Oakmont Investments

Oakmont Investments We offer our clients expert advice on better savings.

15/11/2016

Dear Customer, Invest today in Oakmont Investments 390 days FD @ 15.25% p.a. for a better tomorrow. Rates valid till 25-Nov-16.

29/08/2016

Tips on saving and investing to pursue your financial goals

Sometimes the hardest thing about saving money is just getting started. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals. This step-by-step guide can help you develop a realistic savings plan.

1. Record your expenses

The first step in saving money is to know how much you’re spending. For one month, keep a record of everything you spend. That means every coffee, every newspaper and every snack you purchase for the entire month. Once you have your data, organize these numbers by category—for example, gas, groceries, mortgage and so on—and get the total amount for each.

2. Make a budget

Now that you have a good idea of what you spend in a month, you can build a budget to plan your spending, limit over-spending and make sure that you put money away in an emergency savings fund. Remember to include expenses that happen regularly, but not every month, like car maintenance check-ups. Find more information on creating a budget.

3. Plan on saving money

Taking into consideration your monthly expenses and earnings, create a savings category within your budget and try to make it at least 10-15 percent of your net income. If your expenses won't let you save that much, it might be time to cut back. Look for non-essentials that you can spend less on—for example, entertainment and dining out—before thinking about saving money on essentials such as your vehicle or home.

4. Set savings goals

Setting savings goals makes it much easier to get started. Begin by deciding how long it will take to reach each goal. Some short-term goals (which can usually take 1-3 years) include:

Starting an emergency fund to cover 6 months to a year of living expenses (in case of job loss or other emergencies)
Saving money for a vacation
Saving to buy a new car
Saving to pay taxes (if they are not already deducted by your employer)

Try the Oakmont savings goal calculator to see how long it will take for you to reach your saving goal.

Long-term savings goals are often several years or even decades away and can include:

Saving for retirement
Putting money away for your child's college education
Saving for a down payment on a house or to remodel your current home

5. Decide on your priorities

Different people have different priorities when it comes to saving money, so it makes sense to decide which savings goals are most important to you. Part of this process is deciding how long you can wait to save up for a goal and how much you want to put away each month to help you reach it. As you do this for all your goals, order them by priority and set money aside accordingly in your monthly budget. Remember that setting priorities means making choices. If you want to focus on saving for retirement, some other goals might have to take a back seat while you make sure you're hitting your top targets.

6. Watch your savings grow

Check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. With these simple ways to save money, it may even inspire you to save more and hit your goals faster.

29/08/2016

Create a savings plan to help control your
financial future

Clear goals and a savings spreadsheet are all you need to start

You don't need a large income to save for the things you want in life. A good savings plan can help you prioritize and pay for the things you want without taking on too much debt (which is never a good idea). Here's how to create your own savings plan.

Identify your savings goals.
Make a list of all the things you want to save for, whether it's a new house, a vacation, new car or a college fund. Start off as broadly as possible, and then narrow it down to the items you want to save for currently or that are most important. Remember, the more savings goals you have, the more a comprehensive savings plan will help you stay on track to pursue them.

Determine the costs.
Next, figure out the costs of each of your goals. For items you might pay for all at once, like a vacation, include the whole price. For things you might take a loan for, like a house or car, factor in the down payment. Many real estate or car-buying websites have calculators to help you figure out what the down payment might be.

Set a target date.
Now determine the amount of time you have to save for each goal. For goals that are a year or two away, consider keeping your savings in a low-risk savings account that protects your money. Low-risk savings vehicles include regular savings accounts, money market savings accounts and CDs, to name a few. For longer-term goals, you may consider investments such as stocks or mutual funds, since a longer window can give you time to recover from stock market fluctuations. Unlike bank deposits, investments are non insured and may lose value, so carefully consider their risks. As you get closer to reaching a goal, it's generally a good idea to transfer more of your investments to lower-risk savings products.

Let us do the math.
Now you need to divide the total cost of each of your goals (from step 2) by the number of months you want to wait (from step 3), and add them up to see how much you need to save every month.Try using our savings plan worksheet to help figure out your monthly savings target.

Adjust as needed.
Compare the monthly target from your savings spreadsheet to your current rate of savings. If you're not saving enough you can either:

Increase how much you save by cutting monthly expenses. A budget planner can help you find ways to trim your spending so that you have more money for savings each month.
Adjust your goals, either by removing less important ones or by pushing back the target date for goals you can postpone. Our savings spreadsheet makes it easy to revise your savings targets until you find an amount that fits your budget, so take the time to tinker with your timelines.

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