Saving has traditionally been a boring activity where people grudgingly knock off their expenses and live sparingly to accomplish their savings goal. This activity can become a fun-filled one if the whole family joins hands. Bringing creativity into it can turn it into something rather interesting. This blog will tell readers how.
Savings Contest
A healthy saving competition among family members can spice things up! It is similar to a student or employee of the month competition. It could be related to the percentage of savings made by every family member from their income or maybe their pocket money. Or it could even be related to cutting expenses.
The winning categories can be defined as the Savings champion of the month and the year. Money-saving is not just any other process. It is a need and also, an important thing that everyone should indulge in. For the most helpful guidance related to money-saving and financial investment, one can visit Wealthclock Advisors.
Saving Strategies
At the individual level, youngsters can save money by using public transportation instead of more luxurious options like taxis. They can also provide home support and earn additional pocket money. Kids could make some earnings by offering a helping hand in the kitchen or by doing regular chores like ironing clothes.
Students can cycle or even walk their way to college and it will do a great deal in the cause of the savings! Parents, on the other hand, can knock some unnecessary services such as magazine subscriptions or gym membership. One can even carpool to the office with packed homemade food. All these are excellent saving strategies that will bear fruit in the long run.
People can use their savings in different schemes such as mutual fund investments, that have the potential to change their lives for good!
Powerful Reward
A powerful reward can really make the whole money-saving act an interesting affair to remember! However, one must not make the reward a monetary one! Rather, the winner can be given the chance and authority to take important decisions. It can relate to deciding on the family outing destination for the next month or maybe, dinner plans for the next month.
To make the contest work, it is crucial that every member gives a detailed account of their saving efforts. The winner must be selected taking into consideration the effort levels of every member and not just based on the absolute amount saved.
Mutual Funds are powerful investment tools that allow people to fulfill their dreams and so, one of the top motivations to save could be financial investments.
Group Goals
While every family member attempts to save at the individual level, how can they incentivize them to slash common household costs such as dine-outs or electricity bills? One of the most fruitful ways to do so is to link group saving targets to group goals. Like for example, save Rs 20 lakh in two years, and plan a vacation to Rome.