Q: Since last year I have been struggling to contribute towards my saving due to the pandemic’s impact on my job and lifestyle. Please advise.
A: We have truly experienced the most uncertain conditions during our lives. There are few universal tips which we could follow to enhance our saving skills.
1. Strictly monitor your monthly budgeting to avoid unnecessary leakage of funds.
2. Keep a close watch on your interest rates for your mortgage payment, credit cards, and personal loans as these would be your monthly commitments apart from child school fees and other utility expenses. Since most banks have reduced their lending interest rates, it is a good opportunity to relook at your monthly installments. Also, on your credit card outstanding you can utilise the facility of a balance transfer to a bank that is offering a better deal vis-a-vis interest rates and set up a monthly repayment schedule.
3. Look for promotions and deals on grocery or other categories on your shopping list. This will help to save a little extra on your daily or monthly expenses. Also, do not forget to redeem your reward points.
4. Look into opportunities for creating more income as with most of us working from home, there is more flexibility with our prime job roles. Capitalise on business opportunities available based on your skills. Working part-time can increase your monthly income. For instance, commenting and sharing online opinions and on blogs might fetch you few extra perks.
5. If you do not have six months’ worth of expenses saved, then it is time to make few sacrifices to increase your emergency fund.
Dhiren Gupta is a financial expert and managing director of 4C Mortgage Consultancy. Got a problem? Our fantastic panel of renowned experts is available to answer all your questions related to fashion, well-being, nutrition, finance and hypnotherapy. Email your queries to email@example.com.