How to create a realistic savings plan for yourself?

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How to create a realistic savings plan for
yourself?
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• Saving money with little resources is
  always a hardship especially when your job or
  business is the only source of income for you.
  But once you manage to build enough corpus over
  the years, your ship can sail efficiently through
  the tough days in the sea of life. Just like you
  run, sleep or exercise building a savings plan
  should also be a habit in your days time.

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• You want to save for retirement. You want
  to save for foreign trip. Your car needs to be
  upgraded. Your kids want to join swimming
  classes. For every petty thing in life you need
  to have a sufficient amount of money beforehand.
  When it comes to your familys future financial
  security you will bound to take all the risks and
  give them the best possible life standards they
  deserve in future. Savings is always a tough job
  especially when you have to compromise on your
  lifestyle activities such as going for movies or
  night clubs with friends, or buying expensive
  gadgets or luxurious products etc.
• Savings plan available in markets
  ensure that you build a good corpus over the
  period of time and also cover your family if
  anything unfortunate happens to you. Saving
  Insurance Plans requires that the investors put a
  section of his or her income for saving, for a
  set period of time. This is done via various
  installments monthly, quarterly or yearly. Here
  are few helpful tips which can help you build a
  good savings plan over the time

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• Know your stand
• Before detailing your goals, take a look at your
  overall financial picture like your income
  source, your risk appetite, family needs and risk
  inflation. Understand your credit, savings and
  debt picture to make sure youre clear on your
  current commitments. Also try to maintain a good
  credit score history. Once you know where you
  stand youre in a better position to design a
  good savings plan with better strategies.
• List Targets
• Brainstorm a list of your financial goals
  properly. Vacation, upgrading your car,
  renovating your house etc. could be some of your
  agendas in pipeline. So, jot them down and set a
  specific timeframe to achieve it.
• Timeline
• It is very important that you set a deadline to
  meet each of your goals. Understand that the
  money that you pay towards premium should produce
  a balanced result so that you withdraw money
  periodically to meet these goals. Sit with your
  financial expert and understand the market
  activities and then work upon your fund
  allocation.
• Divide Targets
• Do a thorough calculation and divide the amount
  you want to save for each goal by the number of
  months. For long-term plans like retirement or
  your child marriage use insurance premium
  calculators that will give you an exact idea on
  the premium to be set and returns received. To
  meet short-term goals work upon monthly savings
  principle.

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• Tally and Adjust
• Add up your ideal monthly expenses and wherever
  possible cut them down to pay for your premium.
  If you cannot cut your necessary expenses extend
  your timeline, shoot for smaller sums and cut a
  few goals completely.
• While making calculations for building your
  saving plans, don't forget that many experts
  recommend having enough cash on hand to cover six
  months' worth of expenses in case of crisis such
  as emergency, job loss or recession. Set up an
  automatic monthly withdrawal towards your premium
  which streamlines your expenses. You can even set
  up multiple savings accounts for specific goals.

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