World Savings Day: 4 tips to save your money efficiently
Every year, October 30 is observed as World Savings Day or World Thrift Day to spread awareness on the importance of saving money and to help people during financial crisis.
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Here are four tips for you to save your money efficiently.
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Avoid keeping debt
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It is best to avoid keeping too much debt as it will eventually drain your savings. High interest rates will diminish your savings in the long run. Therefore, avoid taking hefty loans.
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Evaluate your budget
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It is essential to track your regular and monthly expenses. Understand what you need the most and plan your budget accordingly. Fix certain expenses and save the remaining amount for your future.
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Reduce expenses
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Analyse where you spent your money unnecessarily. Fix monthly expenses for things that you need and look for discounts, coupons and cash backs to spend money within a budget.
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Manage bills
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Electricity, internet and phone bills contribute majorly to your monthly expenditure. Analyse cheaper internet and phone bill plans and save electricity to reduce costs.