Make Your Hard Earned Savings Grow

Half your battle is won if you have learnt the tricks of budgeting and are managing to save a decent amount every month. Make it a habit to write down each expense if you think you overspend. In this process, you will find yourself rethinking your shopping strategies and will save a lot of your personal finance.

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Avail discounts and coupons and buy only the essentials. Plan your weekly shopping trips to avoid those extras during the week. Make sure you find ways of saving on your water and electricity bills. Walk whenever you can and join a carpool to work. If you are diligent, you will find that you have a reasonable amount saved every month. You may be putting away this extra money in your savings account. You may be a college student about to get your first job or on verge of retirement. All your savings can be used to create wealth by making some wise decisions.
Look beyond savings accounts: Your budgeting is of no avail if you do not do anything with the money you have saved. Most people would spend hours writing each penny that they have spent and scout for discounts and coupons for their shopping trips. Savings are an important part of budgeting. By parking your money in a savings account you are not making your money grow. Savings accounts offer very little interest which you may lose because of inflation. Try parking your savings in funds that give you returns.
Go for CDs and bonds if you are out of college. Invest in real estate which give good returns. You could invest in dividend stocks that give regular income or in some other good quality stocks that are likely to grow.   Hand over your money to a financial planner if you are in a doubt. You may be just starting with your first job or in your thirties- you are never too old to park some money for your retirement fund.
Put aside for a rainy day and increase your assets: You may be working at a full time job for a while and do not have any extra money to fall back on. You need to keep some money aside in case you find yourself without a job or with a major illness. Open a separate savings account that can give you that cushion. Make sure you put contribute regularly to this account.  You must have more than three months of savings in this account.
Regular savings can help you tide over difficult times. Go in for a health insurance right away and save money that will go in paying huge medical bills. The secret of getting wealthy is quite simple. You need to increase your assets and reduce your liabilities. Go ahead and buy that house you have been meaning to for a long time. It will help you save rent which is a liability. Use your vehicle instead of going for an upgrade; especially if it is working in a fairly good condition. Same holds for the gadgets in your home.
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