It’s discouraging to see your bank account run dry even before the month ends. Naturally, you want to curse your job or sulk over your low salary, but rarely do you realize that it’s your ability to save and invest that will determine how rich you are by the end of the month than how high your salary is.
If you cannot save and invest that saving smartly, you will be left with nothing in your account even if you earn a 6-figure salary. At the same time, compromising on your life to make savings can become frustrating. What’s the point of earning money when you can’t spend it the way you want? But the fact is, not always do you have to sacrifice the life you like when trying to save money.
Here are a few tips to save extra money in your bank account without bringing massive changes in your lifestyle:
1. Learn to manage your money efficiently
Often, your lifestyle is upgraded and your expenditure increases with an increase in earnings. Until you formulate a way to save those hard-earned bucks instead of merely spending it, you will not be able to save money. Tracking your expenditure and preparing a budget accordingly can be a good idea.
Saving Tip: Start early. Make it a point to save at least 25% of your salary every month.
2. Utilize your free time on meaningful things
Work on something that will help you pass your time and will also pay you back. For example, pursuing your hobby in your free time can not only be a stress-buster, but also develop your skills and help you earn a few bucks from it. Get hands-on experience and inculcate new skills by attending workshops, training sessions and lectures.
Saving Tip: Such an investment not only helps you learn something new, but also helps monetize on it.
3. Make small changes in favour of a better lifestyle
Avoid spending on junk food. Eating out may seem like an easy option but it’s unhealthy as well as expensive. Instead, choose a healthy lifestyle – Make your own lunch or coffee. Resort to more such healthy lifestyle choices.
Saving Tip: This way, you will end up focusing on a healthier lifestyle as well as saving substantial amount of money every month.
4. Turn your savings into investments: Consult a financial advisor
A financial advisor creates an investment plan that considers both the pros and cons. This helps you protect yourself against major losses. Consulting such advisors will help you earn or save more. Later when you become familiar with the market, you can rely on your own research.
5. Investing money is an art, learn it
This is why DSP BlackRock Mutual Fund has launched its learning platform dspblackrock.com/learn .
This website explains the art and science of investing in such a simple way that investing will seem like a child’s play. All one needs to do is to simply invest a little time. And when we all can spend so much time doing frivolous things, then why not spend a bit of time to sort our financial life out as well?