Make Monthly Budget
Make monthly budgets before you start spending: For families, making a monthly budget is essential. There are so many various types of expenditure and often it’s hard to keep track of them. Budgeting would help you keep track of your expenditure as well as know the amount of disposable income you would left with at the end of each month. At the same time you can exactly know where to cut expense if needed to increase your monthly savings.
Allocate a budget for occasional spending: It is wise to allocate a small portion of your budget for special occasions that arises more or less every month. Occasions likes friend’s or relative’s marriage parties, family outings and get together can warrant for extra expenditure. Budget allocation for these unexpected events can help you manage your money better and reduce over expenditure.
Reduce Unnecessary Spending
Entertainment: Entertainments are healthy for families and they need it quite often. However, it can be easy to lose control over expenditure on entertainment. It is wise that you reduce your monthly expenses on unnecessary entertainment.
For example: Families do not need to visit amusement parks every week. Visiting once or twice a month can save up a lot, at the same time provide adequate entertainment.
Try to have control on your wants: You have to realize that you can do without your wants but not without your needs. Sometimes, human tendency is to get distracted by the wants overlooking the needs. On the other hand, wants can be more tempting and expensive than our needs. Running out of money by spending on your wants can be problematic as you might not have enough money left to get your needs. It is wise to focus on our monthly needs first before spending on our wants.
- You need a vacation to a good location but you specifically want to visit Hawaii.
- You can do with a 32 inch television but you want a 52 inch one instead.
- You need a good quality hand bag but you want the Gucci bag instead.
Women’s DPS: Mothers can start up a women’s DPS account and enjoy the benefits of a better interest rate. At maturity they would be able to utilize the handsome sum of money for their cherished dreams.
The next big spending: It is wise to prepare for the next big spending you might come across like: Vacation to your dream destination, buying your dream car, a dream home for your family. It is imperative that you make prior plan and preparation by saving for such spending as early as possible in your married life. This would reduce financial pressure right before the spending.
Child’s Education: We often dream to send our children to the best universities around the world for better education. But very often, we fail to turn those dreams into reality because of high financial requirements. Star saving early for those dreams and you would be able to fulfill them with proper planning. You can open up a Youngsters Savings Account of Youngsters DPS.
Your retirement: From the very beginning of your married life, you should plan for your retirement. Start with a savings account or open up a DPS. This can help you save up a bulk sum of money for the future and save you from the shackles of taking loans.