Simple tips on how to save money

• Saving money is a skill at which not many are good. But it’s not as difficult as it seems, all you need to do is follow some simple tips. Whether you live alone or with family, these tips will help you inculcate the habit of saving. Saved money can be used in case of an emergency or for investment. Following are some really simple yet useful tips on how to save money:

• Set a goal: Calculate your basic expenses and then set a goal beyond which you won’t spend in that particular month. Don’t worry if you save very less, with each month you will set your goals higher and thereby save more.

• Note your expenses: Note all the expenses at the end of each day, this way you’ll know where major part of your money goes and you can cut down on the same.

• Avoid using Credit cards: Don’t carry those credit cards in your wallet hide them at a safe place to avoid the urge of spending beyond your limit.

• Savings Bank account: Instead of keeping this saved money with yourself open a savings bank account and put the money in it, this will help you keep a track of how much you have saved and won’t distract you from the goal of saving.

• If you don’t have a pre-determined goal for saving your money, investing it is a good option. There are a number of options where you can invest your money and earn good returns on it. Some people believe purchasing gold or property is a wise decision for investment, while for others it is buying shares and stocks.

• Depending on the amount you have saved, no matter how big or small there is always an array of options to choose from. If you are still confused about where to invest money, you can take the help of a financial advisor as they have extensive knowledge about investments and can help you take the best decision.

• The financial advisor or investment expert will guide you on how to invest the money you have saved. Depending on the money you have in hand and your area of interest they will direct you towards the field that will benefit you the most.

• If you don’t want to spend on fees to pay the advisor, simply keep saving the money in a savings account and use it later to make a bigger purchase such as car or property. This way your money will be safe and there won’t be a risk of theft or spending it unnecessarily.