How to save from your salary, know the details
Smart Saver Plan: There are many people whose income is good, but by the end of the month their pockets are empty. Within a few days of the salary arriving, not even a single rupee is seen in their account. This is because they have not made a savings plan. So let’s know about the economic process in which your salary is saved and it does not empty your pocket.
Suppose your salary is 40,000. Out of this, you immediately invest 8,000 rupees in a savings account or investment SIP or RD. In this, you will save your money first. If you save 20% of your salary at the beginning of the month, then your other expenses will be manageable with the money left from savings.
Where to invest?
-SIP (Systematic Investment Plan): Create a large fund over the long term by investing a fixed amount every month.
PPF (Public Provident Fund): This is a reliable option for the long term.
RD (Requiring Deposit): An easy way to earn fixed and safe interest.
VPF (Voluntary Provident Fund): Extra saving option for EPF account holders.
Example: If you are saving Rs 8,000 from your salary, then divide it into 3 parts. Put Rs 3,000 in SIP, Rs 3,000 in PPF and Rs 2,000 in RD, after a few months you will see that you have saved lakhs of rupees.
Control your spending:
-Not only saving, but you should also control your unnecessary spending.
-Some small habits have a big impact.
-Reduce eating out. Eat out twice a month and go for a hangout.
-Stay away from shopping or ‘sales’.
-Stop unnecessary use of credit cards.
-Reduce spending on parties or outings.
-Stay away from habits like cigarettes and alcohol.
