How to save money is a question that bothers the rich, the poor and of course the great Indian middle class. The amount of money we need to save and the saving methods we use may vary but the need to save money is common to all.
Whether you’re trying to figure out how to save money from your salary or simply looking for money-saving ideas that will help you save more money each month – we’ve got some money-saving tips that you can use.
In this story we will touch upon:
How to save money from your salary
How to save money every month
Smart investment methods
How to use tax-saving methods
Let’s jump into the steps that will help you save money:
Make a Budget for Yourself
Set Realistic Financial Goals
Create an Emergency Fund
Save Tax by Investing Wisely
If you’re salaried professional you know exactly how much tax you will owe, so why not take preemptive measures to save tax? You can save up to 1,50,000 under section 80C alone using Fixed Deposits, Equity Linked Saving Schemes etc.Read in detail: How To Save Tax
Get Rid of Your Debt
Pay Yourself First
What that means is you must ensure you invest money before you start spending on things that are avoidable. The money you work so hard to earn should work just as hard for you. So, invest in a Systematic Investment Plan a.k.a SIP that will set aside a small part of your income each month and invest in mutual funds. This is one of the best ways to invest money.
Start Using Real Cash
Bonus Tip: How to Save Money Fast
If you want to save money fast in a relatively safe manner then you must consider some high risk, high return short-term investment plans. You read about the Best Short Term Investments here.
However, we recommend you consult a professional wealth advisor before making an investment.
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