It should be realized that planning for Savings is also necessary you can’t be prosperous by neglecting savings, if you spend first and save the rest then you will be able to save only very little, if you first save and then spend the rest then you won’t face major problems in attaining your financial goals, if you adopt this as your habit you will save a good amount in a long period.
One can have a challenge by self-determining for not spending money for an entire week – no cash, no credit cards, and no cheques and would live with whatever existing sources are available at that time.
Retirement Spending Challenge 1 Temptation
One can enjoy shopping by sitting at home through online shopping facilities which could save money in two ways, one by not wasting in transport and secondly, it gives one the second thought if truly required and sometimes one postpone it intentionally for the next week thinking that in a day or two we will get it on booking, so things are in reach but one puts it in the cart of online market.
This gives lots of fun in exploring a wide variety of things and also doesn’t feel awkward in comparison to trawling around department stores and malls.
Retirement Spending Challenge 2 Breaking with Routine
While money may be vital for every aspect of life, making sure you have enough of it can be frustrating and difficult.
Between major bills and the day-to-day costs of living, we all have to do our best to manage our finances every single day.Trying to save money is a great way to get on top of things and if you can save money, then you have control of where you are spending it too.
Track Everything you SpendBefore you can start saving money, you need to know where it is going.
You can use an online budgeting tool or even a simple spreadsheet to track where it is all going and this lets you identify possible problem areas.This way, you will gain a true understanding of what you can and cannot afford which allows you to make better decisions on your spending later.
Take parking, for example, if your planner reveals you are spending too much on it then you need an alternative solution.
Pay-Off Smaller Debts FirstThis one is a little counterintuitive.
