I earn a lot but still lack in savings. I do not know what to do. Could anyone show me a way out?
2006-12-01 19:06:58 · 6 answers · asked by mr.grammar 2 in Business & Finance ➔ Personal Finance
It depends on your living enviroment and what you are spending monthly. You can go from a home phone to just a cell. You could cut cable down to a min. You can drop high speed for dial up. You can start by paying cash for items only and not using your credit card unless it's a emergency item only. If you can't pay cash for that item then you need it right away. Or put alittle away each paycheck for it until you have the right amount. I try to put 50.00 each paycheck away just because. I make good money and 50.00 isn't alot but it can add up if you don't touch it and it's money you will not miss.
Make a list of all your monthly bills, then make a list of all the lux items you are doing each month that cost money and go back into your checkbook see what you spent last month and for what and cut those downs.
2006-12-01 19:31:16 · answer #1 · answered by LC 5 · 0⤊ 0⤋
If you arereally serious, i m telling you one easy way, just note down your expenses for this month. I was facing same problem but by maintaing an excel sheet helped me a lot!
Once you know where you are spending, you can make ur budget for each of your activity like dining out, enternatinment, movies and all. And you'll also come to know where you should spent and where not!
2006-12-02 23:44:14 · answer #2 · answered by utsav v 2 · 0⤊ 0⤋
Plan..Plan...Plan
One rupee saved is one rupee is earned - please remember
List out your probable expenses. List out the sources of income
Plan your resonable savings from each earnings - dont touch the savings
Now you had started cutting your expenses because you are saving some money for the future
2006-12-02 09:03:30 · answer #3 · answered by gauri s 2 · 0⤊ 0⤋
Simple, Just don't keep any money in your wallet. Plan the expenses in the morning & withdraw only that amount. Start the monthly mutual fund saving schemes. Remember in future your only life patner is only and only MONEY
2006-12-02 03:31:46 · answer #4 · answered by rockylike007 3 · 1⤊ 0⤋
Start keeping track of your out going and you will realize where to put stop. Note down every rupee sent and review every week.
2006-12-02 04:21:39 · answer #5 · answered by RahulS 1 · 0⤊ 0⤋
Join in SIP of any mutual fund by ensuring that you provide them the ecs facility.
2006-12-02 12:23:28 · answer #6 · answered by cvrk3 4 · 0⤊ 0⤋