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WHAT ARE THE SIGNS OF SAVING LESS WHILE EARNING MORE?

When someone starts earning, it will give them an immense pleasure. However, when we start, we try to save as much money as possible and sometimes switch the job with hike in salary but now you are unable to save more than you used to in previous job. Most of the times, some people get surprised that they could save 15,000 rupees when the salary was 40,000 but post a year when they start earning 50,00, they can’t even save more than 10,000 rupees.

Does this happen to you also? We have marked some of the reasons so you can understand where your savings are going and how your financial planning is going wrong:

Luxurious lifestyle: One must admit that sometimes they feel like purchasing the latest mobile handset, branded shoes and clothes etc. If you have limited earning, it is almost impossible to fulfill all your desires but to fulfill these wishes; you may end up taking a financial aid through credit card or by taking any personal loan.

Here’s your financial plan goes wrong as you have limited earning, so you’ve to understand your spending capability. Taking a loan or using a credit card may give you temporary happiness but it will cost you high interest rates on credit bills and loan EMIs and will reduce your savings.

No budget planning: The time your salary get credited to your account, you feel happy and opt to go for clubbing, shopping and fancy dining with that money. You might have other regular expenditures also such an electricity bills, telephone bills, loan EMIs and credit card dues.

Again, if you have limited money and bills to pay then it will be good for you to layout a proper budget. It will help you to understand what amount you have to allocate for your bills, loan EMIs, credit bills and other expenses. In the end, this budget planning will help you to improve your financial health.

No investment at early age: Most of us think that we are not enough old for investments but allocating your earnings to PPF, mutual funds and shares for 5-6 years seems to be difficult but starting at early age can help you to accumulate huge corpus of more than 15 lakhs when you turn 35 in age.

Some of us are very confused about going ahead with something we don’t know but searching for the benefits of investing at early age, you will come to know about the power of compounding. Hence, you will be able to enjoy your life with huge wealth after your retirement.

Therefore, it will be a wise decision to set some percentage aside for savings which one must follow true determination. It will help you save a lot of money in 10-15 years. However, if you get stucked somewhere due to any financial emergency and your savings are not enough to cover your expenses, then you can "Apply For Loan" from ShubhBank at an attractive rate of interest through hassle free loan processing.


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