Adopt the Save More Live Better mantra to live a financially secure life
Do you wish to live a financially secure life? Do you intend to see all your life goals achieved before your golden years are upon you? If yes, you must make the slogan save money, live better your life mantra, and take all the necessary steps to live a financially and emotionally fulfilling life. Find out different ways to save more, live better in this article.
There are so many ways in which you can save money, live better. Here are the best ones:
To embark on a critical investment journey, you should have a laser-sharp focus on your destination. Simply put, you must define what you wish to achieve in life. Do you want to buy your own home or create a certain net worth by a certain age? Do you aspire to see the world or settle abroad? You must take the time to clearly define your life goals and the money you will need to achieve them.
To lead a rich life, you must first live a frugal one. Start by breaking down your income and accounting for every rupee earned and spent. Spend money not on impulsive wants by on building lump sums bit by bit. Treat yourself often but avoid going overboard. Remember, you have a limited number of working years to earn actual income, so make them count.
Defining time-bound savings goals is an integral aspect of the save money live better life mantra. Ensure you have your goals in sight all the time. Create a mood board featuring your intended achievements by a certain age – your first car at 25, your first home at 30, your first business by 35, profiting on the business by 40, etc.
Has your salary grown this fiscal year? Congratulations! But now is not the time to celebrate – it is the time to save money and invest it. Devise a savings plan and create a nest egg today to pay for tomorrow’s emergencies. Ensure you invest every single month to benefit from compounded returns and beat inflation. Repeat this cycle on loop to fulfil the save more live better mantra.
The 50/30/20 is a popular finance slogan that helps build wealth. Essentially, you should allocate 50% of your monthly income to fulfil your essential needs, 30% to create savings and investments and 20% to fulfil your desires like entertainment, take-out, etc. If you seriously wish to achieve your life goals sooner, you can play around with the figures to attain financial freedom faster.
There is no doubt that you can live a financially enriched life by saving money. Banks and investment firms usually play a critical role in saving people money so they can live better. While banks offer attractive interest rates on your Savings, Recurring and Fixed Deposits, there is no limit to what you can earn with research-based investments. So, ensure you make your money work by saving and investing simultaneously.
With the digibank by DBS app, you can open a new Savings Account in a few minutes! Download the app to get started.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.