Money Saving Tips & Tricks: If you want to invest money, then you should save money to invest first. Many of us are unable to invest because those people are not able to save money. Now you cannot invest without money. Now there are two ways to save money. You can increase your income or reduce your expenses. Increasing income is not in your hands. But you can reduce the expenses. So, in this article, we are providing some simple money saving tips and tricks. Let’s see how you can save money with these easy tips. And maybe you can also invest.
Simple Money Saving Tips and Tricks
Automate Investments
In the beginning, I invest money through a recurring deposit or mutual fund SIP. You will not get a chance to think. The money will be invested on its own. You can spend the remaining money by investing comfortably.
Invest first, then spend
Most people do the opposite. The money left after all expenses is invested. If you are trying to save money, then you invest the money as soon as your salary comes, you should spend whatever is left. Many times when the money in the bank is less, the expenses are automatically reduced.
Keep separate bank accounts for investment and general expenses
As soon as your salary arrives, you transfer some of that money to another bank account, which you use only for investment. Only spend from your bank account with common expenses.
Connect Your Investment with Direct Goals
If you are making an investment for your child’s education, then you will think many times before thinking of stopping it or selling it. That’s why to connect every investment with a goal.
Avoid Credit Cards
By the way, there are some advantages of using a credit card, but if you are unable to control your expenses, it is better that you do not use a credit card. If using a credit card, then there should be a lot of restraint. Otherwise, you can spend a lot more.
Do not spend money on things that are not used
Have taken a gym membership, but do not go. Either start going to the gym or do membership. If you have subscribed to a magazine or magazine but do not fall in, then discontinue such a subscription. There may be many other expenses that you can stop.
Make a budget
Make your budget in advance every month and then execute it. Note down your expenses and compare them later with your budget. From the budget, you will also know which expenses can be reduced and which are not. You will get to know where you are spending more. Gradually you can reduce those extra expenses. For example, if you eat outside every week, try to eat once every two weeks.
Don’t get dizzy or involved in any competition
This is neither good for your financial health nor your mental health. Do not get into any competition. Spend as much as you can afford. It is stupid to spend money only to show up with a credit card or personal loan. All these things may not apply to everyone. You have to see what is the best route for you. Apart from this, there are many ways to save money.
Plan your expenses
Especially if you are going somewhere, booking an airplane, train or hotel can be done cheaply if booked in advance. From time to time, the sale goes on in the mall or on the online shopping website. If you work wisely, you can save a lot of money. The sale takes place at big festivals or New Year.
Blob drops into the ocean
Many times we do not take some steps because we think what difference it will make. As if used wisely, the electricity bill can be reduced. If you have a post-paid connection to the mobile and your bill is very high, then you can shift to a pre-paid connection. Many times in a post-tree connection, the idea of your usage is not available. That is why the bill comes more. And then nowadays the facility in prepaid connection is also getting very good and cheap. If you save Rs 1,000 a month, then you can save Rs 12,000 a year.
By:-
Prakhar Sharma
Founder, Upgrading India
