How to Save Money – 8 Simple Ways to Start Saving Money
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Many of us spend a lot of money. And if saving money is not an easy task because about 4/5 people in our country are unable to save money. Cannot be used for any other purpose. When it comes to working in need, we are saying that there is a lack of money for any emergency work. There is only one reason we can’t save money properly. So today we will give you some ideas about saving money. So read this post to the end and get the idea about not saving money. So let’s get started friends and find out how to save money.
Why You Need to Save Money?
If you think about it, you don’t have enough money in an emergency time, the only reason is that we can’t spend money properly. Once again, if you enroll your children in a good institute, then your house becomes a money crisis to pay your child’s salary. There are many reasons why we need to save money.
If it costs you 7-8 lakh rupees to get a good education for your child, you need to be prepared for it in advance. So money savings you have to start from today.
Record your expenses
The first step to saving money is to find out how much you spend each day each month. You can keep a record of how much money you spend each day. Like how much money you spent today, and with it all the big and small houses of each month that you record. Then when you have all the records and you will divide them into different categories. Such as:
- Personal use
- Household items
- Petrol or diesel
- Bank statement
- Credit card
You need to have all these records. And it will help you a lot at the beginning of shaving money. And you can use any mobile app to save money.
Make a budget for savings
It will be much easier for you to save money if you know where you spend and what you spend each month, and you will be able to create your records accurately. And how much you will need to spend depends on your income. Then you will know where your costs are going. You make your budget 50/20/30.
This means that you have to divide your income into three. And set aside 20% of your salary or income first to save. And then keep 50% of your income to buy the things you need in your daily life. And keep 30% of your income you need to use for your hobby, that is –
- Going for a walk
If you save even more than this 30%, then someone will save you that.
If you want to save some of your income, you can open a bank account for this. And there you can put 20% of your money every month. And now in the market, you will find various fixed deposit companies where you can save your money. And you can also use it as AutoSave, AutoSave will automatically move a fixed amount from one account to another account.
Create an emergency fund
This is why it is very important to create an emergency fund for saving money, as many experts say that you need to have expenses for up to six months. This is because if you ever lose your job, you will be able to run your household with money from an emergency account instead of borrowing. And you can avoid borrowing.
You can use a credit card because it is a type of loan that you do not have to pay interest on. And you have to repay the credit card loan on time because if you don’t repay your loan on time, it will be much more expensive than other loans. So pay your credit card bill on time. And use credit cards within your limits.
Because a lot of the time you use credit cards are unlimited and that goes beyond our limits. And this is almost always the case with credit cardholders. So use credit cards within your limits.
30 days rule is required for shaving money
Maybe many of us haven’t heard of these rules. Many people use these rules and they save their money through these rules. Because they decide through these rules where they need to spend money, and they spend money according to their needs. And you can also use your wool to stop your wasteful spending.
When you buy a big and expensive thing, think carefully about how much money that thing is and what that thing is. And after 30 days, if you still think you need to buy that thing, then buy it. And with these 30-day rules, you can save a lot of unnecessary expenses.
Make savings goals for retirement.
Many experts think that it is necessary to set aside a fixed amount for retirement every month. You can also make a fixed amount through RD or FD so that your financial situation does not worsen when you retire. And you have the necessary amount so that you do not have to depend on others.
Spend buying quality products
Whenever you go to buy something, try to buy good things. Which you have to use for a long time. And all the essentials of your home are high quality, so you don’t have to spend on one thing over and over again. And your money survives a lot here. You may think that it will not have much effect on saving money. But if you calculate, it will cost you a large amount of savings. So always try to buy quality things.
Use of 24 Hour Rules
It’s just like the 30 Day Rules, the only difference here is you don’t have to take as long as 30 days here to make your decision within 24 hours. Because these 24-hour rules will help you to buy the things you need in your daily life. Because here are every little less expensive thing in your daily life. This will save you a lot of money.
Try to use fewer outside items
If you know how much an average person spends on their entire lifestyle on fast food or water bottles. The average person spends most of his or her ten years on fast food or water bottle. Which costs your settings and at the same time makes your body worse. If you want, you can save for your retirement just by saving the cost of this fast food or water bottle. So use indoor water bottles all the time, eat indoor food. A middle-class family spends a month on food, only you can eat for three days if you play outside. So try to eat at home. This will save you a lot of money.
There are many more small methods that you can use to save your money.
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