increased liability. Every section of the society encounters this problem as due to lack of financial
planning they fail to save money and live a comfortable life. MoneyMindz, First Free Online
You need to maintain a log book which can be physical and digital helping you keep a record on all
your monetary transactions. You can maintain such a logbook by updating it on daily basis. You get
more disciplined and exactly know where you are spending more and try to regulate it as in the
Due to lack of financial literacy people keep away from investing thinking to lose money instantly.
But you should know that there are many schemes to choose and get proper benefits in return after
investing. For example, you can positively, invest in Public Provident Fund (PPF) or a Fixed Deposit
where there is no chance to lose money or face any loss. This year make a habit in investing and try
to follow it for the coming years.
3. Cutting down on expenses
In order to increase savings, you will have to avoid unnecessary expenses. There will be many ways
to cut down expenses but everything depends upon you and your spending habits. Initially, it might
be difficult but you will have to eliminate all the extra spending and make a habit of investing.
4. Go easy on the credit card
This can be considered as the biggest threat to saving money. The easy and simple swipe-and-forget
attitude landed people in a pool of financial debt. After paying the heavy monthly interest towards
credit card purchases stops you from saving and manages your finances well. We are not telling to
keep your credit card away but all we want you to do is resist the habit of using it everywhere very
5. Use your bonuses carefully
You should make the most bonuses that you will receive in the upcoming year. Use your
remuneration either by paying your existing debts or invest it in purchasing stocks and government
bonds helping you get profit under professional guidance. Basically, we are trying to say that do not
spend the excess amount you receive and put a step towards purchasing an asset which will help
you earn long-term benefits.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.