New Delhi, Nov. 12 -- Saving money for the future is important. And while there are expenditures that shave off your monthly earnings due to necessity, here are some things you could be overspending on without realising its draining effect on the budget.

Here's are five things to take into consideration to ensure you spend your money wisely and can have maximum savings where possible:

It is important to create both monthly and annual budgets in order to track your money efficiently. What this also allows you to do is splurge without fear when you need to - birthdays, celebrations, holidays, etc.

You can also opt to create budget plans based on your payment schedule - daily, weekly, fortnightly, or based on your spending schedule - loan...