How to save more and generate wealth in 2017?

In the brand New Year 2017, do you dream of saving more and reaching better financial health? Then go ahead, this article is the one for you.

Bringing about significant lifestyle changes is the first step towards saving money in 2017. However, as an expat you already live a life that’s not in sync with the way you have lived in your home land. So, cutting corners further will only bog you down emotionally. Hence we’ll teach you how you can take it slow and steady, yet save more in 2017.

Here you go!

Choose the right remittance service provider

Expats usually send money home, at every available opportunity hoping it will help their loved ones back home. The remittance service provider forms a key link between expat and his/her family. So, if you want to save money from exorbitant remittance rate/ fee or unnecessary hidden charges, then you have to choose a trustworthy reputed money transfer service provider. Compare and contrast the rates, security features and other charges, so that you can take the call on who is the best choice for you. There are several online money transfer services available to easily send money right from where you are, at the click of the mouse. There are also efficient remittance mobile apps that let you send money on the go.

Revisit your priorities and budget accordingly

Make a list of your priorities, evaluate each of them and reorganise them according to their relevance and importance. Make space for spending avenues that has a higher ROI. For example, if you are a monthly visitor to the expensive spas, to relax your nerves, then this expense can cause a huge dent in your finances. It is agreed that soothing your nerve is important for your health, but from a financial point of view, it could be really expensive. To save some money, you can push the spa sessions to once in two months and choose an alternative activity such as yoga to relax yourself, and get greater health benefits.

Fix percentages for savings

Analyse your lifestyle and fix percentages for a dedicated saving account and reserve cash. The remaining money should be deposited into your personal checking account and can be used for whatever you desire. This way you don’t risk spending the last penny from your income.

Reorganise bank accounts

If you have one single pool of cash, you apparently tend to get complacent and begin splurging and then regret running out of money. Hence create separate bank accounts for your expenses such as personal spending, household bills, and long-term savings. This can help you go a long way towards balancing your budget.

Automate your finances

Sometimes it might be a bit challenging to trust yourself, and resist the urge to spend. Hence to save money all you have to do is just sign up for automatic deposits through your bank so that a certain percentage of each paycheck goes directly into savings. This is the most simplified process to begin saving.

Invest and save

Did you know that saving and investing more than you spend is an easiest way to accumulate wealth? The extra money saved can be invested to grow and compound over the years. Start investing sooner to take full advantage of the power of compound interest.

Use a travel card

Are you wondering why you should use a travel card, when you are not exactly on a holiday or a business tour? We’ll tell you. Travel cards usually double as a credit/ debit card. This means that you can use the travel card for all the purposes, just like you would use a credit/ debit card. Right from bill payments, online payments, POS purchases and eat-outs, you can pay for them all using travel cards. And that too without interest rates that credit cards charge.

So how can travel card help you save money?

There is a feature called "exchange rate lock facility" that helps you lock ideal favourable interest rates. Later on when the currency exchange rates go in an unfavourable direction, you can make use of the favourable rate locked earlier.

Build a reserve

Creating a cash reserve can give you the security you need, in the event of any emergency.

Spend cautiously

Always think twice if you need to buy a particular product. Don’t splurge by impulse. For certain products you can consider buying used items. Just double check the quality. You will get great deals and save money this way.

Pay bills on time

Not paying your bills on time can lead to late fees and interest penalties; hence you end up losing more money. Hence going forward, create reminders or alarms to help you pay your bills on time.

This 2017 make sure your resolutions enable you to follow the above mentioned steps, to save more and generate wealth.

Ranbir Sheik,who shares this article to make people aware about save money & do transaction on travel by using reputed instant money transfer service