Money saving ideas

Money saving ideas

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Created By Admin Last Updated Fri, 20-Nov-2020

Today we are living in that surrounding where everyone needs money for better surviving. I think if you are a human obviously you have some dreams and for that you need money so you should develop a good habit of saving money.  we are here to give you some good ideas for saving money.

So, first of all set some goal for what you what save your money, it can be for either short term goal or can be long term goal all depends on your need.

1.    What can be in short-term goal: If you are dreaming for any thing which comes under 15-20k you can go with short term saving plan like 3-4 months.

2.    Long term goal: Here in long term goal you will save your money for a long duration of time which you will know further.

Few of money-saving tips:

If you are a student, house wife or anyone can use the money saving tips we are going to share with you

·         Make a budget: This is the most important step if you are thinking for saving your money. Take a look on your income then make a budget like where you will spend out your money by using your intelligence.

·         Payout yourself first: whenever you have money as a salary, as pocket money or another way always pay yourself first the 1/3 amount of money

·         Spend less save more: One important thing that everyone should practice is to make productive use of their earnings. Limit all your extra and unnecessary spends. Visualise what all you want to have in next five years, may be a house or a vehicle? And accordingly, start saving with that as an end objective.

·         Start investing: The next approach to saving money is by Investing! The main idea behind investing is to generate a regular income or returns in a specific period of time. With time, your investment grows and so does your money. For instance, the value of INR 500 will not be same in the next five years (if invested!) and it may grow to more! Hence, investing is very important for everyone. However, before investing, one has to first save money! One way to get closer to your desired goals is to understand the power of compound interest. Compound interest means an interest which is not only calculated on the initial principal but also takes into consideration the accumulated interest over prior periods. So, if you are planning to save money, there are many short-term and long-term investment options that you can consider. Good thing about Share market you can invest with less amount it can be 100 Rs also.

·         Fixed Deposit: Fixed Deposit is an investment instrument in which investors can invest a lump sum for a specific time, at a fixed interest rate and opt for a periodic pay-out. Investors can pick either a non-cumulative plan or a cumulative plan. With the non-cumulative plan, the principal amount is invested for a selected time and interest accumulated on the principal is paid back on a yearly, quarterly or monthly basis as opted by the investors. On the contrary, interest gained under cumulative FDs is accumulated in the compounding method and is reinvested along with the principal amount. The total amount, including the accrued interest and the invested amount, is paid back to the investors at maturity

·         Recurring Deposit: By opting for a recurring deposit, investors can pick an amount as per their requirement and keep investing the selected amount every month for a selected time. The principal amount, along with the accumulated interest, is paid to the investors at maturity. The interest rate remains the same throughout the time. Investors can opt for a short-term, mid-term or long-term tenure.

Money-saving habit does not save money it saves you and your loved one’s future.