Money Savings Tips That Only the Smart People Know
For the many years, I have shared various tricks that will help you make money online and tips to save money when you are working as a blogger.
Now it is a very long time that you should know the money-saving tips that are making rich and making tips, after which you can not lose money. I follow many of these tips to save money for myself.
How to save money to become rich?
There is a big house, big car and a big bank balance for some rich people. If you are thinking that you are rich or not, then ask yourself: You have more to do with whatever you had for the last month.
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If the answer is yes, then you are on the right track and if the answer is no, then the time is that you come into introspection mode and see the habits that you lose more than you get. Okay, I share the suggestions I usually follow and help me save money.
Avoid less than plastic money and use real money more:
Whenever I make a purchase in a mall, I usually use my credit card or debit card (plastic money) to pay my bill, and rarely affects me when the bill is low or low. By the time I was not making real money, I had nothing to worry about.
This changed my habit of buying non-essential goods and I am spending more than my expenses. During the last few months, I have to take cash with me and I set a budget for myself, how much I will spend.
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In this way I focus only on the things that I had to buy and give hard cash, it is hard to swipe my card to pay the bills.
Save power and save money:
This small change saved more money than I had thought of. When I’m using the tube, I’m a reluctant person when I’m not using or going out to shut down a TV or exhaust fan or even my Wi-Fi router. I was paying more than 5000INR every month because my electricity bill is too much for a person living in a flat.
I started the practice of closing all the electrical appliances when I was not in use or not necessary, and it reduced my bill closer to 3000 INR.
This can not be a huge amount for you but for me this amount is very big. It is a savings that is worth making and puts a lot of difference till the end of your financial year.
Term deposits instead of placing money in saving the account:
I am not a finance person and other things like mutual investment and other savings material scares me because of lack of information. But I have no excuse to be uneducated on finance and to save money.
Recently I have discovered a few things that help me earn more money on the money and make sure that I do not have extra money in my bank account. Instead of putting the majority of my money into fixed deposits, I started with account savings.
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A savings account usually pays 4% in interest rate and the fixed deposit pays close to 8.75% interest rate.
Check your bank interest rate for different term of the FD and choose one according to your needs. Even the amount is less than 10000 INR, it will be a lot different by the end of the year.
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You can start up to 20% of your income every month and you will eventually pay a considerable amount of savings.