Instant option for all your saving concerns.
Many sources of income and yet again a lot of places where saving is parked?
Want to save money – follow these tips
Okay, so you want to save more money?
Who does not want to have wads of currencies in his bank, In fact, everyone who earns fantasizes sometime to be able to make enough savings that when they retire they must retire rich with all their hard earned money safely pocketed in their savings account.
When you have a property and are ready to mortgage it for some funding on your own, you can check you r options at http://www.whichmortgage.ca/. But saving money when you are still young and adventurous is a very big challenge, in fact, a Herculean one! Follow the tips given herein under in order to have a good and healthy balance in your account.
- Set yourself a saving goal:
Someone has said that getting started is equivalent to having half completed the chore. The first thing however to start anything is to make up your mind and be determined in face of all adversities. There will be times when you will feel that you are putting yourself under too much pressure by saving money here and there. But at the end of it, you are going to be proud of yourself that you overcame the many temptations to overspend in life. Obviously, when you look back and then look again at your saving account, you will feel like patting your own back!
- Set a realistic and practical goal:
In setting a financial goal, make sure that the goal is practical and reachable. Don’t get excited and make lofty ones. You know that when you aim too high you cannot reach the standards so quickly and then you will give up due to frustrations. Instead, go slow. Have an attainable goal and make sure that when you reach that goal, you set another goal for yourself. Keep challenging yourself.
- Choosing the right saving account is an art:
You need to use your discretion while zeroing on the right saving account in a bank. A lot of saving accounts come with hidden costs like charges for using ATM, charges for making more number of transactions, interest rates and Value Added Services (VAS).
It is recommended that you research well before you open a saving account in any bank. The online version of saving accounts is higher in charges and therefore if you think the charges are unreasonably higher, you may opt for the basic saving account too. But if online is convenient to you, you may prefer to pay up for the ease of transacting money through your smart devices.
- Saving must be the first debit from your paycheck:
If you think that you lack the discipline or have the lesser self-control to set aside a fixed sum every month, we highly recommend that you put your saving account in an automated mode. The first debit at the time of your salary credit into the account will be to your saving account. This way your money is saved even without any interventions.
- Be a smart shopper:
Do you coupon? That is rather a smart way of saving money without actually overspending on groceries and other household stuff. It may per se look like a small difference in your weekly bills, but when you see the effect cumulatively, you will be so impressed with the amount of saving you can make with couponing that you will become its lifelong fan and also, in turn, recommend it to others.
Apart from coupons, there are loyalty programs at stores which you can sign up for. These yield high results too.
- Periodically monitor your progress and log it:
Nothing helps better the cause than putting down the success of your financial experiences in black and white. The motivation that it does creates a ripple effect and soon you will be attaining higher goals in life.
Never underestimate the power of small savings:
Drop by drop an ocean fills is an old proverb. Compound investment returns and interest returns work magically on even small amount kept safely stashed away in a saving account if kept for longer periods of time. Yes, it may be true that you are letting money sleep in the bank and not allowing it to work for you. but let us reiterate once again that if you must take the risk, but you must save a certain amount from your monthly paycheck so that you are simultaneously also building a fund there