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7 Successful Tips for Painless Saving

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Saving does not come easily for most of us, and for few people, it is a positive pain (yes, that includes me,

too!). However, as I pointed out in my previous articles, saving is an absolute necessity, if you want to start

investments, and move ahead on the path to financial independence and freedom. So, What does an average

person like you and me have to do to take the pain out of saving money.

Well, you can follow the seven steps that I will just list down. But a word of caution before you start reading

further this is not going to be an easy journey. Some of the steps listed below require positive effort and a

measure of self discipline. If you are able to heed them, you will find the pain gone out of your saving efforts!

So, here are the seven tips to make saving easier for you -

1) Reduce your Consumption -

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cessful Tips for Painless Saving | Indian Blogger http://indianblogger.com/2009/10/17/7-successful-tips-for-painles

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Easier said than done! After all, this is the age of consumerism! But remember, the money that you are

spending is the money you will NOT be able to save. This certainly does not mean that you turn yourself into

a penny-pinching miser. It just means cutting back on unnecessary spending. what is unnecessary for you is a

decision that you will have to make yourself.

Reach Higher with Small

Savings

2) Have a Vision

This tip works on two different levels. First, it means that all saving should be directed toward a well defined

end even if it is as simple as purchase of furniture. On another, higher level, you can visualize the

convenience, the ease and the independence that you will definitely achieve if you save judiciously.

3) Get Rid of Debt

Well, some of debt may be necessary, and not very easy to get rid of for example, your home loan. But it is

certainly a good idea to close smaller loans such as personal/small ticket loans, which carry a high rate of

interest and eat into your income. And the first item of debt that needs to be tackled is your credit card

balance. Most credit card companies and banks charge 1.5 % to 3% on the outstanding balance, on a

MONTHLY basis. If you invest a sum of money at this rate, you can double your investment in less than

three years!

4) Automate

The current state of technology allows us to automate many of our money related tasks that could help a lot in

saving. For example, you can set up a sweep in facility that is offered by most of the banks. This facility

essentially involves setting a limit in your savings acount, and any amount that accumulates over that limit is

automatically transferred to a higher-interest account. Neat, isnt it? In addition, you can also automate your

credit card payments and phone bill payments.

5) Consolidate

Consolidation of your personal finances can also help you a lot in saving money. For example, if you have

more than one credit card, and outstanding balances on all of them, you can use the balance transfer facility


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to consolidate your debt into a single card (choose a card with the lowest interest rate). And why would you

need five savings accounts, especially if all of them entail a minimum balance? One, or two (if needed)

accounts will suffice.

6) Make a Budget -

A personal budget helps to put your personal finance in black and white, and provides valuable perspective. A

personal budgetcan help you to plan and prioritize your expenses, and helps to inculcate the all important

financial discipline.

7) Reward Yourself

In a sense, this point is derived from the first tip which says that you should cut back on your consumption.

That does not imply that you should start living BELOW your means. Whenever you reach your savings

milestones, reward yourself. Go out on a holiday, or buy a gift for someone (or yourself, if you please!).

The above seven tips can go a considerable length in helping you to make saving a painless experience.

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By Siddharth Singh, on 17 October 2009

- who has written 14 posts on Indian Blogger.

Tags: bank, Business/Finance, Credit, Credit card, debt, Finance, Institutional investor, Interest, investment,

investment tips, loan, money, personal finance, save money, Saving, saving tips, savings, tips

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