Top 4 tips for saving money from a young age

Saving money is a good habit. The earlier you can develop this habit, the better. You should learn how to save money from a very young age. That way you will be able to pay off your student loans early, buy your favorite thing and save for your future. Here are some great money-saving tips.

Create a budget

Every month you should create a budget for yourself. You should write down a list of all your probable expenses, like your travel cost, utility bills, home rent, food, etc. That way, you will know how much you will spend every month. Then try to stick to your budget.

Save one-third of your income

Make it a rule to save one-third of your income every month. You should keep this money aside and never use it until in case of emergency. You can consider it to be your emergency fund as well.

Clear off debts

If you have been using credit cards then try to clear off all your debts. You should pay off your credit card bills and try not to use it all the time. The credit card should only be used in emergency situations.

Start your 401(k) account early

You shouldn’t wait too long to start your 401(k) account. Even if you can contribute little, you should start saving money in this account. Slowly, increase the percentage of your contribution.

These simple tips will help you to save a lot of money. You will then have enough money to buy a home or a car. You can also have extra money for investment. You will be able to lead a comfortable life if you have some good savings.

3 things you should know about cryptocurrency

Cryptocurrency is the new trend now. It is a major part of the e-commerce now. People still don’t know much about it. Here are some of the major things you should know about bitcoins.

Value may fluctuate

In the beginning, people thought that the value of cryptocurrencies won’t change. But actually, they will fluctuate just like any other currency. So, investing in cryptocurrency has the same risk you have with other currencies. Recently, there has been a huge drop in the value of cryptocurrencies and this took many people by surprise.

It has no connection with the government

Cryptocurrencies are not regulated by the government. So, cryptocurrencies are liked by the libertarians as it gives them freedom. But this freedom has caused trouble. Many people have been caught buying illegal drugs with it.

There are lots of competitors

In the beginning, cryptocurrency was introduced from a single source. Bu the open source software that was used to produce cryptocurrency is so easy to copy that now there are many competitors in the market.

It can be used in many places to buy things. You can now use it on Amazon, eBay, App Store of Apple, PayPal, Expedia, and many other places. Cryptocurrency is the future of the investment market. You can invest in this currency, but you need to be very careful and make your investment decisions wisely. It has the same fluctuating tendency like the stock market. So, don’t make a mistake that will cost you a fortune.

4 steps for creating a monthly budget

Creating a monthly budget is essential to lead a frugal lifestyle. That way you will be able to save a lot of money every month. Here are some tips for creating a monthly budget.

Know your monthly income

First, find out how much is your monthly income. You should write down all the sources of your income. So, write a list of your business income, salary or other extra sources of your income.

Find out fixed expenses

You should write down all your fixed expenses. These include your house rent, mortgage, some utility bills, etc. You should know your total fixed expenses. You must keep this amount aside every month.

Find out variable expenses

You should then calculate your variable expenses. These include your cost of food, transport, and other items. You can increase or decrease these expenses every month according to your requirement. This is the place where you have the scope of saving money. You can try to reduce your variable cost every month.

One time expense

We need different things in life. For example, you may need a laptop or an air conditioner. These are all one time expenses. You should plan early for these expenses. That way it won’t be difficult for you to pay for these items and you won’t struggle with your monthly budget as well.

Budget 2017 Impact to BFSI sector

From Visually.

You must keep aside some money for emergency situations. These are the steps for creating a budget and you should do it every month to manage your finances well.