5 Simple Ways to Save More Money and Grow Your Savings

There are various ways to grow your savings account to achieve your targets. Many of us struggle with keeping cash. Our savings account is not different from our normal wallets or purses. We deposit money in today and tomorrow we take it out. Many of us are forced to act this way due to economic challenges. We however, do not make any efforts to improve our savings. Withdraw money regularly from the account should number one thing to avoid if we intend to grow our savings account. It is not a bad idea to take money from your savings account especially you created the account for an emergency. The problem however, is when the withdrawing is outside the purposes for which the accounts were created. Below are steps to take to help improve your saving habits and growing your account.

Keep your savings out of reach
Once you have developed a saving habit and consequently you now have a saving. You need to learn to stop dipping your hands into the account for purpose other than that which you opened the account. This is one of the challenge many people have when it comes growing their saving account. They make their savings account very easy to access and are therefore tempted to withdraw funds from the account. You should try your best to ensure that you do not take money out of the account randomly. It is advisable to just forget that you have money somewhere. Because as long as your reminded that you have money somewhere and it is accessible, you are likely to spend the money. PAY ATTENTION: Personal Finance Tips How to Get Out of Debt

Watch your expenditure
In order for you to save, you need to watch how you spend your money, learn to spend less than you earn. Similarly, to grow your savings you need to spend less than you are spending at the moment. There are various tools online that can be used to help you keep your expenditure in check. All you have to do is to ensure you document all your expenses, lets say for example: weekly, monthly or yearly, depending on how regular your income is. At the end of the period you can always review the expenditure to determine what you spend your money on and expenditure you can reduce to cut costs. To keep your expenses in check, budgeting is a must and you cannot do without it. It is not about drafting a budget and dumping it somewhere, you must stick to it. Failure to do this might see your expenses rise instead as you will be prone to spontaneous shopping.

Make your savings automatic
Sustaining s savings habit can be a very huge challenge for many people. It is common to see people save regularly for months only to stop abruptly for a longer period some people are consistent while other are inconsistent in terms of savings, some end up blaming it economic challenge. For you to overcome this challenge, you should adopt automatic savings approach. This will ensure that part of your income is automatically saved. Many banks offer products that allows for such arrangement. Such arrangement would ensure that instead of you receiving your salary and the later battling with yourself to push part of it into savings account, a part of will be deducted automatically and kept in your savings account while the rest will be paid to you. This sound great right! Just as you are able to cope with your tax and pension deduction you should also be able to cope with the deduction for your savings account. It is also a great way to avoid making your savings too accessible.

Monitor your account balance
It might sound weird but some people have never demanded an account statement from their bank before. While some who received the statements hardly bother to even look at them. Such people are likely to be shocked to see someone in a banking hall demanding to see the bank manager because a certain amount was deducted from their accounts. It is important to take note of your account balance and always strive to understand the implication of new financial regulation on your accounts and savings. In order for you to grow your savings accounts, you need to understand what the interest on your savings is and that it has been or is been paid into your accounts. You also need to understand the fees you will have to pay for any transaction you will carry out on your accounts and ensure that not more than the stated amount is deducted from your accounts. PAY ATTENTION: 4 Ways that Poor Cash Flow Can Damage your Business

Choosing the eight savings account
The basic services offered by banks are inter-related, the interest rate they offer and the charges for their services differ from bank to bank. It is important you choose the right kind of savings account or else it would be difficult to get the desired benefits from your savings. When choosing a savings account it is important you consider; the interest rate, account charges, minimum and maximum balance and the cost of withdrawals. Always find out first so you don’t end up losing excess money to the banks.

Small Business Management Tips for Success
Most entrepreneurs start their businesses with the aim of having financial independence later in life but according to experts, they say entrepreneurs dreams may be difficult to realise without the necessary precautions. Many small businesses find it difficult to cope with marketing, customer service and product or even service fulfilment at once. Building a strong business structure is not an easy feat but that adequate planning and seeking out proven business management strategies can make this achievable. Survival of start-up can be ensure with adequate knowledge of managerial skills which include the following points:

Learn to priorities value over quantity
In business, especially in production of goods, research has shown that engaging in the production of multiple products may result in low quality of the products. When the attention of the small business managers is shared among many tasks to be executes, the outcome becomes substandard and may not attract the attention of customers which will devalue the product price and lead to loss of revenue. Having many products that may require more hands to handle may be too demanding for start-ups, entrepreneurs should first identify the tasks that they are good at and that will create the most value and focus on them. Globalisation and advanced technology calls for delivery of quality products and services in order to remain competitive. So by prioritizing value over large volume and focusing on tasks that truly matter, the quality of your work will be improved and profitability will increase. After building the business up to a level that can be left to trusted employees to manage, entrepreneurs can divert their attention to other business areas.

Manage credit to customers
Many businesses suffer liquidation within the first year majorly due to financial mismanagement. These business owners complain about the huge amount of credit to customers that was proving difficult to recover. However, with strong and effective credit policies debts can be recovered and cash flow can be successfully managed. Strategies such as giving discounts to customers that pay promptly can also encourage them to continue with early payment while placing an interest on the bills of customers who pay late may discourage such habits. The interest and late charges is extra source of income for the business, it is essential to apply some due diligence as well. Business managers should get a legal adviser to handle cases of bad debts. PAY ATTENTION: Strategies to Increase Revenue in Small Business

Employee loyalty
Making your employees to feel like part-owners of a company they work for can do a lot to gain their confidence. When expenses on their healthcare, pension and gratuity coupled with prompt payment of their salaries are being taken care of by their organisation, the employees are highly motivated to do more. Employee management are more than just performance evaluations and delegating responsibilities, solving their problems and showing support for their welfare. Set up loan that will be paid back in bits from their monthly allowance. The organisation may decide to offer financial support to employees as well to help with large expenses.

If an employee has confidence that he/she can turn to his place of employment to help solve his problems, then that employee has develops a high sense of loyalty. Regular training, coaching and review of appointment with the aim of promotion can be introduced also. Personal finance experts, stress management experts and marriage counsellors can also help employees to deal with their problems better and become more productive at work.

Share office space
Many business managers have discovered that sharing large office space can help to reduce irrelevant expenses. Having an office in an easily accessible environment may have high cost implication. Instead of spending huge amount of money for paying rent on a yearly basis consider sharing your office space with like-minded people. It is advisable for small business to share office space to split rents. A working arrangement in which a conference room can be used within an office space without having to rent for it is gaining increased prominence. Good record keeping gives insight into the performance of the business over time. Keeping clear financial record make it easier to pay taxes regularly and promptly. Appropriate up-to-date financial records provide the necessary information for managing the business efficiently and making it sound business decisions. Timely actions taken can also help prevent financial loses that may arise.
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