Find our 4 ways to save more in 2024 here, check out the best Saving Strategies in 2024.
Another year has passed by, and many are going to remember this year more than the past few.
Financial stability was a hot topic amongst all economic tiers, because the pandemic had touched and affected all our lives in some way or the other.
However, not all that happened was bad. In fact, this is your chance to take with you the best that 2024 taught you, and move forward by bringing these new observations into practice.
Did you at any point feel that your savings were inadequate given the tough circumstances that the past year brought to many?
Were your savings not on target, are you simply looking to increase your allocation to savings in your financial life? No matter what the reason, we have got you covered.
Because in this article, we are going to talk about how to bring a new savings strategy into place, making your savings plan work, and consequently save more in 2024. Let’s dive in right away!
4 Ways to Save more in 2024 – Best Saving Strategies in 2024
Here are the 4 ways which can help you save more in 2024
- Reach the ground-level first
- Set a savings strategy in place
- Execute your saving strategy
- Grow your Savings
Lets have a deep dive into this step by step process to save more in new year.
Save more & Invest more – Open a Demat Account Now!
Reach the Ground-Level First – Top Saving Strategy of 2024
Your savings strategy will not work well, unless your debt keeps pulling your finances down to the ground level at the end of the month.
If your credit cards remain unpaid, or if you have taken outstanding loans that did not help you procure assets whose value is going up, then get rid of that debt as soon as possible.
Moreover, if you do attack on your debt properly while trying to save, you might end up hurting long-term investments to overcome short-term loan repayments.
As you move into the new year, make a resolve to obliterate your debt first. Automate your loan repayments, and if possible, foreclose the loans by increasing your repayment allocations.
Set a Savings Strategy in Place – Best Saving Strategy in India
A savings strategy, you ask? That’s right. There are essentially three parts to formulating a savings strategy, and for that, you need to ask yourself these three questions:
- Why are you saving?
- How are you saving?
- What will you do with your savings?
To answer the first question, you need to understand your needs. What will you need six months down the line? How about 5 years and 15 years from now? Know as to why you need to save your money?
To answer the second question, think about how you will save towards what you need in the short and the long run.
To answer the third question, think about what can be done with the money you save, so that you can reach your financial goals in time.
If you are new to the practice of savings, don’t worry! We will help you with this new beginning.
Make it Happen or Execute your Saving Strategy
A savings strategy will help you come up with a plan – but it will remain a plan unless you put it into practice.
A lot of people struggle to save the money they have decided to save every month. There are two things that you can do to overcome this problem:
Make a Budget
A better way of budgeting is to know exactly how much money you can spend at a given time.
To do this, figure out your expenses exhaustively, and track them on a budgeting app that lets you know how much money you actually have, after accounting for your upcoming expenses.
Don’t forget to allocate some extra money for unforeseen expenses.
Automate your Savings
Some people struggle with a different problem related to savings. They know how much to save, but do not have a solid control over their shopping and spending habits.
We are all humans, and this is no big deal. For such people, automating your savings can help you restrict your spending – by doing this.
Your money gets debited at the beginning of every month towards a saving scheme, and you end up improving your finances without falling into the temptation to spend.
Do remember that a new start can always trump the past, thus give your financial journey a fresh start this year!
Grow your Savings – Top Saving Strategies in India
Saving your money is only a small part of your savings strategy – and more importantly, on your way to saving more.
If you simply keep some money aside in a savings account, your money will grow at a very slow rate – keeping it in cash is worse.
This is why investing is an important part of your savings plan. Being 25 now, you might want to save for buying a house at 40.
However, doing so in ten years might look unachievable to you, if you are saving ten thousand a month. That’s why, you must look at the right investment schemes to grow your savings.
For instance, the equity market can give you a return rate of 15-16% in the long run, and your 10k/month saving plan can help you grow your money to over 70 lacs in 15 years.
This sounds like a game plan, doesn’t it? Mutual fund SIPs can help you bring a monthly savings plan into action with automation too.
However, you are going to need a demat account for investing in the equity market – these days, demat accounts can be opened completely online, for free.
4 Ways to Save more in 2024 – Conclusion
Apart from savings, you must also pay attention to your spending’s in detail. Look for places where you can trim your expenses – pay attention to your bank statements and how you spend cash.
Increasing your savings can help you achieve newfound freedom in life – not only can you reach your goals faster, but also expand what is in your reach.
But “work smarter, not harder” – is truer in terms of savings that perhaps anything else.
Always remember that no matter how uncertain the journey may seem, one step at a time can help you get the new beginnings you want!
This new year, start saving more, and give your financial life a fresh start – ek nayi shuruaat, with Angel Broking.
Open a free demat account, check out our new report on top picks in the stock market for 2024, and realize the full potential of your savings.
Angel Broking wishes you the best for the new year – we are with you on this new journey!
Save more & Invest more – Open a Demat Account Now!
Most Read Articles