Saving money is a crucial financial skill, particularly during difficult economic conditions and soaring inflation rates. While India’s economy is set to remain one of the strongest in Asia, it’s still a good idea to try and increase the amount of money you have in savings to protect yourself and your family against harm.
Here are some ways you can curb your expenses and save money in 2024.
- Curb impulse spending
Firstly, it’s important to look at your spending and areas where you can cut costs.
Impulse purchases can significantly undermine your savings goals as they can eat away at your budget. One way you can manage this is by having ‘cool off’ periods for any non-essential purchases. After a set amount of time, if you still feel the need for the item, you can splash out. Chances are – after a few days – you’ll have forgotten all about it!
Some budgeting apps or tools can also assist in tracking spending patterns, helping you identify areas for reduction.
- Make money with smart investments
An investment is the act of purchasing something with the hopes it’ll increase in value. Ways of investing include stocks, shares and funds. All you need to do is first understand how things like trading work, research available markets and open a Tradu account.
- Automate your savings
Automating your savings can help you amass wealth. Rather than forgetting to move money into your savings account, automatic transfers will put a proportion of your salary into your savings. This means that you save before you spend, rather than the other way around.
This ‘pay yourself first’ strategy is simple yet effective and most banks will be able to help you set this up.
- Move your money
Your current savings account may not be giving you a competitive rate. If you want to make your money work harder, consider moving your money to a best-buy account to increase your returns. You needn’t choose one of the larger banks if you don’t want to – but make sure they’re safe and trustworthy beforehand.
You can also earn more interest by joining a credit union, looking at a stocks and shares ISA or opting for a high-interest savings account.
Conclusion…
Saving money is essential for your future security and current financial challenges. By controlling impulse spending, investing wisely, automating savings and taking advantage of savings schemes, you can take steps towards a more stable financial future as you grow your savings.
