All of us need tips and tricks on how to save money and letting accumulated balance in your Bank Account. Everyone loves that So, in this article I am going to show how to save money from salary and various income stream.
I know reading all the article is too old fashion So, let me represent some real factual data which will make you read the whole article with interest.
If you are able to save lets say Rs. 100 per day which means Rs. 3000 per month you are end up getting Rs. 8.4 Lakhs in next 10 years and If you have more patience then after 5 more years you will get Rs. 20.3 Lakhs
If you don’t trust me you can click here : SIP CALCULATOR .
This is the best answer of how to make money.
All you have to do is to just invest in Mutual Funds via Systematic Investment Plan ( SIP ) and let the money work. The interest rate I have taken is 15% which is quite average in Mutual Funds and it may vary according to your risk taking capacity.
I will write about Mutual Funds in my next article so stay tuned.
Now you trust lets begin the article and let me tell you how to save money from getting spend.
| HOW TO MAKE MONEY FOR FREE | HOW TO SAVE MONEY | HOW TO EARN MONEY |
Habit of Savings
First of all you need create habit of saving as much as you can . Start saving like anything whatever you get from your parents, relatives, friends, etc. There more you can save more you can invest.Separate Bank Accounts
Since, you have saved a lot of money, now its time to deposit that money in separate bank account which prevents from getting spend.
There are lot of options available which allow user to open account with zero balance.
Self Rewards Scheme
We all just love eat out and we all intentionally monetary rewards and tip someone whose services are more seems pleasant to us. But don’t you think we should start giving our-self monetary rewards or tips on achieving something or just in any case rather to waiters, etc.If you keep on rewarding yourself you may end up a large amount of money unintentionally which may be invested later on.
Minimalism
If you start cutting down all your extra expenses you may get your desirable amount in your bank account.
How to do that ?
Try one thing , start cut off all unnecessary monthly subscription plans your might be enrolled to , reduce smoking , head to less drinking , pay off all debt,etc.
Shopping and Hungry Relation
According to study, when a person shop when he is hungry he tends to shop something which he doesn’t need.According to this study, while we are hungry we purchase aggressively and start purchase something to eat, which leads to more expenses.
So, its better to eat before you go to shop or bring your own lunch or dinner.
Renting
When you have spare room you should better rent it for more extra income which will help you in paying your monthly EMIs and much more.
Tax Knowledge
There are two types of Tax Payers :
- Tax Evasions : Those who find betters to lower the tax payable. This is not correct practice and they pay tax lower than they should pay.
- Unskilled Tax Payer : Those who don’t know much about taxation system of our country and they usually pay without considering benefits being given by the government itself.
Both the person are not beneficial for the growth of our economy. We should exercise the benefits which are being given by government itself.Most of people in India just know about Section 80C Deductions but more than 70% do not know about other benefits which are also available as per Income Tax Act, 1961 such as Deduction of Rs. 75000 in case of Dependent Disable person and Leave Travel Concession which allowed 2 times in 4 years which leads to reduction in your Gross Salary and much more like these.
For more information contact me.
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