Savings, Thrift & Investment | |
Savings, Thrift & Investment | |
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Wednesday, October 09, 2019 / 10:00AM / FinanceGAB / Header Image Credit: Freepik
All
of us want to save money from core of our heart. But a large part fails to do
so. Have you ever thought what is preventing you from reaching your financial goal? It is YOU. Saving money
is harder but it is hardest to start the process. We tend to postpone our 'journey of saving' every now and then. Even you are already late on that,
start it from today with our useful tips on saving money.
We
know that you want to save but you are clueless on how to do that without
hampering the comfort of you and your family. Here we will show you the paths.
They will certainly help you to save and to build up a huge fund of your own so
that you can enjoy your retirement just like you are enjoying life right now.
Now take a look on the points and implement them as much as you can.
Pen
Down the Expenses:
At
the end of every month, your mind is occupied with that BIG question...where all
the money has gone? After 30 days, it is really impossible for you chart down
the calculation of whole month. Better you pen down your expenses every day
without missing a single one. This may look very mundane but it is rewarding.
You will get your clue from this where you are spending and how much you are
spending. Now you can check your expenses from the next month.
Plan
Your Budget:
When
you know how much you are spending on every month; you can make your own budget
by adjusting the spending of money over different things. Try to focus on
necessities first not the luxury. When deciding on your budget, keep in mind
the expenses that come in regular intervals like utility bills, maintenance
charges and vehicle servings. Keep aside some of your savings for emergency
situations.
Investments:
You
must be amazed to know that investments in insurance plans, tax
saving investment plans are very useful instruments to save
money. Cash in your hand may actually inspire you to spend imprudently. If you
adopt a customized investment plan, you will not only save money but also will
accumulate huge savings for a secure and financially sound future. By investing
in several tax saving investments plan, you can cut down your tax burden and
utilize the money to invest somewhere else.
Auto
Debit:
Instruct
your bank to enable auto debit facility in your salary account for payment of
monthly, quarterly or annual liabilities. Apart from that open a recurring
deposit account to save bit by bit. Every month when salary is credited in your
account, it will be automatically distributed leaving behind only the amount we
need to fulfil your family responsibilities.
Reduce
Card Swipe:
Any
type of card (be it debit card, credit card or membership card) hampers the
process of saving tremendously. Modern living is not possible without them but
we need to learn the art of spending judiciously. With credit cards in purse,
we all become voracious shopper and spend our hard-earned money over silly
things. You should buy that much which you can repay in full when next payment
date comes. If not, then you are inviting compound interest to be levied on
your spending.
Get
Yourself Insured:
Insurance
policy offers you dual benefits like developing fund for your loved ones and
saving tax. Almost every life insurance and medical insurance plan comes with
tax saving investment status and entitled for tax rebate. So these are the
powerful tools to complete your financial plan because of their tax saving
investment status.
Home
Loan:
If
you can afford then our advice is take a home loan to invest in real estate.
Although it is a financial liability but the amount you repay the principal is
eligible for tax deduction under Section 80C of Income Tax Act.
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