Question

Which step has you to identify what you are saving and what you need to save?

Answer 1

The steps that are useful to identify what you are saving and what you need to save are

i) Keep track of your expenses and prepare a budget to manage your expenses

ii) Plan to save at least 10-15% of your income. Set small goals so that you will have an overview of how much you need to save within given time frame

iii) Choose the ways of saving your money. for ex.  You can go for RD, FD, SIP.

iv) Enable auto deduction of money from your account for saving methodology. It will help you in maintaining necessary balance in the account.

v) Review your savings and increase then if you can to achieve your goal earlier than planned time.