Investment is the best way to be financially independent. But many Indians grouse that there isn’t enough to invest. Savings are the need of an hour. Saving is an essential practice to keep a check on the financing. Therefore, we must learn how to save. In this article, I have compiled some hacks and tips that can be utilized in our day-to-day and you can save money in India.
Saving does not mean that we should compromise on our lifestyles; instead, we can start to optimize the way we spend our money. We should be smart and think about the monthly expenses that can be avoided. Systematic Investment Plans (SIP) will boost our savings. Thereby giving us better returns at the end of the term. We do not need a huge lump sum to invest but start with an investment as small as 500.
Every human being is a consumer. We need to buy goods and services to maintain a healthy lifestyle. But what happens when our needs turn into greed? We tend to overspend in our daily lives. Overspending is a huge problem in India. We Indians never leave a chance to brag about our luxuries. Overspending, in the long run, is not a good idea. It may lead to the exhaustion of our monthly salaries. Then we will not any reserve savings for the month. Thus, we will be unprepared to face any emergencies.
How To Save Money At Home?
Numerous ways can be used to enhance our monthly savings at home. Here’s a list of all the tips.
1. Mobile Recharge
Very often, people take the post-paid plan to avoid topping up their balance. But this is just the overuse of our money. Instead, we can avail of the prepaid plan and pay only for what is required.
Cellular networks are more expensive than a wi-fi connection. One must try and use wi-fi whenever possible.
Regular calls and SMS are way more expensive than internet calling and messaging over social networking sites. Try calling and texting over these networking platforms as they are cheaper.
2. Electricity Charges
Look around your house and check if electricity is being used recklessly. Switch off bulbs and fans when no one is in the room. Do not leave the chargers in the socket after charging the electronic appliances as they still tend to consume electricity. Plug the geyser a few minutes before entering the bathroom. Prevent unnecessary consumption of power, and this will bring down the monthly electricity bills.
3. DTH Charges
DTH or cable operators provide various channels that are grouped into various packs. There are high chances that most of us do not watch all the channels. Some channels also provide online streaming services over their websites. It is best to subscribe only to those channels which are mandatory.
4. LPG Charges
Cooking on an induction stove consumes energy, which is cheaper than cooking over an LPG stove. Try and cook meals over an induction stove when the direct flame is not required.
5. Transport For Traveling
Avoid using your vehicle every time you leave your house. Try walking to cover short distances. Use public transport while whenever feasible. Trying pooling cars with your colleagues to conserve energy and save money.
6. Use Lists While Shopping
Many times people tend to overspend at supermarkets by getting tempted to buy more than that is required. Hence, we should carry a list of items needed to be shopped and stick to it without getting distracted.
7. Always Budget Shopping
Before going shopping, keep track of all the items needed and how much will be spent on the purchase.
Deals like Buy 1 Get 1 free may or may not be beneficial to an individual. These are just market strategies to lure people into buying products. First and foremost, evaluate if the offer benefits you in any way or else it is completely worthless owning two similar things.
9. Don’t Buy Things You Don’t Need
Very often we get tempted to buy a lot of things. Once bought, these things may just gather dust at our homes without coming much into use. Hence, one should avoid such useless purchases.
10. Negotiation And Bargaining
Everything you purchase is a deal. These deals can be negotiated for discounts. There is no harm in bargaining the price of commodities at shopping outlets. This is similar to bargaining with a local vendor for an additional discount. Always ask for a discount before making purchases.
11. Cook Food At Home
Try and cook food at home instead of going to a restaurant. Eating at restaurants is proven to be more expensive as they charge for all the amenities offered there. Ordering food at home is a better option if one wishes to fulfill his cravings for eating outside food.
12. Unnecessary Subscriptions
Have you subscribed to magazines and newspapers? Do you find yourself rarely reading those? Then unsubscribe to these useless materials as they simply burden your monthly expenses.
13. Repair Or Replace
It’s better to maintain things than to replace it. We can extend the usage of many daily products instead of replacing them immediately. This will ultimately enhance our savings for the month.
14. Off-Season Shopping
Try buying commodities when there is no huge demand. For instance, buying raincoats during monsoons may cost you more than purchasing the same item in winters or the summer. Therefore, control your urge to making purchases. They may help you to save more.
If you live in a rented house, then make sure that you do not choose a bigger house than your requirement. The location should also be taken into consideration. If the apartment close to your house is expensive, then move into a cheaper one available at a distance. But if the distance is too much to travel, then opt for the apartment closer to your house.
16. Sell Items At Home
Try and look out for items at home, which are rarely used. If so, then sell them at an affordable rate. Instead of buying items you need, you could extract money from things that are not needed at all.
17. Quality Or Quantity
Often buying the most expensive items may not be the best deal. Sometimes the least expensive items can also last long. But this is all about making the right choices and selecting the right items. A slightly expensive microwave may be a better deal than buying a cheaper one, which requires frequent servicing. Choosing between high quality and economical products is all about choosing wisely.
18. Use A Single Phone
Many of us may be using two phones at a time. It may be a necessity, but others can cut down the use of the necessary device and save money.
19. Merge The Phone, Tv, And Internet Services Into A Single One
Some service providers facilitate such merging of services, which results in less cost in the overall expenses.
20. Pay Yourself First
When we get our monthly salaries, we end up paying all the expenses and forget about our investments. Therefore, we must keep aside a fixed amount to pay for our investments first.
21. Expensive Gifts
Many people tend to gift expensive commodities just to maintain social standing. Instead of buying expensive luxury items, you could opt to make something or gift an essential household commodity. You could also make good use of the buy 1get 1 free offer by gifting the not essential to you.
22. Try Using Second-Hand Products
Second-hand products sold at half its price may sometimes turn out to be the best deal than buying a brand-new expensive product. Good quality second-hand books are available online for less than half its price.
23. Get Insured
Nothing is certain in this world. Nobody knows what kind of adversities we will be facing next. Hence, it is better to get insured in case of any emergencies. Life and medical insurances, car insurance, home insurance, etc. can be availed by the masses to pay less in times of disparities.
How Can Students And Teenagers Save Money?
As students, we should also contribute and aid our parents by making saving in small ways.
1. Back-To-School Sales
Large stores conduct such sales to meet the requirements of every student. Such sales offer books, stationery items, bags, and other school items at a discounted rate.
2. Cooperative Stores
Many schools, colleges, villages, and cities have such stores that offer school products at subsidized prices.
3. Free Books And Stationery
Many charity and other non-profit organizations donate books and other school items for free. One can avail of such facilities and save money.
Various schools and colleges offer several scholarships to meritorious and needy students for further studies. This can help parents to save money on fees and other expenses.
Students are offered concessions in transportation facilities. As much as 50 to 75 percent is discounted for student commuters on bus, train, and airplane tickets.
6. Used Textbooks
Try and ask seniors if they could lend their books to you instead of buying new ones before buying them for relevant content and syllabus.
7. Meals Can Be Packed At Home
Students can take healthy food from home packed in their lunchboxes instead of buying the canteen food.
8. A Midday Meal Was Provided At School
Some schools offer midday meal facilities to the students. Availing this highly nutritious food is beneficial as this is a government initiative, and our parents have paid for it through taxes.
9. Bank Accounts
Every minor above 10 years can open a bank account under their parents or guardians.
10. Physical Fitness Should Be Maintained
Every student should maintain good health and fitness by playing outdoor games and exercising regularly. To avoid unnecessary expenses on medical treatments.
11. Group Travels
Traveling to places in groups enables the students and teenagers to avail of many discounts from the agencies.
12. Youth Hostels
Various International Organisations offer memberships to teenagers. Hostelling International, Young Men’s Christian Association, and Young Women’s Christian Association. These memberships enable them to reside cheaply when away from home.
Often, youngsters may get into addictions to drugs, alcohol, tobacco, movies, gambling, etc. under the influence of friends. This will drain off the monthly pocket money and leave them craving for more. Therefore, it is necessary to choose our friends wisely. Parents should also keep a close check on their children to avoid such situations.
14. Personal Hygiene
Teenagers should maintain their hygiene well. They should not rely on expensive cosmetics to maintain their physique. These cosmetics may have detrimental effects on the body, which will require further treatment.
15. Budget The Pocket Money
Parents often give pocket money to teenagers to maintain their monthly expenses. Therefore, it the duty of teens to budget the monthly expenses and use the money efficiently.
How Can Housewives Or Working Women Save Money?
Homemakers manage the entire house. They are the CEOs of the house. From shopping, cooking, budgeting, and working are some of the few things they manage. Here are a few tips where they can also contribute to the monthly savings.
1. Sales And Special Offers
Many stores offer frequent discounts for groceries and other commodities during monthly sales. Women can avail of these discounted offers and save money.
2. Loyalty Programs
Many shops and even banks offer such programs. Participation in these programs helps the masses earn points redeemed for groceries and other household material.
3. Shopping In Bulk
Wholesalers offer a huge discount on bulk shopping. The women in the neighborhood can go shopping together to avail of this offer.
4. All The Bills Should Be Paid Immediately
Every bill has a due date before which the payment should be made. Failing to pay the bill on time makes one entitled to pay a fine. To prevent the extra charges, the bills should be paid immediately.
5. Delegate Chores
Domestic help may be useful to reduce the burden on a single person. But these helpers charge a lot every month. Thus, one should try and manage well and allot some household work to children and spouses. Participation from every member of the family together in the household work strengthens bonds.
6. Food Should Not Be Wasted
Try to cook food that will suffice for the entire family. Do not permit wastage of food.
7. Family Trips
Family trips should be planned well in advance. The tickets should be booked months before the travel to avoid excessive expenditure on the tickets last moment.
8. Pests Should Be Kept Away
Pests and insects tend to damage furniture and spread infectious diseases. It can cause huge losses to the family. Hence, this situation can be averted by sanitizing the house well or by calling pest control.
How Can Working Men Save Money?
1. Travel Passes
Most working men may avail of public transport to travel regularly. Instead of paying every day, they can get passes for the entire duration at discounted rates.
2. Meals At The Office
Some offices may have canteens that offer food at subsidized rates. Otherwise, one can avail of the facilities like the ‘Tiffin’ meals offered by various providers.
3. Maintaining The Home Appliances
Regularly checking the appliances to detect any flaws beforehand can be beneficial. This can avert any major crises at home before the problem worsens, thereby leading to expensive repairs.
4. Mobile Plans For The Family
Today service providers offer various plans for the family at discounted rates that can help the entire family.
5. Family Health Insurance
Many Public Sector Undertakings (PSU) offers several insurance plans for the entire family. These health insurance plans are beneficial in times of family crises.
6. Save On Vehicle Fuel
This can be achieved by using alternate means of transport like public transport or carpooling, saving a lot of fuel, and enhancing savings.
7. Maintain The Vehicles
Care must be taken that the engine oil is changed at regular intervals, tires should be inflated, and brakes, gears, and steering should be maintained to prevent accidents and further damage to the vehicle.
How Can Senior Citizens And Retired Personnel Save Money?
1. Avail Of Health Insurance Policies
These policies often provide relief to applicants during medical emergencies. They cover most of the medical expenses. Such policies are offered only during a certain age gap. They should be taken at least 3 years before the medical emergency to cover a wider spectrum of illnesses.
2. Relocation Is A Bad Idea
Many people think that relocation to ones’ native place is a good idea. But relocation involves buying a new house which can be expensive, getting adjusted to the surroundings and meeting new people.
3. Post Office Schemes
Several post offices have schemes especially meant for the senior citizens and retired personnel. Schemes like the Senior Citizens Saving Scheme provide a high-interest rate ensuring good returns.
4. Holiday Savings Plan
Very often, retired people wish to travel and explore. Availing the right holiday package from good travel agents can make the holiday plan economical and feasible for the common man.
5. Senior Citizen Benefits
Most of the Indian states offer a lot of benefits to senior citizens. This includes discounted traveling fares, pension, etc.
How To Save Money While Shopping Online?
1. Discount Coupons
Many shopping sites offer a lot of discount coupons on ongoing sales. These coupons can be found on coupon websites and may provide a discount on items from a particular category.
2. Buy Now Offers
These offers enable the buyers to purchase expensive commodities at reasonable rates with discounts. Such offers are valid only for a limited period and are therefore called ‘buy now’ offers.
3. Check Out Discounts Offered By Retailers On Particular Categories
Many times e-retailers offer discounts on several products in different categories. One should be on a constant lookout for such offers.
4. Free Shipping
Online shopping sites charge for delivery services. However, few sites offer free delivery of goods as well. Amazon offers free delivery if we choose the delivery option of 2-4 days. Getting membership of a site also ensures benefits like free shipping.
5. Comparing The Prices On Different Sites
Very often, different companies offer discounts on various items. Comparing prices on various sites makes us aware of these discounts and helps us make the best deal.
6. Free Products
Amazon prime subscription ensures its subscriber’s free facilities like free delivery of Amazon products. It also provides access to the Kindle Owners Lending Library, which provides 1 free e-book per month.
7. Notify Yourself Of Discount Or Deal Offers
Many times, people are unaware of such deals offered by these sites. Hence it is best to subscribe to deal alerts to be aware of such discounts.
8. Gift Cards
Upon purchasing expensive products like smartphones and other commodities, some companies offer gift cards worth thousands of rupees. These cards can be redeemed to buy several other goods on the same site.
9. Deals For Readers
There are many good deals offered on books by Amazon and Flipkart.
10. Pay Using A Credit Card Or Other Wallets
Several online retailers offer discounts and even cashbacks by making payments using credit cards or wallets like Paytm, Mobikwik, etc. Such offers provide great savings to consumers.
11. Shop Online Only During A Particular Time
Just because online shopping is cheaper doesn’t mean that one should spend money on availing unnecessary deals. Try and avail online purchases only when needed.
Many shopping sites provide the best deals during the festive season like Diwali, Christmas, Eid, etc. major purchases can be made during this time at a subsidized rate compared to the nominal rate. Sales like Big Billion Days, The Great Indian Sale are some limited period offers that provide huge discounts on various items.
How To Save Money On Food Purchases?
1. Buy The Groceries In Season
When you buy fruits and vegetables during the season, they are cheaper. Choose fruits that are ripe and will be ripe within a few days. This prevents the rotting of food and its wastage.
2. Frozen, Canned, And Dried Food
Frozen and canned food items are as nutritious as fresh food. These can be bought during the offseason when some food items are expensive.
3. Check The Expiry Dates
Select products that are likely to expire within a few months or years. This gives enough time for consumers to use and prevent wastage.
4. Know The Food Prices
Know the prices of items that are frequently purchased. This will help to compare the prices of items in different stores. Thus, helping you to choose the best deal.
5. Eat Healthy Food
Eating healthy food enhances the physical fitness of individuals and also helps save money.
6. Grow Fruits And Vegetables In The Garden
This not only enhances savings but also intensifies and guarantees highly nutritious food.
7. Prepacked Food Is Expensive
Unless needed, buy prepacked food only if necessary. Such food items that are washed and sliced have a high price tag.
8. Perishable Food Items
Choose perishable food wisely. Prevent buying such food items if you do not intend to use it immediately.
9. Protein Food
Non-vegan protein food items are expensive as compared to their vegan counterparts. Use the substitute vegetarian sources of protein whenever possible.
10. Purchase In Bulk
Bulk purchases are beneficial as they tend to bring discount offers. However, these purchases should be proportional to consumption at home.
11. Use Coupons And Other Discount Offers
Newspapers, shops, and brands issue various coupons. Redeem these when shopping to increase the savings.
How To Save Money From Ones’ Salary?
Self-discipline is the key to saving. As working individuals’, we should always control our urge to spend money and start saving. Here are a few tips to help an individual save money on their own:
1. Always Pay Yourself First
As soon as the salary is credited to your account, transfer a part of it towards your savings account. In this way, you will be able to generate enough savings for the entire month.
2. Raise The Money In Your Savings Account
As you follow the ‘pay yourself policy,’ try and increase the monthly savings exponentially. Try initiating this raise after you are promoted or have received a hike in your monthly salary.
3. Practice Paying Hypothetical Loan EMIs To Yourself
Try practicing EMI payments to yourself as it will help when you finally plan to buy a house in the future.
4. Create A Person Cash Flow Report For Yourself
This report will help you to manage purchases which are affordable and prevent the overspending of money.
5. Invest Your Monthly Savings
This helps them in the growth of the invested amount.
6. Separate The Necessary Fixed Cost Expenses From The Savings
Fixed cost expenses are the monthly payments like bills payments, loan EMIs, and other fees that cannot be avoided. Try and allocate the amount for these expenses separately.
7. Inculcate The Small Saving Habits
Such habits include driving a small car, shopping in bulk, reducing electricity bills, using a library to read books instead of buying them, etc.
8. Don’t Overspend During Celebrations
Try and save money for family celebrations and occasions in advance. Do not overspend your limit.
9. If You Can’t Save, Then Let Your Parents Do It For You
Our money will be safest with our parents. No wonder that this a good way to save every month.
10. Maintain Your Debt Below 50%
Suppose you have taken a loan, then your contribution towards repayment should be above 50 percent. This can be achieved by first starting a SIP and contribute towards it until the value is reached.
11. Prepay Loans
Prepayment of loans helps the borrowers to clear the loan before its tenure. It enables them to save the interest expense, which would have been charged during the extended tenure.
12. While Repaying Loans Keep Increasing The EMIs Every Month
This helps the borrowers to finish off the debt faster and enhances savings.
13. Sovereign Gold Bonds
This scheme enables people to invest in gold virtually. It offers high returns at the end of its tenure.
14. High Interest In The Savings Account
Try and opt for banks that offer a high-interest rate in comparison to the other banks.
15. Plan Taxes
There are several tax benefits offered on various financial schemes.
- Under Section 80C, a deduction of Rs.1.5 lakh can be availed by the borrowers on the principal amount to be repaid.
- Under Section 80D, the overall deduction of Rs.50,000 can be availed on health insurance for a family or oneself.
- Under section 80E, the interest on education loans can be fully exempted.
16. Monthly Income Plan (MIP)
Monthly incomes can be generated by saving. Investing in MIPs is bound to create debt, but it has its own merits. It helps to save money and also motivates individuals to save more.
More Saving Tips For Every Indian
1. Follow The 50/30/20 Budgeting Plan
Every month should follow a proper budgeting plan. 50 30 20 is a good plan for beginners. According to this plan, 50 percent of the income should be dedicated to monthly expenses and other necessities. 30 percent can be used to satisfy one’s wants, and the remaining 20 percent should be invested towards the monthly savings.
2. Allocate A Job To Every Rupee
This method of saving is highly beneficial to those who spend money frequently. Try and assign tasks for every rupee that you intend to spend. This involves planning how much you will be spending on every chore. In this way, the money will be utilized efficiently.
3. Make A Bank Account
Banks offer various savings programs that can be availed by the masses. Such facilities can enhance savings as they offer high returns.
4. Make Another Bank Account To Save More Money
Try and maintain separate accounts for savings and monthly expenditures. This will not confuse the account holder about the amount to be saved and to be spent.
Banking Tips To Save More Money
1. When Opening A Savings Account, Choose A Bank That Offers A High-Interest Rate
Always compare the interest rates offered by various banks to check out those that offer high-interest rates.
2. Distribute Your Salary
This enables you to save the money instead of spending it ignorantly.
5. Keep A Constant Check On The Account
Keeping a constant track of the monthly savings may prevent sudden shocks due to certain charges and receipts.
4. Excessive Use Of ATMs
One should avoid unnecessary and frequent withdrawals from the ATMs. Set a limit to the number of cash withdrawals in a week.
5. Clear Credit Card Dues
Most credit cards have interest rates and several charges. Hence, they should be used regularly to provide the best benefits.
How To Save Money In Business?
1. Keep Track Of The Prices Of Various Items And Buy Them In Bulk
Know the costs of the major purchases made to compare the offers by different dealers. Make purchases in bulk to avail of discount offers.
2. Automate The Taxes
As a businessman, time is precious; therefore, automating taxes enables individuals to save time and money that would have been used otherwise.
3. Switch-Off The Computers After Use
Computers, when plugged in, consume a lot of electricity. Hence, care should be taken to switch off and unplug the sockets after use.
4. Free Software
Various sites offer free downloads of software products. These software products can also be availed for free rather than licensing expensive counterparts.
5. Second-Hand Products
Various second-hand products are sold over auctions, newspapers, and social networking sites. These products are sold at 50% of their original prices, which brings together a huge saving.
6. Eradicate Non-Essential Functions
There may be many functions in the office, consuming a lot of time and uneconomical. These should be eradicated, and modern innovative methods should be implemented.
7. Get Rid Of Any Pending Debts
If you had availed of any loans during the initial stages of the start-up, then get out of any pending debts, if any.
8. Vacancies Should Be Posted On Social Media Or Local Media
Try and minimize the use of expensive job posting sites. Instead, use the cheaper and more effective way of publicizing the job vacancies.
9. Choose Office Space With Natural Light
This simple method reduces the use of electricity. It also creates a healthy environment for work.
10. Work Virtually
Communicating virtually through digital platforms saves a lot of resources. There is less commutation, the overall renting and purchasing of office equipment is less.
11. Create Internship Opportunities
Many budding candidates are ready to enter the professional world. The company can hire interns instead of workers by offering free or paid internships to the youngsters enabling them to learn. These short-term internships prevent the payment of lump-sum to permanent workers.
12. Replace Benefits With Perks
Instead of rewarding the employees with expensive benefits, provide perks like free online services, subscriptions, etc.
13. Check For Any Flaws In The Office
Flaws like water leakage, electrical wiring, and furniture, when repaired in advance, prevent huge losses.
14. Recycled Printing Cartilages
Recycled ink cartilages are cheaper, and retailers offer additional offers for using these cartilages.
15. Reduce The Use Of Paper
This can be achieved by using both sides of the paper while printing or writing notes.
16. Strike Deals With Other Businesses
Collaborate with other businesses in the same field, and this will save money on the resources that both use.
17. Reduce Travel For Meetings
Conducting a virtual meeting on the digital platform can save a lot of money that would have been spent traveling.
Try to meet the budget constraints by negotiating with suppliers, customers, consultants, or credit card companies.
19. Train The Employees
Instead of hiring employees for different jobs, train the current full-time employees.
20. Clean The Office And Sell Unused Items
Get rid of the equipment and tools that are not required. These items can be sold to earn some profit.
21. Reduce The Number Of Employees
If the employees are not productive and do not deliver a good performance, then consider firing such employees.
How To Save Money On Insurance?
1. Combine Insurance Policies With One Company
Create insurance policies of the entire family on the same plane with the same insurance company. Many companies offer discounts on multiple policies.
2. Compare The Insurance Policies Offered By Various Companies
Different companies offer different rates. It is best to compare these rates and check for customer reviews before availing of a policy.
3. Save Money More By Driving Less
Many auto insurance companies offer low mileage policies for those who drive less.
4. Safe Drivers
Auto insurance companies offer more money to drivers who have a clean driving record.
5. Discounts On Car Insurance
There are various discounts offered by car insurance companies to individuals who satisfy certain criteria. Find out with your insurance company.
6. Good Credit
Some companies check the credit scores while calculating the rates. Therefore, maintain good credit scores to benefit from these rates.
7. Safety Features On The Vehicle
If your car has safety features to reduce the risk of injury, then the insurance companies provide discounts on the policies.
8. Reduce Insurance On Older Cars
Drop the coverage if the collision insurance premiums are more than 10% of the car’s current value.
9. Check The Cost Of Car Insurance Before Purchasing
Keep a check on the price, average repair costs, and safety records before availing of car insurance.
10. Increase The Deductible
These are the prices paid by the company for the repair of the car. Increasing the deductible and decreasing the money on collision is efficient as the car is more prone to repairs than accidents.
11. The Coverage Amount Should Be Maximum
With the increase in medical expenses, go for health insurance with maximum coverage for maximum treatment.
12. Avail Of The Family Floater Plan
This plan covers the health insurance of the entire family. The premium in this plan is less as compared to an individual.
13. The Sum Insured Should Be Selected Wisely
Keep in mind the current health status during the youth and after getting older. This helps to select the right sum according to the age of the person.
14. Maximum Age Renewal
Health insurance policies at needed during old age. So the plan should be flexible to be renewed when the applicant is 70-80 years of age.
15. The Claim-Settlement Ratio Should Be High
This ensures that the claim will not be rejected until the insurer has a valid reason.
16. Plans With Sub-Limits
Sub-limits cover medical expenses during periodic intervals—plans with maximum sub-limits, which ensure a good deal on the medical expenses.
17. Network Hospitals
By availing of a health insurance policy, one can avail of treatment from the hospitals belonging to the same network.
18. Compare The Premiums Offered By Various Companies
Compare the premiums, maximum returns, etc. offered by various companies and ensure the best deal.
19. Before Insuring With A Company, Check The Customer Reviews
This is useful to check customer satisfaction.
20. Check The Exclusions
Many insurance policies do not cover all the medical expenses. Hence it is mandatory to check what all is excluded from the expenses.
Money is an essential resource. It is our only means of survival. Without saving, we cannot increase our earnings as ‘every penny saved is every penny earned.’ As humans, we can opt for savings by using our own smart and innovative methods. Monthly savings have a lot of merits.
Enhancing these savings further adds to our advantage in times of crises, emergencies, and retirement. On average, an individual can save at least 30% of their salaries. But are we doing so? Or simply wasting our hard-earned cash on worthless events.
It’s high time we Indians realize the need to save and start investing this money to have a brighter future. It’s high time we realize our duty to save money. So, let’s work towards this and help ourselves and our family by trying to save a penny today. Remember, no saving is small. Every single penny saved adds up to a huge sum in the end.
FD Adviser says
I think lot of Indian investing in fixed deposit & fd interest rates are going to hike in future! currently stfc is giving maximum interest rates of almost 9% and additional .5% for senior citizens. reference link https://www.stfc.in/fixed-deposit/interest-rates/