How to Save Money Efficiently

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How to Save Money Efficiently
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Introduction

• Do you see yourself going broke by the end of the
  month?
• Do you find yourself borrowing money from friends
  and family?
• Then it is high time that you start a healthy
  savings habit.
• Opting for FD and savings account is one of the
  ways by which you can save for your future
  financial goals.

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Money Saving Tips

• Track Your Expenses
• This can be considered as the first step when it
  comes to money saving.
• Making a note of your daily expenses will give
  you an idea of where the money is being spent.
• Expenses can be divided into 2 categories
• Daily - groceries, travel, food etc.
• Monthly - rent, electricity bills, internet etc.
• Bank statements can come in handy for tracking
  your online expenses.

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Money Saving Tips

• Set up a Budget
• Setting up budget varies from person to person,
  hence plan and set up a budget that works best
  for you.
• Plan your expenses and limit the areas of
  overspending.
• Your budget plan should cover miscellaneous
  expenses like car maintenance, medical
  emergencies etc.
• Savings Plan
• Set aside at least 15-20 of your income for
  savings.
• Keep a check on the non essential expenses like
  entertainment, food etc and try to fit them
  within your expense budget.

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Money Saving Tips

• Set Goals
• Save according to your goals
• Categorise your goals into short term and long
  term.
• Short term goals include
• Vacation trips.
• Buying a car.
• Long term goals include
• Retirement plan.
• Education of your child.
• Prioritize
• Prioritize your savings based on the need and
  this will give you an idea on what to save and
  when to save.

• Review your budget from time to time, and check
  the monthly progress in terms of savings. This
  can help you stick with your savings agenda, and
  also help you in identifying your money leaks and
  solve them quickly.

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THANK-YOU