How to Take Away the Stress From Saving?

Saving conjures up images of deprivation and hassle. We all have so many financial balls that we are trying to juggle at the same time – from EMIs to bills and purchases – it is understandable for people to not place any priority on saving money. Most of us belong to the school of thought that saving comes last after we sort out our other financial obligations.

But even if disposable money is in short supply, you can still save. Let’s consider various options.

Start small – don’t overextend yourself.

Understand the difference between ‘need’ and ‘want’ – accordingly you will free up some extra disposable money when you think you can’t.

Short term gratification is just that – short term. Is it really necessary to have a new iPhone every year? Is it really necessary to splurge on Starbucks coffee everyday? Is it really necessary to buy lunch everyday when you can take a packed lunch from home everyday to work?

All the money that you are spending, can be used as savings every month.

Do you now see how easy it is to save? Even someone who thinks they are absolutely strapped for cash can just analyse monthly spend and will automatically free up some saving funds.

Strict budgeting is another tip to help us stay on the straight and narrow. Most of us are guilty of not knowing where our money goes. It is so easy to blow small amounts every day on miniscule things. But the small expenses add up.

Paying ourselves first is another tip that we have spoken about at length in earlier blog posts. But we cannot reiterate how important this is. Paying ourselves first is crucial if we want to build a healthy financial future and gain financial security.

Now that we have outlined some tips, share with us in the comments, which tips you will be adhering to and how you are progressing with your saving goals. At Wizely, we all have your back and are keen to know how our group of savers are doing.