Money Money Money. This is something everyone wants more of. Somehow, it never seems enough. If you get a better job with a higher pay, your expenses seem to be growing along too. Not to forget the increasing cost of living, the increasing demands to maintain a status quo, etc.
Keep It Growing
Here are 6 effective ways to ensure your finance keeps growing:
Always have a monthly budget. Sit down with other members of the family and chart out a list of things to buy or do for that month. There will be regular monthly expenses. Make a note of it and then add in your other expenses like going out, buying gifts, etc. now you will know how much money is spent on a monthly basis. When you are aware of the expenses, you can ensure you don’t spend unnecessarily and drain all the money from your account.
Set aside a fixed percentage of your monthly income as savings. This percentage has to be derived after you sit down and make that list as you need enough money to meet your regular expenses. There is various savings option that can help your money grow.
Now that you know where all the money is going on a monthly basis, cut down on your expenses. If your monthly groceries are costing you a lot of money, find a place that can sell all your provisions in bulk and at a lesser rate. Majority of the stores and companies offer more products for the lesser price. Plan your purchases accordingly.
As mentioned above, buying in bulk can save you some money. While not all can be bought and stocked, many provisions can. Buy such provisions in bulk, so that you need to buy it only once in every few months, rather than every single month.
Invest the excess money in some savings plan with your bank or invest it in a property. These investments will grow and accumulate interest over time and when you are ready to withdraw it, it would have increased.
Plan your expenses. Get a professional financier or an auditor to help you understand your expenses. They can give you ideas about savings and investments. An auditor can also help you with taxations. There are provisions in the taxation laws and when you are aware of them, you can save on some unnecessary taxes.