Saving money is not an easy task. Effective planning is required to save money every month out of the salary being earned. People ponder that why they even have to save money in this scenario, where they can easily afford the loan on cheaper interest rates and can pay bills with their credit card, so what’s the need? But we all know, its not the practical approach, so here are some kinds of savers which are being discussed:

1. Emergency fund:

It’s good to build an emergency fund or contingency fund. As one may not know, when and how any emergency knocks your door. What if there is an emergency medical need? What if there is an emergency travel? What will happen when in you in pissing need of major finance? For all these unforeseen events, one has to be prepared and build a nest egg, it will ultimately do good to you only.

2. Enchanter kind:

There are people who spend willy-nilly and don’t keep track of their expenses as they don’t know where their money is going. These enchanter people lives in present and not bothered about their future. For such people, its important to save for the future and to keep track of their expenditure and then judge yourself whether that expenditure was required or not. And then you will be able to make good for your future.

3. Correct use of bonus:

Its also a good way to save by depositing your entire bonus every year to the savings account. It a huge deposit which is made most likely once in a year. And it takes a huge chunk from your pocket, but since its one time, its practical and can be approachable.

4. Frugal kind:

There are also a lot of people who enjoy saving like they feel happy and joyous when they save. They consider financial security and financial; independence as a priority. Being frugal is undoubtedly good but there can be people around who may get pissed or irritated with you being frugal. But there is a difference between being frugal or being tight fisted or meagre.

5. Financial independence:

In today’s world, everybody needs financial independence. But it doesn’t come in a day or two, for that holistic approach is needed where you tend to save every month. there will be one point when you would want to go on holiday as per your choice or retire when you want to but these things can come only if you have lots of money in hand and that is possible only if you have saved heftily.

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