We earn money from all kinds of sources like salary, interest on investment, mutual fund, or any other kind of investment. There should be a correlation between spendings and savings. We need to make savings from our income for future requirements like children’s education, illness, for old parents’ medical expenses, for vacation, marriage, etc. Savings needs to be done smartly. For this, here we look at a few tips for your savings after spending.

The first thing you should do is to do savings in certain parts of your income. Save in different parts like insurance, FDs, Post office savings, mutual funds, or any other investments. Keep a track of investment where you kept. Keep track of records of banks, insurance companies, or any other investment firm. Your savings needs to be observed properly. For savings, a systematic investment plan is very important. You should be able to arrange money when it’s required.

Make a list of the monthly payment. It includes mortgage loan EMI or rent, car loans, utilities, mobile expenses, internet, household expense, etc.

Keep the track of the money you spend for a week on groceries, gas bills, clothes, personal things, entertainment, and even snacks, tea which you can add. Keep all receipts and keep records of payment done, either credit card or cash.

You have spent money on different things. You can do a minimum no. withdrawal from ATM to avoid fees, or you can curtail certain expenses like internet, cable, mobile, outside food and by curtailing frequency of outing.

You can keep track of big spendings in the past year. The special expenses like home renovation, car up-gradation, travel, education, expensive furniture, and electronics, etc. This big spending plays a vital role in your finances and you need to track it by analyzing and taking necessary action in spendings.

After reviewing all your expenses by curtailing certain things, you need to concentrate on savings. You can upgrade your savings by investing in an emergency fund or increasing your retirement savings.

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