07 Money Saving Tips you should never miss

To help you get started with how to manage your money when you're out in the real world for the first time, we'll take a look at the most important things which you should consider to overcome your financial issues.

1. Know Where Your Money Goes:

The very first thing you must do is to keep an eye on your expenses. If you've gone through some personal finance books, you'll realize how important it is to make sure your expenses aren't exceeding your income. Budgeting is considered the best way to do so. Once you consider this step, you'll realize that where the big part of your money goes. This will help you in making small, manageable changes in your everyday expenses and will cast a big impact on your financial situation as getting a raise. Further, keeping your recurring monthly expenses as low as possible will also save you a lot of money gradually.

Money saving tips

2. Learn Self-Control:

This is unfortunately a sad fact that personal finance has not yet become a required subject in high schools or colleges. If you're lucky, your parents might have taught you this skill when you were a kid. If not, then keep in mind that the sooner you learn the art of delaying your gratification, the sooner you will find it easy to keep your finances stable. Although you can purchase an item in the minute you want it without effortlessly, it's always better to wait until you've saved up the money. Don’t go for the products which are out of your budget or too expensive for you to buy. As it will disturb your financial disciplines very fast.

3. Take Control of Your Own Financial Future:

If you don't learn to manage your money yourself, other people will find different ways to mismanage it for you by advising you to  invest in some old ponzi schemes etc. Instead of relying on others for advice, yet you can listen to their advice but always do what works best for you, read a few basic books on personal finance. I assure that once you're armed with personal finance knowledge, you won’t let anyone catch you off. Understanding how money works is the outset toward making your money work for you.

4. Start an Emergency Fund:

One of personal finance's advice is "pay yourself first." No matter how much you owe in student loans or credit card debt, and no matter how low your salary may seem, it's wise to save any amount of money in your budget for an emergency fund every month.

Having money in savings to use for emergencies can really keep you comfortable and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly "expense," pretty soon you'll have more than just emergency money saved up: you'll have retirement money, vacation money and even down payment for your installments.

Don't just put away this money under your mattress; instead, invest it in a high-interest online savings account, a prize bond scheme or a money market account. Otherwise, inflation will curtail your savings.

5. Start Saving for Retirement Now:

Whether you’re a Government Employee or private always think of your retirement or the time when you won’t be able to work anymore. If you do so, you’ll start considering different schemes to save your money for your retirement. Insurance, mutual funds and long-term investment schemes are considered best in retirement plans.

6. Get a Grip on Taxes:

It's important to understand how income taxes work even before you get your first salary. For example, if you're just employed in a company offering you a starting salary, you should know how to calculate whether that salary will give you enough money after taxes to meet your financial goals and obligations or not. Fortunately, you’ll find plenty of online calculators that have taken the dirty work out of determining your own payroll taxes, such as Paycheck City.

7. Guard Your Health:

Well this is the most important point you should really think of. If, for instance, meeting monthly health insurance premiums seems impossible to you, what will you do if you have to go to the emergency room, where a single visit for a minor injury like a broken bone can cost you some hefty amount? If you're still uninsured, don't wait another day to apply for health insurance; it's easier than you think to get injured in a car accident or trip down the stairs.

You can save money by getting quotations from different insurance providers to find the lowest rates. Also, by taking daily steps to keep yourself healthy, like eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, and even driving defensively, you'll thank yourself down the road when you aren't paying exorbitant medical fees.

8. The Bottom Line:

Remember, you don't need any higher degrees or special financial background knowledge to become an expert at managing your finances. If you use above mentioned financial tips for your life, you can be as personally prosperous as the guy who did his MBA with higher GPA.


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