Life is a long hurdle that can be described as a journey that has a beginning and a goal to reach but the most important part of the life is the path that we take in reaching our goal. We also suffer many problems and difficulties in reaching our dreams but if we are determined to reach our goal, we are surely able to live up to our dreams. Money is that help or support that takes us each day closer to a new and different path each day. Money has many facets and it can be your friend and foe as well.

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Earning money in today’s world is very tough and the competition that has aroused in employment race has toughened it more than usual. After so much of hard work, if we are unable to save some portion of our hard-earned money, then it leaves us haphazard and disappointed. Life does not stops even if we are going short of money but  it surely gets tough to get going well in life. When you get the opportunity to earn money, have the wisdom to save it too and this wisdom reflects most at times of extreme scarcity of opportunities. The money saved today shall save your future from experiencing hurdles especially in old age. Financial independence gives you freedom to live a life of dignity and without the burden of debts. So it is very important that we save our money for our future. Nelson Mandela said-“Money won’t create success, the freedom to make it will.”

Saving money is as difficult as earning it. Humans have never-ending requirements and most of us are never satisfied with what we have and crave for more. In doing so, we start saving money for that dream or requirement that we want to fulfil in our life. Sometimes it is very important to be conscious about our financial status and the height of our dream. We should never let money hamper our dreams for money may come and go but opportunity never knocks your door every time. It is now when our saved money shall help us reach our dreams towards a more happy and successful life. But we should also keep in mind that in earning a lot of money, we don’t compromise with other aspects of our life which also require equal importance like our family and friends.  Money should neither make us too ignorant of our values nor should drive us towards a wrong path. Money is a necessity that should never take the place of major driving force of our living. Live with money, not for money.

There are many ways of saving money which are:

1. Plan a budget for your monthly expenses

budgeting

Make a budget-plan for your daily expenses. This idea will surely help you save money to a great extent. Making a budget plan about how much you will spend and how much can be saved is a great way to cut down unwanted expenses. The budget-plan will not only help save money but will allow you to be conscious about how much you are spending each month and how you should manage personal expenses.

2. Plan your expenses for set goals

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Planning is the most appropriate way to begin if you want to save money. When you have to achieve some short term goals in your life, you need to plan your expenses accordingly. Suppose you want to buy a television or an air-conditioner, you should try to limit personal expenses. Calculate amount to be paid for buying the television and save for it every month accordingly. If you have long term goals like retirement, you can invest your money monthly in some insurance policies or save it in bank.

3. Assess your expenses regularly

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Saving money is a tough job but it is not impossible. It requires patience and determination. Once you have started with the plan of saving money, you also need to assess your plan, whether you are able to achieve your set goals or not. You should test your budget-plan whether it is helping you save anything after all your monthly expenses. This way you will be able to make appropriate changes in your plan and check whether your expenses are becoming more than your income.

4. Invest in insurances policies

insurance

Once you are ought to save money, many options arise in your mind. One of the most frequent saving options are insurance policies where you can save your money in the form of investments like life insurance, car insurance, home insurance and many more. Such long term investment help you save your basic amenities of life and have many benefits. Once the insurance period is over, you get your money when you most need it. Such saving options are very beneficial at old age too who receive money as a result of their investment in retirement plans.

 5. Pay off your debts

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You can start saving money in your life only when you are free from the debts. When you are under and the burden of debts, you seldom think of saving as fulfilling your basic needs is also important. So saving your money can only begins when you make a plan to cut off some portion of your income and give your debt on a daily basis. When you make a plan to save money for the payment of your debt, you soon free yourself from it and save money for future use. Saving money can help you to avoid taking any kind of debts in future. So an important reason of saving money is paying your debts.

Saving money has various options. It becomes effective only when you’re willing to think about your future and become conscious about your expenses that should never become more than your income. Joel Osteen said-“If you want to rear financial blessings, you have to sow financially.”

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