Tips to Maintain Savings Account

Tips to Maintain Savings Account

Tips to Maintain Savings Account - How to Maintain Savings Account - Saving Tips - Ways to Maintain Saving Account | Tips on - Find TipsAlmost everybody who is a part of the work force needs to maintain a savings account. Saving account builds for you a financial security for the rainy day and a good record makes it easier to get loans from reputed banks.

First of all, you need to determine how much you want to save. Most analysts and bankers say one should save 10% of one’s income without fail; and if you start young with savings, you have a higher bank balance when you retire owing to the interests you accrued during the span of maybe say 35 years. This is talking about a bank only; if you maintain account in more than one bank, the amount of savings increases.

Also, you can save more than 10% of your income if the situations demand so depending on your earnings and the amount of expenditure. If you have multiple sources of income then the more the merrier.

So what are the two ways by which to save more?

1. Reduce Household And Personal Expenditure- If you are single then your expenditure both personal and sustenance would be more and if you are living with a family (either parents or live-in or married), the expenses are then distributed between the other earning members of the family. However, in both cases, try to cut costs if need be. Do not run into debts and do not buy many things through installments at one time.

2. Increase Income Source- If possible, you can also do freelance work from home through online or you can also do surveys from homes. But yes, do not over burden yourself. Save all that you get from the extra source and some percentage from the 9 to 5 job income. You could also start a home business of your own. Maybe there is some hobby you could turn into business.

At last, ways of income are many. It is upto you to decide how much you want to earn and how are you going to build up the savings account. Savings in 21st century are a must. Money is not everything but it is definitely something.

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