5 Tips to Save More Money

If your goal to achieve financial stability, our 5 Tips to Save More Money can helpful.The judicious use of money is as important as earning the money in the first place. If you don’t have a logical and scientific framework for spending and investing plans, you might land in the soup when there’s a sudden requirement of cash lead to cash crunch. So, how do you ensure that you not only earn money but also simultaneously plan things in a way that you have a backup in case of an emergency need of cash. 

5 Tips to Save more Money

In this article we try to give out a few basic points that may help you to save your money and invest it and grow financially to be financially stable. 

 5 Tips to Save More Money

Tips No-1:Make Budget and stick to monthly budget. 

Saving is impossible if you don’t have a set monthly budget for your spendings and generate surplus for savings. Categorise your spending budget depending upon your need and stick to the set plan without fail. This way you can calculate the cash you need to meet your monthly expenses and put the balance money in saving and investment. 

Tips No 2:Save When ever you can

Many people complain that they aren’t able to save because their earnings are small and not sufficient to meet their needs and wishes

 Or they left with zero at the end of the month. One trick will helpful way to start your saving journey, this can be done by separating an small amount at the start of the month. This could be an amount you think won’t hamper your monthly expenses,the amount doesn't matter in initial days. You can also borrow from this pool for an unplanned sudden expenses, but if you are able to leave it untouched at the end of the month you should not spend this amount, you have a surplus amount in your hands. We are not asking you to cut down on your fun and leisure but being just cautious on spending , this would help you manage your finances very well. 

Some times you gets bonus from company or money back from insurance policy or any other extra income, we can also save part this amount. 

Tips No 3: Avoid Credit of Any form

With credit available so easily ie credit card,overdraft or spend now pay lateral scheme, we often tend to spend more than we have in credit and get stuck in a cycle. This hampers our financial stability and reduce capacity to deal with emergency needs of funds. So, looking for loan/credit options only when it’s absolutely necessary and can't avoided. 

Tips No 4:Invest Wisely. 

A lot of people think investment means share market trading, which is not true at all. The market is full of investment options that offer good returns without high risk. You can go for a unit-linked insurance plan or ULIP that offers good returns with life risk. Instead of trading in equity, investing in blue chip stocks and in trusted mutual fund plans can give a very good return on your invested money. And there are several government-backed schemes as well with gives risk free good returns. Well researched Initial Public Offering (IPO) is also one of good investment for both long term and short term. 

But the most important rule of investing is knowledge and researching is needed to achieve knowledge. Don’t trust anyone blindly with your money, if you aren’t convinced. Read, research and understand before investing. You can take help of SEBI registered financial planners. 

Tips No 5:Understand taxation

Paying income tax is compulsory and can't avoided and understanding the taxation policies and rules are very important components of financial management. There are many indirect reward for paying taxes, there are several tax benefits you may get when you calculate your tax liability. Hire a tax advisor or CA to make you understand the policies and advise you on the investment options available to save tax liability. Go for investment options that come with tax benefits like contribution and returns are tax free in addition to good returns.

Saving and investing should your prime chapter in financial planning. They let you money keep growing and attract more money for your fortune.Our this 5 Tips to Save More Money can really your staring your saving journey.