Bangalore: Usually, we all express our day to day experiences to grandparents and take advice from them. Getting insights from our grandparents about the expenditure behavior would be of great importance as they have lived their entire life and are much more experienced.

In India, grandparents often gift money to their grandchildren on their birthdays, festivals and other special occasions. This is the time when you need to start learning to save money and the importance of setting goals.

Yahoo has listed out few tips that usually most of the grandparents suggest their grand children so that they can learn to save and understand the importance of money from the very beginning.

1. Have a Fixed Budget

It is always better to make a budget for yourself and decide your expenditure according to that. The most important thing one has to consider before making any expenses is to spend lesser than your income level.

It is very important to know the difference between your needs and wants, so that it will help you make financial decisions wisely. Wouldn’t you feel good if you see your retirement’s savings grow?

If you by chance ask your grandparent about the importance of saving money, he/she will surely suggest you to start saving your money as early as possible in life.

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