By Vaishnavi Kumar

The importance of saving money was most felt the most during lockdown times. With Businesses shutting down or going bankrupt, it had a huge impact on the employees. They were the most dispensable resource. People had to fall back on savings. People often don’t understand how important it is to save money until there is an adversity.

As said by Warren Buffett, “Do not save what is left after spending, but spend what is left after saving”. 

So with that understanding out of the way. Let’s talk about some simple ways to start saving today.

Here are some strategies which might help you start saving money

1.The first step is to start by setting a fixed amount separate on the day you receive your salary/payments. If you are an entrepreneur, make it a point to save a particular amount from your earnings. It is not as difficult as it seems because all you have to do is be consistent and true to yourself.

2. Another way that might help you save is to start monitoring your expenses. Just making a note of all your outgoings can be a wakeup call for you.

3. Invest in shares or mutual funds. Of course, there is going to be risk involved! However if you spend some time learning, reading up and following good advice you can start small. Set aside only what you can afford to invest, start small and don’t get carried away. Study all the pros and cons thoroughly before investing.

4. Automatic savings – Almost all banks offer this way of transferring money from checking to the savings account. Also called a recurring deposit. You can start with a set amount and time of transfer and every month that particular amount will be saved. Such deposits don’t require you to invest a lot but over time the benefits of compounding interest are a huge payoff.

Saving money may seem very difficult till you get started. Often you will feel like you are left with very little or no money to spend on other things or small luxuries for yourself. But once you start with this habit and realize the importance and benefits of savings, then you are surely never going back! 

We hope these simple strategies will help you develop the habit of saving. Let us know what motivates you to save money in the comments below.

Want to build good money habits, Read this post on having confidence around money.

Here is a Blog post we like on Investing for Beginners. Read Here.