It is believed that Millennials (Generation Y) are now a generation that lives in a different way to past generations when it comes to personal finance. They are now spending more than ever as the cost of education, travel, rent, broadband, shopping and having a social life can all eat into their savings. However, the following money saving tips & ideas can help to increase their bank balance:
Always Have a Budget and Stick to It
You know how much money you have coming in and going out don’t you? If not, now is the time to create a budget and working with it. It is possible to track your budget and expenditures using digital applications and mobile apps or even writing down all that you spend. Here you will be able to identify where you money is going and where you can tighten your belt, helping you to save money.
Save Money by Staying In
It is all too tempting to head out for that meal with friends or to watch a film but you can say no from time to time. Having the ability to do so, several times a month will soon result in your savings increasing at a considerable rate!
Work out Where Your Money is Wasted
There are some things in life that we just don’t just need. In fact, there are some things we do not need to purchase at all. Are you an impulse shopper? Do you waste money buying the latest shoes or clothes? You do not always need to spend this money and it is always worth looking at the alternatives because that can save you a lot of money. Such as
1- Reducing the download limit and download speed of your home broadband internet could save you a couple of thousands per month for sure
2- Renting a large house (when you can easily adjust with a small size house or apartmenrt) will cost you more so make sure you have fully optimized expenses in place for such elements.
3- Cutting off your AC usage in peak hours again may saveyou a couple of thousands.
4- Compare your car insurance before buy an annual plan so you can make a well informed decision and can also save money where possible
Move Your Money Around
If your money is in an account that you can easily access then there is every chance you will spend it. Having access to it in this way can result in you spending money when you feel like it. Moving money into an account that you cannot get easy access to can make the world different. However, if you are feeling like you really want to make your money work then consider investing it. That way, you are not spending it but helping it to grow. So define a pool that you will stick no touching it even by avoid in hard times.
Stay on Top of Your Bills
We all have a lot of outgoings each month that range from paying for car petrol, car loan, a home loan to internet broadband and even a mobile phone. All of these bills have to be paid on time because missing payments will mean that you are hit with a hefty charge. Avoiding these fees will save you money.
Set Yourselves a Savings Target
Sometimes, we all need something to aim for. When it comes to saving money, having a target is a great way of having an incentive to hold back on spending money on things you do not need. When you know that you have a target set, when you do consider spending you will think twice and more than likely make the purchase. You can set targets to save money to buy a car, a property, wedding expenses or children education and set aside a fixed amount each month into that pool of saving.
Compare Term Deposit and Savings Accounts
When it comes to saving, it is all about making your money work for you. You should compare financial products in Pakistan to see which products work well for you and your requirements. Using Mawazna.com makes it simple to look at a wide range of products and decide which one works best for you. You can compare best term deposit accounts and best savings bank accounts to be used to achieve your own saving targets.
Saving money does not have to be an arduous task. It is all about remaining organised and planning ahead so you know what your incomings and outgoings are. This will enable you to decide where you can make savings in order to increase your savings and set you up for your future.
Mawanza.com is a leading personal finance comparison platform that allows consumers in Pakistan to choose the best personal finance products (car insurance, health insurance, travel insurance, personal loans, car loans, home loans, bank accounts and broadband products) for their personal needs. Visit us online to compare a selection of personal finance products offered by leading providers in Pakistan.
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