New Year Saving Plan: If you want, you can save from your salary. For this only willpower and better planning is required. Today we will tell you in detail about how and how much to save.
Salary kept increasing, expenses also kept increasing… That’s why no one has been able to save yet, this is the excuse of most of the people in the country. Years pass by under this pretext. Whereas there are some people who will always say that the salary will increase a little next year, only then they will save. But in reality this does not happen.
Believe me, people who insist that they will save some money after salary increase are never able to save. Because the wait for salary increase for savings never ends. If you want, you can save from your salary only. For this only willpower and better planning is required. Today we will tell you in detail about how and how much to save.
This formula for people with salary of Rs 20 thousand
Even if your salary is Rs 20,000 per month, you can save this also. 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 saving. If you are not serious about saving, then initially save only 10 percent of your salary. That means save Rs 2000 per month for the first 6 months.
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, people doing private jobs should save about 30 percent of their salary every month. 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.
Save 10% initially
If you are starting to save, then start with 10 percent, but keep increasing it every 6 months, until you reach 30 percent monthly savings. You will face a lot of problems in the beginning, your expenses will not be covered because you have already got into the habit of spending your 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, people with a salary of Rs 50 thousand can save Rs 1.80 lakh annually. When you save Rs 15,000 every month, keep Rs 5,000 out of it as emergency fund. You can do SIP of Rs 5 every month in Mutual Fund. Apart from this, the remaining Rs 5 thousand 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.