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Savings are essential in achieving financial independence. However, many of us don’t save like pros. Here are some Ninja saving tips that you can use to be effective.
Saving money is essential if you want to create a corpus sufficient to take care of your financial goals. But how many of us save sufficiently?
When it comes to savings, you need to be like a Ninja. Just like a Ninja who fights smartly and effectively, you need to save in a similar manner. Wondering how to save like a Ninja? Here are some tips:
Save First, Spend Later
A very basic and effective rule–save first, spend later. Whenever you get your paycheque or have a business, and you earn a profit, save a part of your income before you use it to meet your expenses. Set aside at least 5% to 10% of your monthly income and invest it in a safe and suitable financial instrument. Automate your savings to save every month, without fail.
Set a Budget and Stick To It
Meeting your expenses and then managing to save is possible if you have a well-crafted budget and you stick to it. So, at the start of each month, plan your monthly budget. List down your incomes and expenses. Give a little wiggle room for miscellaneous costs so that your budget is flexible. Thereafter, once you have made your budget, stick to it. Do not overspend and save as much as possible.
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Step Up Your Savings, Regularly
Saving a uniform amount every month might fall short in creating an optimal corpus, especially since inflation is steadily increasing. So every year, try and increase the amount you save. This would help you save more towards your financial goals and create a suitable corpus.
Plan Ahead for Big-ticket Purchases
If you are planning to splurge big on any purchase, plan. Save up for the purchase so that you don’t put a dent in your savings in one go. Alternatively, if there is a facility of no-cost EMIs, opt for them. This way, you can pay reasonable amounts over a few months rather than dipping into your savings corpus.
Say No to Unnecessary Expenses
So, this one is a no-brainer. Unnecessary expenses and overspending are poisonous to your savings. They not only deplete your wealth but also reduce your ability to save. So, if you want to save like a Ninja, say an absolute no to unnecessary spending. Spend wisely and save your money so that you can invest your savings and maximise your wealth.
Practice these Ninja moves and see your wealth grow steadily with time. Save more, invest more, earn money with zero investment and build yourself a financial corpus that effectively takes care of your goals.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
