What you should do to draw personal financial planning to increase your savings in India 2022
Are you wondering why you can’t save your money? Although employed in a job six days a week. Still, struggling with financial problems?
The biggest truth is, that the more you earn the more you lose. Doesn’t that make sense? When you were a teenager you could have things to pay for movies, out with your friends, fun activities, not to mention your college fees.
But after your college life, you begin to see the real-life struggles. Financially and mentally. Here you don’t have much time and money to have out with your friends, no party and no more trendy clothes that attract people to you.
A new list of things would pay a visit to your regular financial plans. Things would be your room rent, gas, transportation, electricity bill, and monthly giving to your parents.
So there you can see, no time frame that regulated the financial plans only used for teenagers or family men. We all need money to run our lives. Therefore it is a mandatory skill to occur.
The sooner you learn to make your income satisfy your time the better doors will be opened. So here stick with me till the end. Whether you are in your 18s or late 30s. This post will bring something new to your financial security.
Why you should make financial planning to raise your savings
You might be still stuck in the loop, on how financial plans will increase your savings. Like I said, the more you earn the more collections and liabilities would come across your way.
You might have seen teenagers make these mistakes more often. When the scholarship dropped on the account they usually find a way to wipe them out
To avoid being tied in a row, you have to possess financial management skills. But that is not the way of coming through an MBA degree. I said personal finance to increase your savings.
To have a better budget of your normal and special day, include every expense that would readily drain your purse. And money management does not only reduce expenses.
It goes beyond cutting down expenses, things like you can summarize your personal financial activities, ways of income, and the ways it goes out, savings, and investments.
What benefits you from learning and following money management?
- Having a basic comprehension of how you spend your money on things, you can draw the assets and liabilities you have owned.
- You can track your money’s path. Which means directing it to own more.
- Enjoy your retirement. Maybe you find to put an end to 9-5 at a very young age. Or satisfied enough with your services at very late nearly 50s. You have buried every expenditure on your journey.
Important steps to follow in your financial freedom ride
- Materialistic appetite
- Trend addictions
- Trapped on discounts
When was the last time you upgrade your mobile and gadgets? Are you one of them who likes to refurbish laptops and mobiles every year?
Due to the influencers on social media people tend to unlike using old gadgets. They are the one who feeds them using new products available on the market. But we can’t understand their marketing strategy.
In some cases, people fall into companies’ ideal customers. By regularly following their updates although the old one was working. Likes to try their new version embedded in the laptop or earphones.
Sometimes, people only buy products for brands. Have you ever seen anyone buying an apple mobile phone in your circle and using them rarely?
Here you can see the loss of utilization cost without fully engaging with its valuation.
We all fashion elements. One thing, like I mentioned above. When the alternative comes we always go over for it. Try new trendy clothes or dishes your friends recommended to you.
This is a good habit to try new recipes out and add some new clothes to your wardrobe. Unless it is primarily focused to show off.
Put your requirements ahead. For example, you going to buy a shirt for yourself. But, social media or your surrounding caused you to choose trendy shirts with some prints on it. But you liked the checked and casual one.
Many choose the one which is caused by social connection. Just to make sure that I bought the one you all have a wide-spoken.
Trapped on discounts
Did you ever buy anything online just because of discounts? What the sign (%) makes you go for it?
Does the product’s price really reduced? If you said yes, check your favorite product’s price today. And mark them on somewhere. Once the deal is announced check the price again.
You will clearly see there, that the actual price was increased. But to make you all purchase the deal (a pushover) etched on the side.
- Do you really need that product?
- How long does it going to last?
- Do you need it now?
Now you know how to optimize financial planning and things to avoid, here is what you can do with it!
Create your life goals
Once things got off the roof, flow your money to make more money. It is been viral on social media since its popularity began.
Maybe your dream is to buy a 2BHK apartment in the main city, give your children a wonderful education and life and enjoy your retirement with your wife by your side.
Save money to invest.
To have appropriate financial planning consider these key elements
- Know what your goals and your current situation
- Speculate your needs and wants
- Avoid being imprisoned in a catalog
- Follow the plan and review them regularly
A story reminds me that, a harvesting girl who usually walks 3 kilometers to collect seeds. The bag approximately allows 2 kg in it. She doesn’t have any weight machine to see the actual weight. Days remain constant.
She collects seeds and takes them home. One day her mother spotted the bag seemed to have very little quantity. She asked her, why didn’t you load the bag fully?
She said that I filled them but this usually happened like this. Initially, I feel the weight but when reaching home I am having half of the weight lost. Then the mother found the holes in her bag. Then she understood what happened.
Coordinate this with your life. Because many holes are pinned around your financial life but you could not spot them out. By plotting a financial plan you could increase your savings.