look news india
There are many people whose income may be high, but they do not save. As soon as their salary comes into the account, expenses stand in front of them and eat up their entire salary. If you are also one of such people, then you need to be careful because this habit of not saving can create problems for your future. If you are the head of the family and all the responsibilities are on your shoulders, then you need to be especially serious about saving and need to rein in your uncontrolled expenses. Here is the method that will help you in saving. After this, even if you blow away your entire salary, you will not regret it.
Adopt this method for saving
The financial rule says that you should save 20% of your salary at any cost. If you are not able to save money, then transfer 20% of the amount to another account as soon as you get your salary. After this, spend whatever money is left in your account as per your wish. If you do not have another account, then invest that amount directly in the salary account in the first week itself. Suppose you get a salary of Rs 40,000, then 20% of 40,000 is Rs 8,000. In such a situation, you will have to invest Rs 8,000 as soon as you get your salary.
Choose the first week for investment.
Choose the first week for investment because if you think that you will invest at the end of the month, then believe me, you will spend your saved money somewhere. If you invest as soon as you get your salary, then you will have to spend whatever money you have left. Apart from this, you will not have any other option. If you feel that after investing 20% of the money, the amount left for your expenses is less, then you need to cut down on your unnecessary expenses. But do not compromise in terms of investment. You may face some difficulties in the beginning, but gradually it will become a part of your habit.
Now the question arises where to invest
So nowadays there are many schemes like RD, PPF and SIP mutual funds in which you can invest a fixed amount every month and add a large amount in the long run. If the amount of your 20% money is good enough, then you can divide it and invest it in different schemes.
For example, out of Rs 8,000, you can invest Rs 3,000 in SIP, Rs 3,000 in PPF for long term and Rs 2,000 can start SIP for short term or run RD. Apart from this, if you contribute to EPFO, you can also increase your contribution to EPF through VPF. You also get very good interest in EPF and a good amount is saved for the future.
Savings will be possible only by controlling these expenses.
If you are addicted to cigarettes, alcohol etc. then try to quit it.
If you go out to eat twice a month, go once.
Reduce excessive use of credit cards.
If you waste money on parties with friends, then overcome this habit.
If you make unnecessary purchases due to offers then control this habit.