Last Updated on March 9, 2024 by Ali Hamza
Saving money for future use is not just important to manage your finances but also for securing a better future for you and your family. Saving a certain amount from your monthly saving account might seem easy. But once you implement it, you will realise that today’s costly world has made it more complicated.
But then, it’s something that can’t be avoided. You need to find ways to save money by compromising your daily life to a certain extent or depending on your bank deposits for bank savings account interest rate. This article will provide some simple tricks to save money the easiest way.
All About The Money Saving Hacks
Are you trying hard to save money from your saving account regularly but unable to keep up with it? Don’t worry. We are here with the master hacks that will always keep your saving account wealthy!
Create Another saving account
Most of the time, when you just have one saving account, there are fair possibilities that you use the account for every transaction and deposit you make, But your salary deposits, a UPI Payment, or any other purpose. Hence the account doesn’t take much time to run out of cash.
In that case, you can create another saving account, which will just be used for saving purposes and nothing else.
Pay Off Debt
To be honest, it is hectic to save money if you are already webbed under debts. So, clearing off all your debts, including your EMIs, is significant to release the financial burden from your shoulders.
First, opt for the loans that offer you a better bank savings account interest rate. Then try to pay off all your debt as soon as you receive your salary. And that’s how you are on your way to saving a certain amount.
Investment Is Needed
Once you save a fair amount of money in your saving account, start investing the money in various profitable funds in a bank that has an appropriate bank savings account interest rate. Be it a mutual fund or a fixed deposit, the more you invest, the more you save.
Setting Up Your Budget
It will be offensive if someone tells you that you enjoy less and save more. So instead, what you can do is set up a goal and work on it. Write down the amount you are looking forward to saving every month and spend accordingly.
Maybe, some extra luxuries like multiple outings, back-to-back cafe hoppings, or shopping worth thousands a month can be cut down to manage your savings.
A Recurring Deposits Saves A Lot
What if you are looking forward to saving a certain amount of money every month by investing in your bank, but you don’t have such a huge amount to make a fixed deposit? It’s simple! Go for a recurring deposit or RD.
This kind of deposit allows you to invest a small amount of money starting from 1000 Rs. monthly and provides you with a better bank savings account interest rate than an FD.
Technology Can Make It Easier
It might be hectic to manage your expenses and their history of it by yourself. In that case, consider depending on your smartphone’s smart technologies. For example, a google sheet can add up and keep a record of all your monthly expenses.
Cut Down Unwanted Expenditures
You must understand what is needed and what isn’t to save your money. For example, let’s say you have a subscription for 5 OTT platforms, but you barely use 2 of them. Then why would you spend your money on something that has no use?
So, we believe you are now capable enough to use your saving account for a better future properly. Not just that, but we hope that you are on your way to boosting up your bank savings account interest rate at its best. So, all the best!
Read Also: 4 Tips to Know how to reduce interest rate on home loan
