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How to save money from salary?

IndianMoney.com Research Team | Posted On Tuesday, February 05,2019, 03:11 PM

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How to save money from salary?

 

 

A Rupee saved is a Rupee earned. Saving money is like sowing seeds today. You enjoy the fruit tomorrow. Ten to fifteen years down the line, you mustn’t regret not saving money. Expenses increase as you grow older. It’s foolish if you have not saved enough for the future. You will never know when unexpected expenses arise. These unexpected expenses shouldn’t worry you. You must be in a position to cover all these expenses. What is the purpose of earning if you have not planned for the future?

SEE ALSO: Mortgage Loan Calculator

Saving money is not everyone’s cup of tea. It is easy to spend money. With retailers giving ridiculous offers, youth tend to get carried away. Shopping has become extremely easy with online merchants like Flipkart, Amazon, Myntra and so on. Spending money is just one swipe away. Money once spent is spent forever. Plan and save today for a better tomorrow.  Each individual must save a small portion from his/her salary/income.

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How to save money from salary?

How to save money from salary?

Following are the smart ways in which you can save money from your salary/income:

  • Make a budget: Plan your monthly expenses and allocate money for each expense. Stick to the plan and ensure you don’t exceed the allotted budget. By following this, you will inculcate financial discipline and also have a track of all expenses. In the upcoming months, you would know all unwanted expenses and you can cut down.
  • Set your financial goals: By setting your financial goals, you would focus on achieving them. These goals may be buying a house or a car within the next ten years. You tend to cut down on unnecessary expenses to save and achieve goals.   
  • Track your expenses:  Track all your expenses. You can maintain an excel sheet and update each time you spend. Sit down and closely analyze spending trends. Cut down on the unnecessary expenses in the upcoming months. You need to be extremely careful with spending habits if you are to save and achieve financial goals.
  • Invest in right financial products: You need to be extremely smart in choosing financial products. Your investment might not be liquid, but it would be safe and grows with time, if invested in right schemes. Investing your money in a right scheme would give better returns than merely lying idle in savings bank account that offers just 3.5-4% interest a year. Explore options like fixed deposits, recurring deposits, mutual funds and so on.
  • Check Tax Saving Schemes: As per Section 80C of the income tax, you can avail tax deductions by investing in certain schemes. There are a few private schemes covered. Below mentioned are the schemes under Chapter V1A (Section 80C to U) that offer tax deductions:
  • Shop seasonally: Restrict yourself to shopping occasionally. There might be certain offers and benefits that would tempt you. This is when you must restrain yourself. By cutting down on purchasing unnecessary items, you save a lot.
  • Get Insurance for you and your Family: This is very important. Avail health insurance that covers you and all family members. If you or a family member lands in hospital, then you can expect a very hefty hospital bill which is certain to empty your bank account. By merely availing health insurance, you can keep hospital bills at bay. Save yourself and family with the help of a health insurance plan.
  • Increase Your Income: Increasing income does not necessarily mean doing another job (Working part-time). There are many ways in which you can increase income by continuing in your current job. Invest savings in those schemes which offer periodic returns. Investing in debt mutual funds is a good example. Apart from this, you can use your skills like writing, dancing, singing and so on for commercial purposes. If you are good in teaching, then you can start tutorials in your free time.

SEE ALSO: PMAY Subsidy Calculator

Not everyone is born rich. To become rich is completely in your hands. It’s not your mistake if you are born poor but it’s definitely your mistake if you die poor says Bill Gates. 

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