5 Simple Ways to Boost your Savings

You earn money after putting hard work, but without a savings plan spending is very easy. If you recklessly spend, you may left with minute savings. Building long term wealth demands continuous effort on your part to not become a spendthrift but prudent while you spend. Planned spending is the one goldmine advice anyone can give. Cutting lavish expenditures and unnecessary shopping can lead to significant addition in your savings.

"If you are saving, then you are succeeding"

One thing that you should keep repeating to yourself is that saving money is a tough task, you have to be disciplined. If you make it your motivation, you can save well, and achieve your financial goal. To help you in your endeavor, here is our guide to 5 simple ways to boost your savings. Join Truebanker Community forum for more discussions.

1. Set a Goal for you Savings

A common thing today is that people don't feel motivated to save money. They don't know why and for what to save money. That's why setting a goal for your savings become important. Well, you can set anything as your goal, it can be that you want to buy a new house, plan a retirement, child's education, or for use during an emergency. If you can give yourself any such goal, saving money would become a natural process, and receive a boost.

2. Divide your Salary

Best way to boost your savings is allocating a portion of your salary to it. Say 10% would go to A account and rest to B. That allocation should happen regularly and within few months you will have some money saved and will be surprised, when you were only focused on account B and using it for expenses, while account A is growing steadily.

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3. Limit reckless shopping

ATM and Online Banking have made our life a lot easier. Especially when it comes to shopping, traveling or buying any mundane thing! But the downside of them, out of many, is that it can make us buy stuff on impulse. While shopping online people don't realize how much they have spend in a month, until you sit and count. But, if you can reduce its use to a level of sanity, you can boost your savings substantially.

Keep a tab on your shopping behavior.

4. Avoid luxury expenses

Luxury, sometimes precious often unnecessary, strains your budget. If it`s just for show off, it doesn`t make any sense. Just because a neighbor has bought an advanced high-end car should not inspire you to buy the same. In fact, why buy a newly released version of a smartphone when you`ve one already working fine. If you can stop spending too much on unnecessary luxury items including costly brands, it can prove a relief to your pocket and help you save more.

5. Make an Investment

Investing money is another way to boost your savings. In fact, there are many risk-free options available where you can invest your savings money and FD is one of them. In FD, your money gets a higher interest rate than in your savings account, a fair chance, therefore, to let your savings boost on its own.

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Please join Truebanker community forum, ask questions and clear your doubts.

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