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SMART steps to BIG savings with Goal-Based Planning

Savings for the future is a big deal. Here are some tips on how you can get started.

  • Author
  • Author
  • 09 Mar 2019

 

Life is unpredictable. Saving money can help you become financially secure and increase your ability to achieve financial wellbeing. Whether it is your academics or your personal life, whether you just got married or are planning a vacation, whether you are on the verge of retirement or crossing the latter stages of your life expectancy, savings can play a huge role in planning your future. By saving now, you are giving up something today as an opportunity cost only for achieving something in the future.

Goal-based savings is one of the smartest decisions an individual can make for their future and an ideal way to maintain a balance of their spending and ensure financial security from their different phases in life. Savings goals are entirely subjective and differs from person to person. They are backed by one’s values, lifestyle, aspirations and individual needs and wants. They are also needed for the unpredictable moments which occur in life such as losing a job, recovering after a natural calamity, repairing of materials, etc. Whether you are planning to go on a trip with your dearest ones, dining out at the best restaurants with your loved ones, attending big concerts and sports events with your friends, being financially fit is not about minimal spending, but is actually about taking responsibility of your money and saving proactively so that you can enjoy these opportunities in the long run. Goal based savings can help you reach your desired goals and fulfill your wishes.

Although saving for a goal does require a lot of time and effort, it is worth it to ensure you lead towards financial wellbeing. Savings goals should be SMART: Specific, Measurable, Achievable, Relevant & Time Bound. The savings done today should account for future attainable goals. Here are some of the ways you can save for the future:

  1. While purchasing anything, you should compare costs of major items. The idea is to collect information through various platforms, word of mouth from peers, e-commerce platforms, etc. 
  2. You can also utilize shopping discount coupons, reap benefits during year end flat sales so that they can cut off costs. 
  3. While dining out, you can reduce the frequency of expensive dinners, and instead, try out different restaurants that are more affordable from time to time. 
  4. You can also save up by mitigating additional daily expenses such as minimizing the usage of internet connectivity through mobile data over Wi-Fi, taking a walk to the nearby super shop rather than commuting in a transport vehicle, or patiently waiting for something good other than purchasing random impulse goods on the go. 
  5. While travelling, you can start off by travelling in Asian countries first over the European ones, exploring the diversifying culture of the beauty of Asia. 

There are a lot of ways of saving your money for achieving your desired aspirations. Banks and other financial institutions are offering such opportunities through savings accounts. You can open up a deposit pension scheme (DPS) from today, depositing monthly installments for your goodwill and greater good in the longer run. City Alo’s deposit programs take a distinctive edge by giving customers the ability to withdraw their money flexibly, also giving the provision of depositing a very short sum of money for a start. Customers of City Alo do not need to take the hassle of saving up large amounts for opening a DPS account. 

So live up to your aspirations and start saving from today, not for the necessities and unexpected emergencies in your life, but to have a good time. You never know where life takes you tomorrow, so live life to the fullest and start saving.

 

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