Saving and Spending Habits

 

No matter how much people deny the importance of money, it is surely the strongest resource to survive in today’s world. This is the age where money decides how well you live and how efficiently you avail the amenities of daily life. You can understand how difficult it is to survive when you have less or no money in your name. Therefore it is of utmost importance to realize the value of money. Most people earn a formidable amount of money, but yet end up in debt or financial crisis. It is due to the lack of knowledge on money management. Money management involves the idea of saving consistently and spending wisely. This is the habit that you need to cultivate as soon as you start earning money. Today I’ll share some tricks and tips which will help you to manage your money more efficiently.


General rule of saving and spending:


Your saving initiative and spending habit should be according to a plan. The general rule of thumb states that you should allocate 50 percent of your income to fixed expenses such as rent, mortgages, utility bills, or educational expenses. Then save 20 percent for future or emergencies. The remaining 30 percent you can spend on things you like. Still, this spending should be carefully thought and well planned. It’s always a blessing if you can reduce this spending amount more.


Bank and savings account:


A good idea is to opt for an automatic transfer of a portion of your salary account to your savings account. This way your saving remains constant before your hand takes them on for unnecessary expenditures. Moreover you can open fixed deposits and retirement plans with the help of your bank. Such a habit amplifies your financial security more.



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