Salary Saving Tips: The formula is that first of all, as soon as the salary comes, transfer the amount earmarked for saving to another account. If there is no second account, then decide that the amount earmarked for saving should definitely be transferred to another account. Will not touch.
Salary Saving Tips: Whether you are in a private job or a government job, do you know how much money should you save every month? What should be the salary for saving? What is the relationship between salary and saving? Most people are not aware of this.
In fact, if you are not able to maintain a balance between salary and savings, then it is possible that you may miss out on achieving your financial goals. Most of the people in our country are not aware about saving. Whenever we talk to them about saving, they have an easy excuse that their salary is low now and they will invest when it increases a little. But as the salary of such people increases, their expenses also increase, and then they are not able to save anything.
This formula for people with salary of Rs 20 thousand
Now the question arises that what is the solution? The simple answer is that if you want, you can save as much as you have in your salary. For this only willpower and better planning is required. Even if your salary is Rs 20,000 per month, you can still save. The formula is that first of all, as soon as the salary comes, transfer the amount earmarked for saving to another account. If there is no second account, then decide that you will never touch the amount earmarked for savings. Invest that amount in the first week of the month itself.
If you are not serious about saving, then start with only 10 percent of the salary, save Rs 2000 per month for the first 6 months.
But in today’s times, most people’s salary is around Rs 50,000. If your salary is around Rs 50 thousand, then know how much money you should save every month, and where to invest it, so that it can become a big fund in future and will be useful in times of trouble.
If you are married, and have two children. Even then you can save Rs 50,000 from your salary. Generally, those doing private jobs should save about 30 percent of their monthly salary. The rule says that Rs 15,000 should be saved every month. If your salary is Rs 50 thousand per month and you are not saving Rs 15 thousand every month, then you will not be able to reach your investment target, you need to think about this immediately.
Whereas if the salary is Rs 1 lakh then save at least 20 percent of the amount every month. However, if you save 30 percent of the amount then you will be able to achieve your financial goals in a better way.
Save 10% initially
If you are starting savings from the new financial year, then start with 10%, but keep increasing it every 6 months, until you reach 30% monthly savings. There will be a lot of problems in the beginning, the expenses will not be covered because we have already got into the habit of spending the entire salary. But you can change your habit yourself in 6 months. First of all make a list of expenses. Give space to what is necessary first, then consider those expenses on which scissors can be used. That means deduction can be made.
If you have a habit of eating out 4 times a month, then reduce it to 2 times a month. Apart from this, make a list of unnecessary expenses, which you spend unnecessarily every month. Believe me, every person spends about 10 percent of his salary unnecessarily.
Apart from this, in this era of online, if you have a credit card, limit its use. If you have got many credit cards made, then get some of them closed immediately. Apart from this, avoid online shopping. Whenever you go out for shopping, make a list before leaving home. Remember one more thing, as soon as you get your salary, do not buy things which are not of use to you due to offers or unnecessarily. With this method you can save 30 percent of your salary every month.
Savings need to be invested at the right place
Let us tell you, with this formula, a person with a salary of Rs 1 lakh can save Rs 3.60 lakh annually. When you save Rs 30 thousand every month, keep Rs 10 thousand out of it as emergency fund. You can do SIP of Rs 10 every month in Mutual Fund. Apart from this, the remaining Rs 10,000 can be invested in recurring deposit or gold bond. Whenever the salary increases, keep increasing the investment amount accordingly. If you keep saving and investing with this formula for 10 years, then you will not have to face financial crisis in future. This fund will be a big help even in times of trouble.
(Note: Before investing in mutual funds, take the help of a financial advisor)
