It does not matters how much you earn. What matters is how much you save. Saving is the first step towards investment. If there is no saving, there cannot be any investment. Anyone who is not saving enough money is not ready for investment.
Here are some tried and tested money saving tips and ideas.
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| How To Save Money? |
- Save some portion of your monthly income, say income of 4-5 months salary for emergencies. Keep this money in your savings bank account. NEVER invest this saving. It is for emergency.
- Save at least 20 - 40 percent of your monthly income for investment. Make this a practice at any cost. If possible, try to increase your earning and savings.
- Avoid unnecessary or lavish expenses to save money.
- Gift yourself some share certificates on your marriage anniversary or your birthday instead of spending money on useless things and lavish holiday package.
- If you have any debts, clear them off. Start with debts with high interest.
- Avoid credit cards as far as possible because people with credit cards spend more money than people who buy against cash.
- NEVER try to make money out of gambling or investing in stocks to clear off debt. Only a fool will do this. It is wise to clear OFF all Debts and then save more money for investment.
- Opt for options that offer retirement benefits. You can save good money from these benefits. Opt for provident fund if your employers offers.
References & Resources:
- Why Invest?
- When to Invest?
- How Much Money to Invest?
- Where to Invest Money?
- 30 Easy Ways to Save Money
- Money Saving Tips
- How to Save Money Every Month
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