Hello Readers! 

Saving money is a big problem for the new generation, they always have an excuse, that there isn’t enough money to save. This is a true fact that saving money requires a lot of effort and proper planning than earning it.

The new generation is surrounded by things that are purposely meant for consumption. There is a number of promising offers that we receive on our phone per day, some on clothes, some new gadgets, some on food items and many other commodities. The taglines of these offers like 'buy two get three', ‘attractive 50 percent discounts’ and 'shop till you drop', attracts the new generation more towards them and for the generation, it is quite difficult to say no to such offers.

But all over this, every individual knows the importance of saving money for our future planning and big goals. Living on paycheck to paycheck life can be comfortable but that also has a limit. Hence, it is important to use effective tricks so that you can conserve your hard-earned money.

Let us look at some effective ways that can help you save money:

Observe Your 6 Months Expenses And Analyze Where You Can Cut Down

Either earning more or spending less, any one of these can help you save money. If we choose the easy way, then the latter is the best to go with.

In order to lessen your spending, you need to analyze your expenses, no not one month but at least 6-months. You have to look at six months of expenses pattern and find out where you can cut the flab. This small can be much beneficial for people who have a lot of spending habits, especially, those who have the feeling that their credit card has magic, they can swipe it and get whatever they desire for.

While analyzing your last 6-months expenses, look for those expenses that you could have easily avoided, but you didn’t. Go cutting down these unwanted expenses in the coming months. This way you can save money.

Go Adding A “Personal Tax” For Your Paycheck

Every individual who earns has to pay a part of their income as tax to the government for the welfare of our country. It's time you should add a personal tax to your income for the welfare of your household. The best part of this idea is you can keep the tax amount deducted along with you.

Here is what you need to do: Deduct 10 percent tax on your monthly take-home pay. For instance, if you earn Rs 30,000 per month, deduct 10 percent tax or Rs 3,000. Now you have at least Rs 3000 saved per month. You can use it productively like if you invest this Rs 3000 per month in mutual funds, at the end of 12 months you can get a 6-8 percent return. Please keep in mind that putting this money every month in your savings bank account will keep it idle with no growth.

Automatic Account For Hands-Free Investing

Automating your investment and keeping it hands-free, help it go smoothly every month without any manual disturbances. By doing a one-time setup and giving instructions to your bank, automatic investing brings the best of the world at your feet.

It is very often, whenever people face any sort of financial emergency the first thing, they do is stop paying their investment installments on time. This ultimately affects the continuous growth of the investment; Thus, it is advised to automate your investment. Automating your investment requires no manual involvement and thus it goes smoothly.

You can automate your investment in Mutual Funds via SIP (Systematic Investment Plan).

Make That Side Hustle That Nobody Knows About

For many people, their job (be private or government) is the reason for their happiness, not because they like or love their job, but it gives salary or income. People receive promotion and raise in their income, but that raise is sometimes not enough. Sometimes people have to look at some other ways or work to add that extra source of income for their family. Yes, that’s right. When you are good at two-three things, it is time to multi-task.

Having an extra source of income doesn’t mean that you need to do exotic jobs like doing accountancy or making the next best-selling novel. Go for simple jobs like being a babysitter for pets, looking after administration at a neighborhood club, or even arranging help for rich/old people who would pay you.

This extra source of income will ensure that you are saving a sum of the amount per month, and income from your primary job will guarantee that extra money isn’t spent.

For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee of future returns).