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<\/a><\/p>\nKeep track on your Expenses<\/strong><\/span><\/h5>\nThe every first important thing of saving money is to figure out how much money you spend. Keep proper track of your expenses to find out what expenses you can cut down.<\/p>\n
Spend what is left after saving<\/strong><\/span><\/h5>\nWarren Buffet has rightly said \u201cDo not save what is left after spending but spend what is left after saving\u201d<\/p>\n
First keep 10 \u2013 15 % from your total income aside as your savings and cut short all the unwanted expenses and inculcate good saving habits<\/p>\n
Make your Savings grow<\/strong><\/span><\/h5>\nDon\u2019t just blindly keep aside the money as savings but make sure that your savings are growing so that you have enough money to buy a house 10 years down the line or even a car in next 5 years or you have enough funds to meet your financial goal in near future<\/p>\n
Save for an Emergency<\/strong><\/span><\/h5>\nIn the lure of making money and saving for bigger goals do not forget to prepare for financial contingencies. So it is necessary to build an emergency corpus, it should include 3-4 months of your household expenses and should also include payment of EMI\u2019s and other such obligations. In fact this shall be the 1st<\/sup> step for money to be saved<\/p>\nWhich investment shall you pick to save your money?<\/strong><\/span><\/h5>\nOne shall select an investment option depending upon the type of goal and the tenure of achieving that goal:<\/p>\n
\n- Do a monthly SIP in Equity Mutual Funds<\/strong><\/a> t<\/span>o inculcate good saving habits.<\/li>\n
- Invest in Equity Mutual funds<\/strong> <\/a><\/span>to gain higher returns and have a goal which is to be achieved in long term.<\/li>\n
- Invest in Balanced<\/strong> Mutual Funds<\/strong><\/a><\/span> to achieve a goal in next 3 to 5 years tenure and avail benefit of withdrawing money as and when required.<\/li>\n
- Invest in Debt Mutual Funds<\/strong> <\/span>if you are saving money for the tenure of 1or 2 years and avail benefit of withdrawing money as and when required.<\/li>\n
- Invest in Fixed Deposits<\/strong><\/a> <\/span>if you wish to play safe and do not want to take much risk and want to build a corpus for emergency.<\/li>\n
- Invest in ELSS fund<\/strong><\/a> <\/span>and avail tax benefits u\/s 80C with a lock in period of 3 years.<\/li>\n<\/ul>\n
Warren Buffet has rightly said \u201cDo not save what is left after spending but spend what is left after saving\u201d<\/p>\n
First keep 10 \u2013 15 % from your total income aside as your savings and cut short all the unwanted expenses and inculcate good saving habits<\/p>\n
Make your Savings grow<\/strong><\/span><\/h5>\nDon\u2019t just blindly keep aside the money as savings but make sure that your savings are growing so that you have enough money to buy a house 10 years down the line or even a car in next 5 years or you have enough funds to meet your financial goal in near future<\/p>\n
Save for an Emergency<\/strong><\/span><\/h5>\nIn the lure of making money and saving for bigger goals do not forget to prepare for financial contingencies. So it is necessary to build an emergency corpus, it should include 3-4 months of your household expenses and should also include payment of EMI\u2019s and other such obligations. In fact this shall be the 1st<\/sup> step for money to be saved<\/p>\nWhich investment shall you pick to save your money?<\/strong><\/span><\/h5>\nOne shall select an investment option depending upon the type of goal and the tenure of achieving that goal:<\/p>\n
\n- Do a monthly SIP in Equity Mutual Funds<\/strong><\/a> t<\/span>o inculcate good saving habits.<\/li>\n
- Invest in Equity Mutual funds<\/strong> <\/a><\/span>to gain higher returns and have a goal which is to be achieved in long term.<\/li>\n
- Invest in Balanced<\/strong> Mutual Funds<\/strong><\/a><\/span> to achieve a goal in next 3 to 5 years tenure and avail benefit of withdrawing money as and when required.<\/li>\n
- Invest in Debt Mutual Funds<\/strong> <\/span>if you are saving money for the tenure of 1or 2 years and avail benefit of withdrawing money as and when required.<\/li>\n
- Invest in Fixed Deposits<\/strong><\/a> <\/span>if you wish to play safe and do not want to take much risk and want to build a corpus for emergency.<\/li>\n
- Invest in ELSS fund<\/strong><\/a> <\/span>and avail tax benefits u\/s 80C with a lock in period of 3 years.<\/li>\n<\/ul>\n
In the lure of making money and saving for bigger goals do not forget to prepare for financial contingencies. So it is necessary to build an emergency corpus, it should include 3-4 months of your household expenses and should also include payment of EMI\u2019s and other such obligations. In fact this shall be the 1st<\/sup> step for money to be saved<\/p>\n One shall select an investment option depending upon the type of goal and the tenure of achieving that goal:<\/p>\nWhich investment shall you pick to save your money?<\/strong><\/span><\/h5>\n
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