The Power of Small Savings

2. The Power of Small Savings

3. People generally tend to not pay much importance to the role of small savings in providing a big enough saving. • Small savings do not seem significant enough. However, that is an erroneous attitude towards money. • Small savings, completed on a daily and monthly basis, can add up to a big total over time, say a year. • In fact, you can make small savings that will contribute to aninvestment insurance planyou want to make. here are some smart tips to save more money.

4. Pay Credit Card Bills on Time • Credit card fines are big enough to make you feel the pinch. That is, if you fail to pay the minimum amount due within the stipulated period. • If that is still not scary enough, consider this statistic: in the US, credit card holders who fail to pay the minimum amount due for more than 60 days face an average penalty of 28.45% interest rate. • Even if you are unable to pay the entire outstanding, make sure you pay the minimum due before the stipulated last date. Pay Off the Entire Credit Card Outstanding • Credit card outstanding bills, when carried over time, can attract exorbitant charges such as 48% annually. • If possible, pay the entire credit card outstanding. Else, pay as much as is possible without affecting your finances too much.

5. When Shopping, Look for Discounts • Sometimes, departmental stores offer huge discounts on products they sell. Usually, there are certain time periods such as Christmas and Black Friday. Plan your purchases, especially the costlier products around those periods. • Let Your Money Not Stay Idle Do not stash cash at home; it is not going to grow. At least put it in the bank so that it earns some interest. Even better, constantly look for investment avenues that can earn you handsome returns. Let your money work hard for you. For that, you need to put it into a field where it can play, work and grow. That, however, does not mean that you should put your money into speculative investments. • Stay Below Your Means While it is in human nature to crave, you need to balance your cravings. If anything that you crave is not a necessity, it is not going to cause any harm if you cancel or postpone the decision to buy. Instead, put the money away for investment or other useful purpose. This all saving plans are going to benefit a lot from your decision in the future.

6. Alex is an expert financial advisor and blogger. Whenever he finds some tips and tricks useful for sound financial health he spread those ideas throughout the internet so that other people can get help from that. • With his long term association with Snug Loans, he met many people with different financial issues and always tried to fetch a reasonable solution for them. [Source: http://www.financeadvicelive.com/2015/05/the-power-of-small-savings.html]

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