There is many ways by which we are trying to save money when we have not able to save money from our monthly income due to day to day expenses all money going. So, These are 9 the best way of saving money and achieve your dream goals fast.
1. Automate Your Savings : Open a separate bank account for savings which was not operated by online or digitally. So, that we can’t able to withdraw on immediate situation. Automate transfer instruction 10% of your in hand salary at next day of your salary credited day or as per your wants like if you earned Rs.30,000 in-hand salary than Rs. 3000 auto transferred from your salary account to saving account. Auto-swipe Mutual Funds SIP’s of 2/3 of your monthly saving amount (if 3000/- than 2000/-) as per your risk appetite and keep 1/3 into your saving balance.
2. Figure out your future Goals or Requirements: Find out your requirement for the next year to 10 years like your anniversaries, Birthday & Festivals etc. celebrations budget and when you want to buy a new car or new home. As per your need plan for next saving amount for goals from 50% of your income like home, Car & vacations and EMI’s.
3. Rest 40% income part should be used for your day to day expenses and weekend activities like household items, children education.
4. Penalty for your self : Create a penalty for yourself for use of 10% saving account. its depend on you like if after one year your account balance is 12000/- and you use it for your monthly expenses So, you have to add extra monthly deposits into that account by adding 10% of till retuning that same amount.
5. Use Credit Card Leverage : Use credit card for your household expenses if you can do and same amount transfer to FD for the days before Credit Card due date. This is used only for who can control there expenses if you can’t able to control your emotions kindly never use credit card
6. Meal Planning: Plan your meals for the week and create a shopping list based on those plans. This can reduce the likelihood of impulse buying and help you avoid eating out.
7. Buy Generic Brands : If you are buy high value branded clothes and accessories. So Please buy with generic brands for the sake of your future planning and savings. Just like nowadays every one want to carry Apple iPhone even there monthly income is less than the cost of that mobile phone.
8. Rewards & Cash backs Points : Use your credit card reward point, cash back & coupon for buying any items online. Most of online shopping’s sites like Amazon & Flipkart give may cash back/cash discount/rewards for prepayment of buy product or payment via use of particular company card or type of card.
9. Never borrow Loan on Credit Card : I suggest that never take loan except of Car/Home Loan even this if any emergency have borrow money then never use credit card as loan or never take loan on credit card as credit card company charge high interest and processing fee even this the have to collect GST on interest amount as they are not loan compony so there is addition amount charged by them 18% GST.
10. Cancel unused subscriptions : Track your all subscriptions like Netflix, OTT & Newsletters which was you can’t able to use or your usage is very low as per price you pay. So, Cancel all subscriptions which was not in use at this time. Maximum applications use subscription on credit card auto pay that’s why mostly person forget about subscription and subscription fee deducted from credit card and we unknowingly paying subscription fee regularly basis.
And there many ways you can do as per your knowledge.
I request you kindly leave a comment if you like or not or any suggestion.