Photo by Jude Beck on UnsplashA penny saved is a penny earned \u2014UnknownI have personally faced testing times, and that has helped me a lot in realizing the value of money. Over a period of time, I have learned that saving money is a necessary and useful skill to have.It\u2019s not particularly hard to do so if you have a system in place. I will try to list a few ways that have helped me in taking the right steps in saving money.1. Differentiate between necessity and luxurySave money and money will save you \u2014 UnknownThe first thing you should teach yourself is understanding the difference between necessity and luxury.Having a car may be a necessity but having a BMW or Audi or other high-end cars is a luxury. When you go to buy anything new, ask yourself: is it really a necessity or luxury.Credits and loans have got us all in a never-ending trap. The standard of living has gone up, but stress has increased as well. Is it really worth it?2. Saving then spendingDo not save what is left after spending, but spend what is left after saving \u2014 Warren BuffettThis simple step could save you from spending on unrequired things.Calculate your budget and identify what is the minimum sum required to run your household. For the remaining funds, set up a direct debit to move part of the salary to say super contributions, another part to buying stocks, a part to buying gold, another to say your vacation trips.Having this system in place will ensure you are directing your funds to the things that matter to you.3. Managing Kids\u2019 expectationsEnough is better than too much \u2014 UnknownFor families with kids, it is important to set kids\u2019 expectations at the right level. You should make them understand the\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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