8 Rules for a Successful Savings Plan
Save Money (Photo credit: 401(K) 2013)
How old are you? And how much could you have saved over the years? To know more, you may read the following paragraphs.
The most common way for saving money is investment. You could invest in property, mutual fund, jewellery, antiques and so on. But hear is the catch! Are you investing in the right place – STOP AND THINK?
First of all, what one needs to understand is where to invest in order to get the best returns. So let’s look at 8 simple rules for a successful savings plan.
Define your needs: Have a clear understanding of your needs? Only buy things that you cannot do without. Don’t buy stuff that you will not be using. Pay your bills on time to avoid late fees and so on.
Make the most of your credit cards: Use your credit cards sensibly. Do not use it unless there is an emergency or no other way left. Instead go for cash payments or debit cards. Avail your rewards and cash back policies.
Insurance and loans: You may think that insurances and loans don’t contribute to your savings, but the fact is – they do. Have all your insurances in place, take PPI’s to secure your loans. You must have a good understanding of the PPI norms –in order to avail them and for filing ppi claims if need be.
Think and Decide: First decide where to put you money. Talk to your family members or friends who have been saving over a period of time. They could give you some good advice and you could also learn from their mistakes. Consider all forms of savings and then select the one that best suites you.
Market Research: One has to research the market before taking the plunge. And the best way to do it is the internet. The internet can help you compare and select the best policies that are available in the market today. Take your time to investigate and then you can invest, don’t be in a hurry.
Property: When you are intending to invest in a property, you have to firstly select a location that will fall in you budget. Secondly the location has to be such that, in future the commercial value of the property only goes up and not the vice versa. It should be free from litigation. Have the paper work thoroughly checked by an investment expert before you buy it.
Mutual fund investments: If you intend to invest in mutual funds, you will have to first select the best policy available in the market today. That you can do by comparing the existing policies online. If your mutual fund investment company is investing your money in thriving projects like infrastructure and so on, then you’re likely to make more profit. Pay attention to every detail on your offer document .Only then sign it.
Enjoy earning and saving: Saving should not mean that you are depriving yourself of little pleasures. Don’t kill yourself. Indulging occasionally will do you no harm. Rewarding yourself will only encourage you to save more.
So here’s wishing you good luck for all your investments.
Author Bio:
Amy Lawson is a blogger and a financial consultant. She loves travelling with her family. She researched on various financial sites, some being PPI Claims, child tax Credits Guide, etc. You can contact the child tax Credits.
Category: Saving Money
