smart smart savings tips for beginners

Easy & Smart Saving’s tips for beginners (A complete guide)

Easy & Smart Saving’s tips for beginners (A complete guide)

If individuals are taught about the financial education in a focused and precise way, they can create a tremendous sum of capital through investments and savings alone.

The smart and easy tips for beginners will bring forth the profoundness of happiness and freedom from wealth-building to live abundantly and in peace.

Please do not underestimate the power of Savings. The good news for people [mainly youth & young adults] is that they have an ample amount of time and resources than adults do.

The need for savings is to provide one with comfort and living with the sense of peace {Period} 

To Save & invest wisely -:

Here are 6 pointers to take you on a smooth ride for your savings voyage. Even if you are a total beginner in your saving journey and investment world, Bonjour*. – Get ready to unleash the smart steps to take for your financial management learnings -:

1. Prioritize your decisions -:

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To prioritize your earnings and savings at the same time, you need to first figure out how much money you are spending every month. 

Then declutter all the unnecessary decisions from your savings portfolio you waste your time for.

Handle & keep the savings journal smartly and easy to read. Keep your portfolio as intellectual (smart) and simple as possible.

Now here is a small smart tip that you can follow to live smartly and stress-free.

This rule is known as the 30-day rule.

Now, you may be wondering, what is this 30 day rule?

30 DAY RULE IS SIMPLE-

If you want something that you may like (probably expensive). Wait for at least 30 days before you make a purchase.

If you need that stuff at the moment- buy it.

But if you don’t have an urgency to buy that expensive thing, 

Wait – Analyze – Buy.

There can be a time when after 30 days pass, you do not want that stuff anymore.

You end up saving your expenses.

This is a very smart way to save wealth if you are a beginner.

Learn to have patience and see the wonders that may happen in your investment and saving voyage.

2. Cover all the risks coming your way -:

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Managing risk along the savings journey needs identification, self-analysis, and risk tolerance for an individual.

If you feel like you have made a mistake in your investments.

*Back off for a while and analyze what was wrong with your decision and make a fresh start again.

Even if you do not make a decision correctly, leave it.

Your mental peace should come first before decisions for your wealth.

This is because wealth can be made at any point in your life.

If your mental state is not fine, you will suffer your whole life, even if you don’t want to.

Keep this simple understanding in your life and make decisions promptly.

As time passes, our risk capacity changes which lead to changes in savings and investment strategies.

While it’s a plus point for many individuals as they can grow their income and wealth-building through different strategies at different points in their life.

Live a life of happiness, freedom, and abundance while regularly and promptly taking calculated risks in your life.

Remember all the risks involved in youth will benefit you in later stages in your life as these savings and investments have been multiplied through compounding.

3. Digital is the new era -:

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In this era of the digital world, many banks and investment options are rewarding for having a portfolio online easily and efficiently.

The money you control through internet banking and investment websites is now even more secure than the primary offline banking systems.

The world has become more volatile than ever.

More people are rewarded if they agree with the change happening in the world.

Those who remain stable and do not understand or understand it late may suffer more or less later.

So, if you are not into the online world for investments and savings and you go to physical banks and brokers every time to make savings and investments, then something is wrong with you and you should analyze it for a while.

Then later on you will realize that the world has come online except for you. (If not everyone but the majority has).

So to create a hustle-less life and remain more secure for your finances to get access anytime you want to, you have to make a simple and strategic approach to invest your money online safely.

{Disclaimer – Be aware of the Fraudulent and auspicious activities of the scammers since they can rob all your hard money without your permission}. 

*SMART TIP -:

Browse all the Investment websites and financial terms in a private or incognito mode. This way are safe from fraudulently.

Earning as well as saving wealth online will lead you to a better lifestyle and ease in your mind.

So start your savings and investments digitally.

4. First, save then spend on whatever you want -:

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Without an adequate earning, no one would be willing to spend a huge chunk of money on expensive status symbol items.

And if one does so, he/she may have some kind of inferiority complex to make themselves feel better to showcase their spendings on garbage things to others.

I am pretty sure you would not like to live that lifestyle…!

Saving’s is as simple as eating and brushing in your daily routine throughout your lifetime.

Every end of the start of the month, you have to make sure to take some time from your schedule and create a portfolio of savings.

Why we should not save money in a Savings account?

 Do not save your wealth (money) in the savings account of any bank. This act may drastically deteriorate your financial condition as money parked in savings A/c award only around 3% interest per annum (approx) while the inflation rate is increasing by 6% on average every year.

So, this can be one of the worst places you can park your wealth in. [Period]

The best place to save or park your wealth is in mutual funds or on fixed deposits/recurring deposits.

5. Build systems to create saving strategies -:

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Systems play an important role in the growth of your savings.

Your lifestyle is made easy without affecting your mental state.

It’s an integral part of a successful and healthy lifestyle. Building systems to work on their own provides you with freedom and a sense of calm.

The first thing which you should apply as soon as possible is to automate your transactions.

Automation is the second name to building systems.

Record the expenses and wants you purchased to track the process of starting to create structures and build systems for your beneficial purpose.

Also, take some time to help people build their system of investments and savings so they can be rich as well.

Society can be enriched and trusted if one helps out one another.

*Do remember these simple terms and tips may increase your life to the J-curve which you haven’t expected in your life and easily make your finances in control.

Just try to remain humble and slowly build systems to own your financial space and own your life first and then try to help as many people as you can to make their life better – No pressure, just do it from your will.

6. Create a Down-payment of an asset you acquire -:

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The first and foremost need is to understand What is a down payment?

In easy terms, a down payment is a total sum of capital that a buyer pays to the seller in advance to purchase an expensive item or a service.

A down payment term is usually used when we buy a car, home, or mortgage (common example).

This means that we have to pay a certain small amount to book or confirm that stuff (a portion).

Later on, we can pay the full amount either through EMI’s or a loan payment.

Let’s say you want to buy a house.

Then you have to pay an amount of 5-30% for that house upfront and taking out the mortgages or loan from a bank or assets to repay the total amount decided.

In your youth, acquire assets that can provide you confirmed capital in your retirement or later stages of your life.

For that, you can start the down payment of any assets (it could be a house, property, business, services, etc.) at an early age and reap the benefits of returns in life afterward.

Remember that in some of the cases, the down payment of assets is non-refundable if the deal of the buyer and seller fails or the rest of the payment is pending from the purchase. Thatswhy makes sure to pay the fees or down payment timely to the seller for avoiding this issue.

FINAL NOTE –    

We become smarter and strategical only through practice, patience, and time.

It’s not a one-day game.

It’s a long game to play in life to make decisions that would be beneficial for you and your loved ones (also for the society-as you becomes smarter every day).

Likewise, savings and investments you do in your youth or adult will all reap the benefits for old age so that you never run out of wealth and are dependent on others to give you money for a living. [Period]

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