Want to save more money?
Today I will show you how you can save more money by using these 7 easy ways to save money every month.
I know you all are very intelligent that’s why by giving you all those shitty tips whom you are listening from your childhood, I will not waste your time. Today I will give 5 very unique tips and you may not be heard of it. And these tips will surely save you more money so stay tuned.
And with this as a bonus, I will tell you how to invest that money which you have saved by using these tips in the last section of this article.
I know that you know those boring tips like instead of going on the AC bus you should prefer Non AC buy to save money and instead of going business class you should travel in economy class. And you all follow those tips.
But after all these we can’t able to accumulate much wealth, Our savings don’t increase much,
Why did this happen?
This happened because of our habits. We save money from one thing but we spend that money on other things for example if we don’t go to a restaurant on one Sunday then on another Sunday we go to a more costlier restaurant. By thinking that we sacrifice on last week.
Now you don’t get ant profit of that sacrifice and saving on last week.
For now, these are the ways in am talking about
1. Save and Invest:
So the first tip is that no doubt you are saving intelligently but you should invest that saving intelligently too. Only by investing that money you can get profit from it.
So that much money you saved in any way it may be because you didn’t go to an expensive restaurant, you want but didn’t buy new cloth, you didn’t go to watch your favorite movie or maybe you traveled in economy class.
You should invest that money as soon as possible
What we generally do,
We took SIP( Systematic Investment Plan) and fix a date. On that day every month, an amount is deducted from your account automatically.
That is a good thing but what about all these small savings which you save by your day to day sacrifices. These small savings wastes because of not investing it well.
What you have to do if you saved 500 bucks today, You should open your mutual fund app and invest that money. So that your saving will help you actually in the long term.
2. Save Your Receipts:
The second thing you should do is keep your receipts safely. You may wonder but this is the thing that saves lots of your money.
You don’t realize that if you keep your all receipts then you can save a large amount of your taxes. And those tax savings are also the savings that you can invest.
That receipts are in the form of doctors’ bills, grocery bills, newspaper receipts or you buy something online.
All the money you spend on such things you will get a deduction in income tax, you don’t have to pay any tax on that money.
So all the money you spend making sure you ask for a receipt to the shopkeeper.
And consult your financial advises at the time of income tax return filling. So that he can suggest the best way to save more money.
3. Keep A Regular Tracking of Your Loans:
This is another very helpful tip to save more money than you should keep a regular check on your loans.
What happened that you take a home loan for 20 years at the interest rate of 9%. And you are giving your interest at the rate of 9% annual.
But if you are taken a flexible loan (a home loan which is adjustable with time) then also some finance companies say that every time when the interest rate will decrease you have to give them ( your housing finance company) in writing to decrease your interest rate.
I have seen some people who took a flexible home loan at a rate of 11%. But they are giving their interest at the same rate while the interest rates of flexible home loans are way lower than that.
Thay just have to go to their respective home loan company and give them an application that in the market there are interest rates are low and these are my conditions so please decrease my interest rate. And your company will instantly decrease your home loan.
The financial institution where you took your flexible home loan will never tell you this fact because at the end of the day they are making a profit from this.
4. Buy Term Plan at An Early Age:
When we are young and someone is buying a life insurance plan, at that point we think I am young I don’t need any life insurance plan, we will buy it later.
But if you are buying a term plan, a pure life insurance plan when you are young such as 25-26 years old. Then you should buy this plan as soon as possible.
Because it will benefit you in a very huge amount.
Because your premium is decided on your age. And your premium increases with your age. If you are young and you buy a term plan then your premium will decide with your age.
And because you are young, your premium will low in comparison if you buy it after 3-4 years.
And the main benefit is that your premium will fix for a lifetime.
For example, if your premium is decided 7000 rupees per month on the insurance of 1 crore rupees. Then it will not matter how old are you, you have to give only 7000 rupees per month.
If you buy a term plan at the age of 35 years for the same 1 crore rupees then your premium will decide on the basis of age. And you have to give more premium.
So my advice to you is to buy your life insurance plan as soon as possible. It will help in your future savings. And don’t forget to buy a critical illness cover.
In this case, the premium of critical illness cover will also fix the same as your life insurance premium.
Don’t buy critical illness cover of health insurance. Because the premium of health insurance is revised every year. So you will not get benefited.
5. Give Yourself A Tip:
How many times we give a tip, the answer is many times.
Every time when you go to a restaurant, you give a tip to the waiter because he serves you. Sometimes you give a tip to our driver, you give tip to the watchman and many more if you make a list.
Tell me one thing, when was the last time when you give a tip to yourself. Yes, I know that you spend a very large part of your salary on yourself, but my friend is just the bills that you pay.
I am talking about the money that you give to yourself. Not to the bills.
You give a tip when serves you but what about yourself. What about all those good work which you do like to complete a book, to go to the gym when you ate healthy food.
All those good work you do which feels you better.
All the time when you complete any work, give yourself a monitory reward. You finished a self-help book, give a monetary reward to yourself.
Whan, you buy a movie ticket worth rupees 500 then give 5% tip to yourself. When you complete a course then give yourself a reward.
Keep in mind all the tips, rewards you give to yourself don’t spend them. Save them in a piggy bank or an e-wallet. One thing you could do is to instantly invest them to a good mutual fund scheme.
At the end of the month when you check you will found a huge amount of money. And these all are your hard-earned savings.
These are of just one month when you calculate is for a year you will be amazed to see how much you have saved.
So this is the very smart, rewarding and easy way to increase your savings. On the other hand, you are doing good work also like to read a book, that book will increase your knowledge.
Exercise will keep you healthy as well. Give more and more tips to yourself so that you keep motivated all the time and for all the tasks.
So with this tip, you can save more as well as do good deeds. This is the fifth tip you can use to save money.
6. Use Your GST Number:
If you are a shop owner or you are a restaurant owner or you have a business then you will be GST number.
In this case, your regular expenses like when you buy a new phone, buy new cloth or you buy a laptop, you buy a cooler or anything. When you buy all these things don’t forget to take a GST invoice.
Many people don’t even know how they can use their GST no. They just use their GST no for business purposes only.
They know this fact that the raw material I am buying I can use my GST number to buy that raw material. And then I can claim my GST from the government.
But there are many things which indirectly help you in your business then you can get their GST invoice as well. Nowadays you can’t run a business without mobile and a laptop.
If you claim GST on the invoice of your personal phone and laptop then also the government will not doubt upon you.
In this case, you will save 15 -18 % money on your overall spending. That is also your saving. You can invest this money in mutual funds, the stock market or in your business as well.
Just think you can save 15-18% on your overall spending with just your GST no. So next time if you are buying something don’t forget to take the GST invoice.
7. Don’t Go for Shopping When You Are Hungry:
Now you will think, what the nonsense am I talking about. Why I am mixing hunger and shopping.
Yes, I know that both are different things. Actually, when we are hungry, we are very impatient. WE think to quickly finish shopping and go to the food corner to eat something.
We don’t realize but we are very impatient at that time.
So because of impatience, we buy more things and we buy very quickly. We don’t do many inquiries for that product, we just see the product and keep in your shopping kart.
Due to impatience you may buy the wrong product and maybe buy more products.
So thee conclusion is that you should go to the shopping mall or grocery store when you are not hungry.
As I told you in the starting that I will tell you how to invest money that you have saved by using these tips and tricks.
The money you will save by using these tips will be less like 400 or 500 at a time.
So if you want to invest that little money calling your financial adviser and giving them 400 or 500 each time will be not practical as well as irritating.
So there are many easy ways available nowadays. There is an app called KUVERA you can download this app for free from google play store or app store.
This app gives you so that every time you save money, it doesn’t matter how little it is. You can instantly invest it in your favorite mutual fund.
Another advantage of using this app is that KUVERA promotes direct mutual funds. For those who don’t know what is direct mutual funds is – In the direct mutual fund there is no commission. So the expense ratio is less than compared to the regular mutual fund.
So what are you waiting for?
so Go download KUVERA app for free or go to KUVERA website make your free account and start your investing journey today.