Income – Savings = Expenses

The most common mistake people make is planning to save with the wrong formula Income - Expenses = Savings

We have to forcefully save money and manage expenses in the balance amount left.

But a prior allocation to saving is what we should opt for.Clear financial goals and proper planning helps in saving too. Another disruption we see that hinders our saving is Lifestyle Infaltion.

Lifestyle inflation means the increase in one's spending in proportion to an increase in income. In short, salaries have gone up, spendings have gone up and savings have gone down.

There is no harm in buying materialistic things but that has to be within limits.Learn to differentiate between what you fancy and what you need.

Remember, 'SALE' means the company wants to make a sale; it's for them, not for you.

Just like humans binge on food when they are depressed, they also tend to shop for instant gratification. which is just temporary. In the present economic turmoil, please do not fall into this trap.

Once you start maintaining an expense sheet on monthly basis, you will automatically tend to be more cautious while spending.