It’s no secret that many of us struggle to save money. We may all have a clear idea about what goals we’re saving for but it’s getting started which is trickier than expected.
So if you’ve been struggling with developing a savings plan for yourself, give our 2018 saving challenge a try. Rs. 100,000 may seem like a huge amount but if you break it down into regular contributions, it’s easier than expected.
It’s simple. All you need to do is take out a small amount weekly and save it. Then each consecutive week, you increase the amount gradually; lo and behold, you’ll be on your way to achieving your goals!
So you start off with saving Rs. 500 in the first week, Rs. 600 in the next and so on. While these are tiny amounts, they add up to 1 Lakh which may be a figure that seems impossible otherwise.
For one, it gives you the much needed Discipline that you’re lacking when it comes to savings.
You gain Momentum. For anyone saving towards a financial goal, whether it’s saving up to buy a new phone, for education or a dream vacation, momentum can make or break your success.
It’s easy to get started with just Rs. 500 and increase the amount as you see fit.
TIP FROM THE EXPERTS:
It doesn’t matter how you complete the saving challenge, as long as you do complete it. Don’t feel limited to the suggested amounts or methods. Double the suggested amounts, or save the same amount each week – whatever makes you excited about saving for your goals!
If you want even more savings and want to earn returns on your money, you can just create an iSave account and save your money there. This way, you’ll make your money work for you and end up with more than 1 lakh!
