The 5 things all “Smart Savers” do!

Smart savers don’t just build wealth—they do it effortlessly by following a few key habits. From getting started with small savings to maintaining discipline and automating their investments, they have a well-structured approach. If you want to secure your financial future, check if you follow these five habits of smart savers!
It’s a known fact that “Smart Savers” tend to create long term wealth and achieve financial goals more smoothly. Are you a Smart Saver? Find out if you do the 5 things they tend to do!
#1: They get started!
As simplistic as this may sound, Smart Savers take the first step and get started! Regardless of the amount they save and the frequency, they understand the concept of ‘well begun is half done’. By making a start (even with an amount as low as Rs. 500 per month), they begin to inculcate the all-important saving habit which sets them up to accumulate larger and larger corpuses over time.
#2: They accelerate their savings at fixed intervals
Smart Savers have a well-defined “step up plan” in place. Regardless of what amount they start with, they tend to increase their regular savings amount at fixed intervals according to defined “rules” – for instance: “I will save 25% of my net take home salary every year” or “I will increase my monthly savings amount by 10% every 6 months” and so on.
#3: They are disciplined in their savings
Smart Savers maintain discipline in their savings; which is to say, they do not start and stop their savings frequently. They tend to keep their SIP’s or recurring deposits running for years at a time regardless of their current financial position or seemingly pressing financial obligations. They also tend not to redeem their investments as they understand how the power of compounding works in their favor over the long run. A reverse corollary is that Smart Savers never over-burden themselves with savings either; that is, they work out what is easy on their pocket for the next 12-24 months and stick to that number come what may, rather than starting out with an aggressive number and stopping it frequently!
#4: They are target oriented
Rather than save money in an ad-hoc manner, Smart Savers set clear, defined targets for the funds they plan to accumulate and by when. They are realistic while setting their targets, taking into consideration inflation, expected returns, risks, comfortable savings and other factors. Once they are set, they revisit their targets occasionally to check back if they’re on track; but not too frequently either.
#5: They put it on “auto-mode”
Just like their EMI’s, Smart Savers put their savings on auto-mode. Rather than saving lump sums of money as and when they become available, Smart Savers tend to favor automatic savings tools like RD’s and SIP’s, which hit their accounts with a pre-defined debit at regular intervals. In other words, they prioritize their savings. As Robert Kiyosaki (Rich Dad, Poor Dad) said: “The difference between the Rich and the Poor is this - the rich tend to save first and spend what’s left, whereas the poor tend to spend first and save what’s left”
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