Altius Finserv talks about efficient ways to save money

As much as it may sound clichéd, there is no denying to the fact that it is important to save. Things are fine right now but one incident, one market fluctuation, one high tempered argument with boss or one natural calamity is enough to bring you to the days of hand to mouth and may be even worse. No, Altius Finserv does not want to scare you all but want to explain to you the importance of saving money. This does not mean you be a miser but only be wiser. Here are a few tips to help you save your money.

1. Start a retirement plan: You might just have started working but it isn’t too early to start with a retirement plan. The sooner you begin, the more you will have in the end. It is a wise advice to opt for a pension plan which does not charge too much of premium but offers relative good returns.
2. Save for a goal: This is important to follow. If you save as per a specific goal, your savings tend to be more effective and regular as you are driven by an objective.
3. Create a back-up fund:  If you have been working for over 4 months, then you pretty much would be able to track your finances. You would know your approximate monthly expenses. The time has come for you to start saving for emergency situations.  Pawan Bansal of Altius Finserv says that a contingency plan is the one which can survive you for 6 months, and by ‘survive’, we do not mean ‘just survive’.

It is recommended that you save at least 10% of your monthly income. Anything less than this simply means either you are being paid less or have higher expenses, both of which demand sincere concern.