Friday, October 26th, 2018
Tips on Saving Money from Your Monthly Salary
In this fast moving world, most of the people are focusing on earning more money with every passing day and they tend to forget to save the money they have already earned for themselves. We must never forget that money saved is equivalent to money earned. So let us discuss some of the tips to save money from your every month salary.
1) Formulate a Financial Strategy
The first thing everyone should do is make a list of all the important expenses that one has to make in the coming years like purchase of a vehicle, buying a house or a long holiday. On the basis of these expenses, decide the amount of savings that one needs to do from every month's salary.
2) Save First, Spend Afterwards
As soon as the salary is credited to your bank account, the first thing one should do is to keep aside the pre decided savings amount. The remaining amount should now be used for monthly expenses in the most prudent way possible.
3) Start Making Investment Decisions as Early as Possible
Different financial instruments provide different rates of interest according to the risk profile of each one of them. Generally, the higher the rate of interest one receives on his/ her investment, the higher is the risk of losing some or all of the funds in that instrument. One should distribute one's savings among safe and risky instruments as per the return desired and risk appetite.
HOW TO GET A PERSONAL LOAN
There can be times when one finds his/ her savings not enough for a particular expense. In these times, one has many options of borrowing money, out of which one of the easiest and most convenient ones are loans through personal loan apps like CASHe. The requirements are:
a) Smart phone and the app downloaded on it
b) Copy of PAN card, Aadhar card, latest salary slip, & last three months’ bank statement
Many benefits of this option are
a) Good credit score not required
b) Time saving, paperless and hassle free process that can be completed under few minutes
c) No collateral required
It is never too early to start thinking about one's financial goals. One should start saving and investing money in the right options as early as possible. Also, one must be aware of the best options of applying for loans in times of financial emergencies.