Friends, it is not necessary to earn more money to become rich. For this, you need to know the art of saving money.
No matter how much money someone earns, if he does not know how to manage that money, he will not be able to save anything.
People often get a good salary or earn good money from their business. But still, nothing is left in his pocket.
They think that if we had more money, we would save more money. But that doesn’t happen at all.
As our salary increases, so do our expenses. When a person gets a salary in the early days of his career, He still does not save money, and even if his salary doubles, he still does not save money.
The reason for this is a lack of ability to manage money. In this post, we will tell you how you can save money. These best money-saving tips in Hindi will tell you that there is no need to know any big technology to save money.
Rather, the money in your savings account will continuously increase by small amounts.
21 Easy Ways to Save Money
1. Develop a Monthly Budget:
Make a budget for the entire month. This will give you an idea of how much of your income is being spent. And how much money can you save? You can set aside money for each expense.
First of all, your entire month’s bill, electricity bill, mobile phone recharge, dish TV recharge, internet bill, month’s ration and vegetables, children’s fees, house installment, car installment, insurance etc. Write them down on a piece of paper and determine how much money you need to pay for it all.
If you want, you can also get the help of a financial advisor in making your budget. You need to know where the money is going in a month. You won’t even know where your entire salary will go without any written expenses.
2. First and foremost, set aside the savings:
First of all, set aside a part of your income as savings. For example, if your monthly salary or income is Rs. 20,000/-, then at least 10% of it, i.e. Rs. 2,000/-, you have to withdraw and deposit it in a savings account.
You can increase this percentage to 20% or even 25%. After withdrawing Rs.2,000/-, your income has been reduced by Rs.18,000/-.Now you have to meet all your expenses from this. Thus, you have to do this every month.
3.Learning to live on less income:
The biggest reason most of us are not able to save money is that we spend more than our income. We have increased our expenses so much that we do not survive on the salary.
To meet our expenses, we again take loans, and thus the debt trap keeps on pulling us towards us. Promise yourself that you will live on less than your salary or income.
If you don’t have money, don’t pursue your hobby by taking a loan. Wait for the next month. If there is no money left even in that month, then wait for the next month. But don’t pursue your hobby by taking out a loan. About 70% or 75% of your income should cover all your expenses.
4. Avoid using credit cards excessively:
Your credit card is such a medium that even the slightest carelessness in using it will ruin your entire financial planning.
This is a good idea because if suddenly such a situation comes in your house, you have to go to the hospital at night and you do not have money in your pocket, this is a good idea. So you don’t need to wander here and there.
You can pay with your credit card and then pay by credit card. But credit cards are rarely used for this type of emergency. People use credit cards for indiscriminate shopping.
Buying expensive things with credit cards and paying them in installments Due to which, the responsibility of paying extra falls on them. Therefore, if you can use a credit card, do not do it at all. Let’s assume that you do not have a credit card.
5. Eliminate Waste:
Often, people buy those things. which they don’t need. For example, you know that your mobile is working properly now, but if a new model has been launched on the market, then we also need the same. Because of this thinking, we spend unnecessarily.
Due to which, we have nothing left and, on the contrary, we get stuck in debt. You have to keep in mind what is important to buy and what is not. Some people start spending extravagantly as soon as they see the sale. Only by stopping this can you achieve your goal of saving money.
6. Sell the unused items:
items that you are not using. and has been lying in your warehouse for a long time. There is no use in keeping it. Many people have had many such things lying around with them for a long time. which they have not used for years and will not be used in the future. Sell this type of item and put the proceeds into your savings account.
7. Pay your bills on time:
Note down the date of submission of all your bills, like electricity bill, internet bill, mobile bill, dish TV bill, landline telephone bill, etc. Make sure to pay all bills on their due dates. Submitting after the due date incurs significant additional charges which will come out of your pocket in the form of unnecessary expenses. So pay all the bills on time.
8. Take Control of House Bills:
Use different types of bills for your house, like electricity bills, telephone bills, internet bills, mobile bills, etc. For example, when not in use, turn off the lights, use the AC, heater, or geyser only as needed. Make limited use of the Internet. Try to reduce the mobile bill too. In this way, you can reduce all the bills.
9. Lower Your House Rent:
If you want to move ahead in the direction of saving money, then you should not spend too much money on a rental house. Rent your budget-friendly home as much as possible. Don’t rent a big house just for the sake of looks and elegance.
Many people rent a 3-bedroom or bigger house just to be visible to their relatives and friends. for which they have to pay a huge amount every month. If you are also one of them, then quickly add your house to the budget. Otherwise, you too will never be able to save money.
10. Avoid going out to eat:
We spend a lot of money on food when we go out. If possible, stop going out to eat. And if you cannot stop it completely, then definitely control it. For example, if you go out to eat every weekend of the month, then limit it to just once a month. And invest the money that is left in investments.
11. Make Holiday Plans:
If you want to go out for a holiday, So plan for that in advance. Find out how much your entire tour is going to cost. When you know this, then start collecting a little amount every month for the holidays accordingly.
For example, if you have to go on a tour next year and it is going to cost you $380, then you start depositing $32 every month from now. As a result, you will have $380 by next year.With this, you will not have to worry financially, and you can go on vacation comfortably.
12. Using Public Transportation
Use public transport like the metro, bus, and cab etc. to go to your office or market etc. When you go by your personal car, you lose a lot of money in the form of diesel, petrol, CNG, etc. Thus, you can save money and invest with that money.
13. Don’t Visit Online Shopping Sites Unnecessarily:
An online platform is a good platform to buy goods. where we get many items at heavily discounted prices. Thus, it provides a good opportunity for the customers. But visit online sites only if you want to buy something.
If you visit them without any reason, you will fall into the trap of tempting offers. And you will take something or other. even though you didn’t need it.
14. Make sure to get health insurance for the whole family.
Be sure to get health insurance for your entire family . Health problems can knock on anyone’s life at any time. In such a situation, if you do not have health insurance, it can be very heavy on your pocket.
You may have to take out a loan. Therefore, to avoid all this, you and your family must have the security cover of health insurance.
15. Make an emergency fund deposit:
Make sure to deposit a little money every month for the emergency fund from your income. You should have about 6 times your total monthly expenses as an emergency fund.
so that if you do not get a salary for any month and you miss your job, then you have secured money for your livelihood. So be sure to build an emergency fund.
16. Reduce Your Expensive Hobbies:
You will have many such habits due to which you spend a lot of money. Like smoking expensive cigarettes, traveling in first class, going to see movies every week, going to party with friends every week, etc. Cut down on all these habits. Because these habits are such that there will be no harm to you due to their reduction.
17. Invest a part of the income in:
Every month, a part of your income must be invested in an investment. It is worth knowing here that both saving and investing are different types of words.
Now you will say that we had to save money. We saved it and deposited it in the savings account. But here’s where things go wrong: your savings account earns less than 5% interest.while the inflation rate is increasing every year. which is more than this interest.
In such a situation, you need to invest some of your money in a savings account and some part in other investment instruments like stocks, mutual funds, bonds, real estate, gold, etc.
But before doing this, do take the advice of your financial adviser once. Nowadays, many such frauds happen with customers whose money is deposited by promising them high interest rates. And later, they disappear. Due to which, the entire money of the poor investors is lost. Therefore, take advice from experts in this field.
18. Make proper tax-saving plans:
Most people earn good money, but a large part of their income goes to the government in the form of tax. because they do not know what the means by which tax exemption can be obtained can be obtained.
Here you are not being asked not to pay tax. Rather, you must pay tax to the government. The development of the country is possible only through your taxes.
The government has made some such rules that give you tax exemption. There are some investment instruments in which you can get a tax exemption by investing. such as life insurance, health insurance, children’s tuition fees, ELSS mutual fund, home loan, etc.
19. Make your money work for you:
There are many investment tools available today. If you have the money, you can available today. If you have the money, you can invest in them and get them to do the work for you.
For example, if you invest in real estate and buy a house, you will get rent every month from your house. In such a situation, your investment is also safe, and it also gives you income every month. In this way, your money generates more income for you.
20. Create a Long-Term Investment Strategy:
Always choose long-term investment for investment. People want to get rich overnight. So they choose a route that can make them rich quickly. But no such route is available. Just as a seed cannot grow a tree overnight, it cannot bear fruit.
Similarly, your money will not multiply overnight. You need to stay away from those who give you this kind of greed. Always keep a long-term view. It does not matter how much you invest. What is more important is how long you stay consistent in that investment.
21. Link your investment with a goal:
Whenever you start an investment, associate it with a goal. For example, if you start a SIP in mutual funds today, then add it to some future thing like a child’s education, a child’s marriage and retirement etc.
When you do, you keep doing it because you know that I am depositing it for my children’s education, for marriage, or for my retirement. That way, you will never let it stop and it will become a habit of yours .
These money-saving tips may seem small in appearance, but if you take these things out of your life, then believe me, you will definitely be able to save money.
And if you are successful in saving money, then you will move towards becoming wealthy.
Friends, I hope you have got the answers to your questions in Money Saving Tips.
How did you like these money-saving tips? Tell us by commenting in the comment box below. Thanks guys.