on how to save money. Quickly look at some of the pointers of saving money and enrich ideas on how to save for rainy days and posterity. In the deal, you rid yourself with the incessant thought of penury that sets in the moment money leaves the individual’s wallet. Savings need not account for out-of-the-box thinking, it calls for just being a little cautious and recalling that needs to be done on priority other than being spendthrift.
The art of making money comes with a simple word that says ‘save’ your ‘money made’ and the tricks to do so are mentioned below:
Create an emergency fund: By simply pinching pennies, that is by budgeting it or putting away half of your earnings. The trick is to divide your earnings under heads, the first step in this direction is to prioritise saving and assign services to it. However difficult that may seem, do not keep wealth/money in one place. Stack cash in different places rather than leaving all of it together in one place.
Put cash in separate places: Start with the simplest step of putting cash in envelopes for all priority expenses. Scribe on top, the expenses details.
Aim your savings: Maybe a short term goal to begin with. Savings should serve a purpose, a short term goal for big-time benefit. For instance, save money to purchase a mutual fund for yourself on your special day, a birthday or anniversary; a time frame to finish off a home loan or generate the initial amount for a home or car loan are an educational loan. A short-term goal should be prioritised by long-term benefit in each saving
Decrease your debt burden: If you are saving money through budgeting and still have a debt, add up how much you spend on the interest amount to be paid on your debt month, and your vision gets clearer. Once you’re free from paying interest on your debt, that money can easily be put into savings.
Be the first claimant: Set an auto-debit from your account to your savings account each time, however small an amount, to stay clear of some money-related habitual exercise that you are unable to give up.
Plan breaks: In order to save, don’t stifle, but indulge inefficient planning, assign services for yourself that are cheap. Book a room for a vacation in a lean period, avail tickets with offers in order to save more. Spend judiciously, planning and budgeting keeping saving the pennies in your thought as your highest priority.
A separate account for putting away savings: For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates for even better savings.
And to sum-up
Count each dime you spend, whether it is at the vending machines in the office or the beer mug that you guzzle at the pub. Each time you vend on a vending machine, make a ringer ring in your head, prioritising expenses. As all spending habits add up to a substantial sum and giving them up counts, as every penny saved is a penny earned. To begin the year on a new note, give it a thought!
The author, Ava Watson, leads a team of experts that assists students with assignment help in Australia at Sample Assignment. She provides marketing assignment help and more such academic services related to Finance, Nursing, and Digital Marketing here. Ava also guides students on topics related to academics and jobs.