World Savings Day October 30

World Savings Day

*World Savings Day -- a day devoted to the promotion of savings -- is celebrated on October 30 all over the world

Everyone wants to earn more and get rich as quickly as possible. However, to do that, it's important to think one step ahead of saving money. 

Savings is imperative as it helps us in meeting financial commitments at a future date, for example, to buy a house or a car.

Put simply, savings represents an individual's unspent earnings. 

It is the amount that remains after meeting the personal expenses over a given period. 

The funds saved or set aside enable us to stand against unforeseen emergencies.

Besides savings, it is equally important to focus on developing practices that can help us in ramping up these savings and thus ensure a secure financial future.

But, how can we do that?

Here are key tips to follow:

Set a purpose

To begin with, you should set a purpose before starting to save. 

That could be the aspiration to buy a new gadget, home, or save money for future contingencies.

Once you are clear on the WHY part, it will be easier to be disciplined about the practice.

Keep a check on spending

Keep checking your unnecessary overheads and spending where it's needed rather than splurging money on the salary day when it can be saved for better purposes.

Once you are clear on the WHY part, it will be easier to be disciplined about the practice.

Keep checking your unnecessary overheads and spending where it's needed rather than splurging money on the salary day when it can be saved for better purposes.

"It is useful to develop a habit of budgeting from an early age. 

The first thing to consider is to look through what they have spent in the last few months and become aware of top expenses. 

This exercise itself can be quite revealing and can point one in the direction of where they can save more. 

A healthy savings rate is around 30-35 percent. Savings should not be what is left in the bank account at the end of the month but rather something one can do as soon as they get the paycheck," 

Do smart spending

No matter how hard people try, they cannot completely reduce spending to zero. 

Start investing too

The only way to see the money grow is by investing it. 

So, you should not only save but start investing too. 

And, this must be done early so that time works in your favour.

The earlier you start, the longer you can compound money. 

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