Robert Kiyosaki is a great American Entrepreneur. He has made Billions starting from scratch. In his book, Rich Dad Poor Dad, he has shared his life experience in these words, “With each dollar that enters your hand, you, and only you, have the power to determine your destiny. Spend it foolishly, and you choose to be poor. Spend it on liabilities, and you join the middle class. Invest in your mind and learn how to acquire assets, and you will be choosing wealth as your goal and your future.” These words say a lot about how to become rich just by proficiently utilizing limited resources. If one has a bulk of money and spends it foolishly, this money will go away in no time. What do you want? Do you want to spend your hard-earned money foolishly or do you want to turn it into valuable savings in the form of assets that will become your financial backup in the future? Of course, everybody wants to make savings. The question is how? How to make savings while living in Pakistan? Following tips will help you to save money and get rid of the tension of financial un-stability:
Set Goals for Savings
Setting goals to achieve something is the first thing you need to do. Similarly, if you are working on ways to save money while living in Pakistan, you need to have some defined goals. Planning things beforehand is one of the best money-saving ideas. It would allow you to avoid last-minute hassle and let you feasibly come up with alternate ways if things are not going according to the expectations. Make a list of questions in your mind to get satisfactory answers so as to get a better idea about why you are saving up.
Get Rid of Debts
You can never save money while living in Pakistan until you eliminate all your outstanding debts. Once you pay off those, start saving the amount of money you previously paid as debt. It’s a way of tricking your mind into setting some money aside. This is a basic but very effective way to get started with the process of saving money. It is one of the most workable tips for saving money in Pakistan.
Save Something Everyday
Making use of less monetary resources each day is another way to go about it. It would help you accumulate a good amount in your domestic savings after a specific period of time, maybe a month or two. Take it as a type of money investment purposed to let you to save considerably large sums of money that could be used to fulfill their short term as well as long term financial goals.
Sell Liabilities where possible
Admit it or not, everyone has some sort of unwanted stuff at our home. From furniture to electronic devices; these unused items can be anything. Unwanted things at home only occupy extra space and may also burden you with their additional maintenance cost. So, it is better to sell them and earn some extra cash. It is also taken as one of the most effective tips for saving money in Pakistan.
Do everything in a budget
Do you have a habit of making a budget for everything? If yes, then saving money won’t be an issue for you. It is always a hard decision for a salaried person to make decisions while spending their limited amount of income. Making a budget for the entire month on the very same day you get your paycheck is the most effective step to take in this concern. So, to get a good grip on your monthly expenses, it is better for you to keep a track on all your spending in a month and check whether it is according to your decided amount or not. A well-organized budget can do wonders for your savings goals.
Keep Aside your Savings
Before making a monthly budget, you should keep aside the amount that you have decided to save. If not separated from the rest of the finances, your savings may get used up and at the end of the month and you would be left only with the daily savings. To avoid such kind of a situation, always exclude your savings while coming up with your household budget for the ongoing month.
Be Financially Prepared for Emergencies (Build emergency funds)
Taking some money out for emergency use is one of the most important money saving tips that could let you stay financially strong in difficult situations. Another benefit of having a particular amount specified for emergency use is that it would also help you avoid credit card debt. However, if you find your emergency fund unused at the end of the month, include it in your savings.
To read more about emergency funds read this blog also: https://zaitoon.com.pk/what-is-emergency-fund-and-why-should-you-build-it/
Minimize your Spending on Luxuries
Spending an excessive amount of money on activities like shopping and travelling is considered a luxury. If you are addicted to such kind of habits, then it would really be hard for you to save money while living in Pakistan. When you are preparing a monthly budget, make sure to keep the amount that is specified to be spent on luxuries as less as possible. Instead of going out-of-town for every vacation or holiday, try vacationing at home. Exorbitant use of utilities is also considered a luxury as it results in increased utility bills at the end of the month and such practices should be discouraged at all costs. Cutting down on luxuries is one of the most important money saving tips for Pakistanis.
Invest your savings in the Real Estate Sector – A Guide to become Rich in Less Time
Although there are multiple options to invest money, real estate is the best one for various reasons. First, the right investment in this sector can bring back the profit in less time. Second, land prices always go up. Thirdly, investors can get monthly passive income. Fourth, one has direct control of the investment. To cut short, this sector has uncountable benefits. Therefore, it is safe to venture that one must invest one’s savings in the real estate sector. The point is where to invest? If you don’t know how to make the best deal and stay away from any scam, don’t worry, a few precautions can help you decide where to invest and how to get rid of all scams in the real estate market. If the record is good, customers are satisfied, delivery time is okay, and management is committed to delivering rather than making the just promise, then no reason left to not invest.
In the real estate market of Pakistan, there are a handful of developers who deliver what they promise. The big names are Bahria Town, Sukh Chayn Garden, Lake City, Al Rehman Garden, Master City, and Zaitoon. All mentioned developers have a history of providing a serene lifestyle matched with luxury and convenience to their residents. Take the example of Zaitoon. The management of Zaitoon serving the nation for the last three decades. After the success of delivering 100% plots to all residents of New Lahore City, now it has laid down the foundation of Zaitoon City in the last year: 2020. Under this flagship project, Zaitoon will facilitate all income classes (upper, middle, and low-income classes). Like New Lahore City, the installments plans (Down payment and monthly installments) of Zaitoon City are also customers’ friendly and have been articulated keeping in mind the affordability of investors. In short, one can easily invest one’s savings in Zaitoon City to make reasonable profits.
Concluding this blog with a great hope that these tips will really help you to make savings. Execute these amazing ideas in and enjoy the perks. Good luck!