What is the best way to save money for future?

The best way to save money for future is explained here. According to renowned investor and market expert Warren Buffet, “Do not save what is left after spending. Spend what is left after saving.” This statement is very powerful and and rightly brings to light the importance of Savings in our daily lives. Savings today have the ability to fulfill all your dreams and aspirations tomorrow. Moreover, it also makes you financially secure in future. Hence it is very important to start taking necessary steps in the direction of fruitful savings.

10 Good ways to save money for future

In this article, I will be discussing 10 best ways to save money for future. After all, it is the small efforts that count. I would like to begin by quoting a very provocative saying, “Little drops of water make a mighty ocean.” This statement sheds light on the vital role played by savings in our day to day lives.

1. Try to limit extravagant expenses

Undoubtedly, everybody deserves to enjoy the simple pleasures of life like hanging out with friends, going on a weekend trip with family or spending money on your favorite dress. But it is equally important to limit the number of times you indulge in these activities. These things may be fine once a while, but you must remember the fact that these little expenses may cause your boat to sink!

2. Conserve Water and Electricity

Are you in the habit of leaving the water tap open while brushing? Or Do you often tend to leave the electric appliances open after leaving your house? It is time to be prudent and save yourself from huge electricity and water bills.

3. Retirement friendly investments

This is an opportune moment to save money for your post retirement plans. Investment options like the Employee’s Provident Fund (EPF), Public Provident Fund (PPF) and National Pension Scheme will help you achieve this goal. These schemes also come with tax benefits.

4. Hide Your Credit card

If you are a shopaholic and can’t resist yourself from going on a shopping spree, it is best to tell someone to hide your credit card. Try surviving on liquid money for some days!

5. Plan your monthly expenses

Having a proper record of all your expenses incurred during the month will help you track down all your unnecessary expenses. You can then set monthly goals for reducing these expenses.

6. Taking contingencies into account

Rather than thriving on borrowing, it is important to have an emergency fund. It ensures proper cash management and timely savings.

7. Time to use internet surfing skills

Before booking an hotel or movie tickets or buying stuff online, it is better to search for the best deal and save money.

8. Have a proper shopping list in hand

In order to avoid the temptation of picking up anything off the shelves, you must go shopping with a complete list of all the required things you need to buy.

9. Pool your money

If you share a room with your friends in a hostel, you can cut down your expenses by pooling money to buy essential stuff like course books, past year question papers etc.

10. Free online courses

Wanna brush up your skills? You can apply for free online courses that suit your interests. One such interactive, fun learning website is ‘Coursera’ that won’t burn a hole in your pocket.

I hope you find this article helpful. Thank you.

Author: Manasvi Nagpal

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