How should you celebrate a month when you have saved up?

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This doesn’t happen every year. You don’t get to count many months on your fingers when you have actually gone one up on your expenses. Consider the rent, food bills, electricity bills, entertainment costs, commutation costs, college fees and other debts. Your expenses are always on the rise and it is not easy to save. So, what exactly do you do when you actually end up saving a month- may be by cutting off the entertainment costs, or by ditching the public transport in favor of the walking? After all, you have done it! Any which way you have done it! And, it is extremely important to celebrate your financial victory as well.

Your celebration begins!

And, how exactly do you do it? By becoming more financially aware. Let us explore more in this regard. It is important to acknowledge your efforts – the steps taken by you towards fulfilling your financial goals. You don’t necessarily need to turn to the huge volumes of Economic books in a bid to understand how difficult it is to save. So, reward yourself when you have actually been able to do that.

What you need to be aware of

A part of your celebration is largely about tracking down your needs or financial obligations that you have not been able to fulfill so far- keeping your regular expenses in view. Come to think about it. Is there a debt which you can get rid of with the help of the savings you have made? Becoming debt-free itself is way of celebration. Don’t you think so?

If you don’t have any such debt as that of the aforementioned one, then consider investing a part of the savings in doing something fruitful- a life insurance policy (if you don’t have one) comes to mind immediately – but then again you need to consider the monthly, yearly or quarterly premiums as well. If there’s no assurance that you will be able to save as much every month as you have been able to do now then it would be advisable for you to give more time to this decision.

Do the needful

It is very important to identify areas where you have been able to save. Would you be able to continue with the money-saving measures that you had resorted to this particular month? What is it that helped you save up? Did you use your electricity more wisely? Did you cut down on your entertainment costs? Is it possible to continue with these efforts in the coming months as well? Identify all the avenues of savings so that you can actually embark on a more organized financial goal.

Please make sure you are keeping these points in view. Hope this has been a fun read!