“Save money and money will save you.”

The COVID-19 pandemic created a tale of two economies: those who were able to save, and those who struggled to make ends meet. It created an importance of building up an emergency savings fund. But sometimes the hardest thing about saving money is simply getting started.

So, below are 5 ways to help you develop a strategy to save for your short and long term financial goals.

1.Start with small steps – When it comes to saving take it slow and steady. It is not easy for many of us to have discipline in our finances all the time. You need not wait for a big amount to invest; you could even start with small amount to get into a habit of saving. Investing early is financially beneficial. When you meet these targets, you will get confident and be more motivated. Gradually, set up a bigger target & step up your savings as your income increases. Try investing in Mutual Fund, Bank FD etc depending on your time horizon & risk appetite.

2.Track your expenses – The important step to start saving money is to create a monthly budget. Track all your expenses like petrol, electricity, mobile bills including expenses on entertainment and leisure as well. Make sure you are not going over the budget. If some expenses are more than planned, try to reduce your expenditure in another area so that the target amount to be saved is not compromised upon. Find ways to cut down on your extra expenses.

3.Set saving goals – Saving will help you set financial goals for future. There’s no point in wasting money on unnecessary products. Setting up a saving goal is one of the motivations for yourself. Start by thinking of what you might want to save for—like buying a car, planning a vacation or saving for your retirement. Next, figure out how much money you’ll need and how long it might take you to save it.

4.Avoid extensive use of credit cards – Credit cards are convenient when we are spending. You should not have more than 1 or 2 credit cards and use should be restricted so that you don’t go overboard. Also, the bill should be paid in full and on time to avoid hefty penalty charges or late fees charged by the credit card companies. Moreover, if you really want to buy something, save up till you have enough money to buy it.

5.New ways to earn money – In today’s time, one source of income is usually not enough for most of the people. In such cases, you can freelance your talent. You could take up creative projects, take tuitions etc. Earning more will help you save more and at the same time you might find your true career calling or start up a new business/profession.


These steps will ensure that you get into the habit of saving. Savings will ensure that you have a stronger financial base. It will also help you find and achieve your financial goals be it short-term or long-term goals. Important thing is to START SAVING!!

If all this is too confusing, then give us an opportunity to help you plan your savings for your financial goals.

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A Good advice is always worth listening!!!About Us: Malpani Investments specializes in Investment Advisory and Planning. Our Mission is to provide financial freedom to our clients by understanding their financial goals and helping them plan, save, invest and be disciplined, so that they can stop worrying about money and lead a happy and healthy life.  We help them understand personal finance in order to eliminate the gap between where they are now financially and where they want to be. Helping them with a suitable investment decision so that they can give more time to their family, health and life aspirations. [email protected] / +91-7738637572