We know that you’re shooting us death glares right now, because who wants to start thinking about saving in their 20s right?
You’re not due to retire for another 40 years and you just don’t have the money or time to start saving and worrying about finance right now.
However, recent surveys have shown that millennials are in fact worried about having adequate funds and a majority of them are uneasy about making that money last a lifetime.
If you are one among those, then not to fret!
Having time on your side is a tremendous advantage and there are some super easy hacks to get started with building your savings in 2022.
So here we go, investing tips for 2022 that actually make sense:
Here we go!
Setting a financial plan or budget for yourself might seem complicated, but you can break it down into this one simple mantra.
First you need to know how much money you are taking home every month and then figure out how much you can spend each month.
Don’t leave anything out! From essential expenses like rent, education loans, fuel for your vehicle to dining out and your monthly Netflix subscription.
Compare the two — your income and your expenses. Whatever you have left after your “needs” are accounted for, is what you have to spend on your “wants”. That’s it! That’s your budget.
It’ll help highlight any expenses that you can scale back.
Don’t worry, we’re not saying that you need to suck all the happiness out of your life. Of course, you can indulge in retail therapy, every once in a while. And go out on weekends.
Instead of cutting out your spends and still ending up with not much of a saving, maybe you can try investing as you spend.
With Deciml, every time you spend, the amount is rounded up and the spare change of as little as ₹1 from every online transaction you make is invested in a Mutual Fund on your behalf.
What may seem like insignificant spare change, soon builds up to a fairly generous amount of money.
Even when your credit card debt is just a few thousand rupees, you are spending so much more on interest. It’s actually easier to save if you try and pay off a little more of your credit card debt every month. By paying only the minimum every month, you could be stuck with your debt for years, affecting your long-term savings.
A major reason that most of us find ourselves a little anxious towards the end of the month is because between work and life and everything in between, we often forget about saving up and by the time we realise that we must — it’s already a tad too late. So why not just make this easier for yourself, by automating it?
Deciml lets you automate not only your round-ups but also lets you set up an automatic daily investment of as little as ₹10.
This way there’s a tiny amount of your money getting saved and growing every month, nay every day without you even having to give it a second thought!
We know it feels like all those major life goals for which you’ll need huge amounts of money, are a million years from now, but that’s the magic of having time on your side.
It’s simple really, investing small, but early and consistently will yield far more than what you’ll earn even if you double the amount you may be able to invest 10 years later.
While we know that saving is not a priority right now, putting away small sums consistently is simply an easier approach to a habit that may otherwise feel intimidating.
And if you start putting those savings into investments, your money can start to grow, and cause you less anxiety in the long run. Stay in it for the long haul, track your spending and stay on top of your income and goals to truly become financially independent — sooner!
Start investing your spare change!
We know that you’re shooting us death glares right now, because who wants to start thinking about saving in their 20s right?
You’re not due to retire for another 40 years and you just don’t have the money or time to start saving and worrying about finance right now.
However, recent surveys have shown that millennials are in fact worried about having adequate funds and a majority of them are uneasy about making that money last a lifetime.
If you are one among those, then not to fret!
Having time on your side is a tremendous advantage and there are some super easy hacks to get started with building your savings in 2022.
So here we go, investing tips for 2022 that actually make sense:
Here we go!
Setting a financial plan or budget for yourself might seem complicated, but you can break it down into this one simple mantra.
First you need to know how much money you are taking home every month and then figure out how much you can spend each month.
Don’t leave anything out! From essential expenses like rent, education loans, fuel for your vehicle to dining out and your monthly Netflix subscription.
Compare the two — your income and your expenses. Whatever you have left after your “needs” are accounted for, is what you have to spend on your “wants”. That’s it! That’s your budget.
It’ll help highlight any expenses that you can scale back.
Don’t worry, we’re not saying that you need to suck all the happiness out of your life. Of course, you can indulge in retail therapy, every once in a while. And go out on weekends.
Instead of cutting out your spends and still ending up with not much of a saving, maybe you can try investing as you spend.
With Deciml, every time you spend, the amount is rounded up and the spare change of as little as ₹1 from every online transaction you make is invested in a Mutual Fund on your behalf.
What may seem like insignificant spare change, soon builds up to a fairly generous amount of money.
Even when your credit card debt is just a few thousand rupees, you are spending so much more on interest. It’s actually easier to save if you try and pay off a little more of your credit card debt every month. By paying only the minimum every month, you could be stuck with your debt for years, affecting your long-term savings.
A major reason that most of us find ourselves a little anxious towards the end of the month is because between work and life and everything in between, we often forget about saving up and by the time we realise that we must — it’s already a tad too late. So why not just make this easier for yourself, by automating it?
Deciml lets you automate not only your round-ups but also lets you set up an automatic daily investment of as little as ₹10.
This way there’s a tiny amount of your money getting saved and growing every month, nay every day without you even having to give it a second thought!
We know it feels like all those major life goals for which you’ll need huge amounts of money, are a million years from now, but that’s the magic of having time on your side.
It’s simple really, investing small, but early and consistently will yield far more than what you’ll earn even if you double the amount you may be able to invest 10 years later.
While we know that saving is not a priority right now, putting away small sums consistently is simply an easier approach to a habit that may otherwise feel intimidating.
And if you start putting those savings into investments, your money can start to grow, and cause you less anxiety in the long run. Stay in it for the long haul, track your spending and stay on top of your income and goals to truly become financially independent — sooner!
Start investing your spare change!
