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Thursday, 26 July 2012

How to Save Money in India

How to Save Money in India
How to Save Money in India

Some people loves to save money for future use, to earn interest, to buy gold, property etc and some people loves only spending. Today everything we use requires money be it food, traveling, entertainment, and almost everything.

If you manage your earning effectively you would start saving money.

Top 12 Tips to Save Money in India -

1. Avoid Late Fees - Setup an reminder for each of your bills due dates, I would prefer setting up two reminder for each bill (Electricity, Credit card, Mobile, Loan, Internet). Try to pay at least 2-3 Days advance before the due date.

2. Cook At Home - Prefer cooking at home and avoid eating out, as food outside is costlier and not healthier. Eating out will increase your budget and may increase your medical bill sometime.

3. Bargain\Negotiate - Learn to bargain, negotiate, I always bargain, till the date I have saved almost 2+ Lakhs rupees for various companies I have worked for, and personally I have saved nearly 50K+ Rs. So just imagine how much money you could have saved? But its not late.

4. Buy Quality Products - Always buy quality product which will stay longer and will give you good return on investment. Please the articleBest Shopping Tips for examples and best tips for shopping.

5. Avoid Short cut to make money: Everybody is in hurry to make money, the most famous concept in making money is MLM (Multi Level Marketing), In this concept the top level people get huge amount of money, may be in lakhs and in crores. The remaining people in the chains hardly gets anything. In 70% cases people who have are in good financial position would get caught by money making scheme. Always remember their is no shortcut to make money. Do not get involve in such scheme if your close friend is doing it and telling that he had earn a lot from it, Their is n number of companies which do such business and at the end they get shutdown or get banned.

6. Live Simple and Healthy Life - Always remember each and every luxuries thing requires to spend more money to keep it running, be it a car, bike, high end mobile phone and what not.
You cant build your status by wearing high quality clothes and accessories, You character makes your status. People will not remember you by your style but by your character.

7. Save money when traveling - Carry a big water bottle tank if you are going on a long journey and food or carry water bottle if you travel frequently for work or business purpose will save you some money.

8. Stop using Credit card - Credit card can create big finance mess. I would suggest everyone to try to be away from it. If you miss one due payment of your card then the charges are very huge (Around 200Rs. or 400Rs.) + Their is interest as well. If you miss 2-3 credit card dues then the debt increases rapidly and it is beyond your imagination.

9. Plan your expenses v/s income - Prepare your expenses list and see whether you are spending on something unusual or luxuries thing if so try to stop using that service or buying any costlier product. Make sure you save at least around 20% of your salary after all expenses.

10. Own Home - If you have been staying in rented flats then it would be good if you can arrange to get home loan and buy your home own, as the rent you are paying is complete expense, but once you stay in your own flat your rent will become E.M.I and will be your investment. People spend around 60% of their total monthly expense in rented home (flat).

11. Value single penny - Check the products printed price, compare the price with various outlets. Check for the best deals available in the market.

12. Save it for emergency - If you earn 20K and your monthly expense is 10K then make sure you have 3 times of monthly expenses saving anytime available, that amount goes 30K. It means keep 30K available in your bank a/c all the time.

Soon, I will attach an excel sheet here to pragmatically prepare your budge plan, keep visiting us.

Bonus Article: Debt Management Services and Financial Health Check-up Services.

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Author : Pankaj // 05:42

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