What should be done to save money the Indian way? How much should I be saving every month? Why do we save money? How much should I be saving every m
There are a few ways in India that can help you save money. These are the methods:
Create a budget -
Make a list of all your expenses and prioritize them according to their importance. This will help you determine how much money you can save each month.
Cut down on unnecessary expenses -
Review your budget and identify areas where you can cut down expenses, such as dining out or subscription services you don't use.
Use cashback and discount offers -
Take advantage of cashback and discount offers available on credit cards and online shopping platforms.
Set financial goals -
Set specific goals for saving money, such as saving a certain amount each month for an emergency fund, retirement, or a down payment on a house.
How to use money properly?
What to do? -
Open RD -
You can open an RD account to save a fixed amount monthly with a financial goal. It means you are paying EMI for Savings, not for loans.
Open FD -
When you mature your ongoing RD then convert it to Fixed Deposit (FD), and start a new RD.
What should be done to save money?
Automate your savings -
Set up automatic transfers with a fixed amount like a salary from your salary or business account to a savings account to make sure you save money each month without thinking about it.
Reduce debt -
High-interest debt can be a drain on your finances. Try to pay off your debt as quickly as possible to reduce the amount of money you spend on interest. If you have a habit to pay EMI for RD, then you can easily get out of the trape of EMI if a loan has been taken in case of emergency or work.
Use coupons and buy generic -
Use coupons and buy generic brands to save money on groceries and household items. But don't do the shopping because you are getting coupons but use a coupon whenever you are doing shopping.
Save on Electric bills -
Save on energy or electric bills by turning off lights and electronics when not in use and reducing your home's heating and cooling costs.
Take advantage of free resources -
Take advantage of free resources available to you, such as public libraries and free community events, to save money on entertainment using DD Free dish.
Consider a side hustle -
Consider starting a side hustle to earn extra income, such as freelancing, YouTube, Blogging, Farming, Product manufacturing on a small scale, Affiliate marketing, Influencing marketing, or selling items online and local market.
Cook at home -
Eating out can be expensive, so try to cook at home as much as possible. Indian cuisine is known for its delicious and healthy vegetarian dishes, so consider cooking some traditional Indian recipes. You can view Best Indian recipes on YouTube.
Save on transportation -
Use public transportation, walk, or bike instead of taking taxis or driving your car. This will not only save you money but also reduce your carbon footprint.
Invest in long-term savings -
Consider investing in long-term savings options like fixed deposits, mutual funds, or Public Provident Funds (PPF) to earn interest and save money for the future.
Apply for Government Pension, Insurance Scheme -
You can deposit a small amount to participate in a pension and insurance scheme started by your Government.