How To Prepare A Personalized Monthly Savings Plan?

Saving money is the major purpose for one and all. But as we all know it is not an art known to many. As a result most people are not enabled to save the amount of money they want to save. In such a case, the failure often disappoints the person’s morale. Thus to uplift the morale and live the life they want to live, one must be able to save a desired amount of money every month. This can be done by the following ways.

First of all we need to cut down on our monthly cost. Most of our monthly cost occur periodically and can be cut down by taking a bit of pain ourselves. Some of our work like washing clothes, ironing them, washing our utensils, cleaning our own house etc can save us a substantial part every month. Moreover if a person can cook his own food, he can easily ensure his health and save a hefty amount. Our food and sanity are the areas where a person can save more than 50% of the expended value if he does it all by himself. Furthermore we can save money by conserving electricity by taking up various electricity conservation awareness technique and save on his electric bill. For shorter distance of transportation, a person can use the mode of walking or bicycling over bike and taxi, this can ensure a healthy exercise as well as a lot of money in your piggy bank. To add to it if a person utilizes public mode of transport for longer run or issues monthly passes for regular travel destination, he is destined to get heavy discount. The procurement of old second hand items can always be used to save money. In case of those who are keen to read books can purchase those books from a second hand spot or look for discounts and offers on various shops and online websites. Similarly for magazine and news paper, a yearly subscription can save more than 20% of your cost on those head.

Keeping in view the above points, a Monthly Saving Plan can be generated by

  • Making a list of all the financial obligation
  • Listing the annual and semiannual obligation
  • Marking the personal spending categories
  • Deciding the percentage of your income that you want to save
  • Finally dividing the rest income into your monthly expenditure head 

While dividing the monthly expenditure head, you can easily cut down on a few of those heads by the methods listed above and thereby increase on your savings as the time passes.

It is never difficult to save or conserve money, but it requires proper planning, initiatives and strict execution. With a bit of hard work, personal awareness and skill, one can easily have a substantial saving every month. And this when can be coupled with various bank short term deposits and other policies and if possible small and easy part time job can help you to become a millionaire in the blink of an eye. So you just need to take the example of a honeybee and do a little hard work with some smart work to reap on huge amount of monetary honey.