Earning is very important. But saving is more important than that. People have to be in danger if they don’t get money especially when they need it. And saving for the last age is very important. All the ways to save, to increase money with money, is called ‘personal finance’. Every person needs to plan so that after a time there is enough money to meet the needs.
All the ways to save money…
Emergency fund
As the saying goes, money is the solution to many problems. Therefore, it is very important to create an emergency fund. For that, money needs to be deposited in the bank. Those who are able to earn should open a bank account and keep the money. Savings will increase if you deposit a little money every month. So that the money is not withdrawn without need, the money should be deposited keeping that in mind.
Don’t let the interest increase in any way
Many take loans from banks for cars or houses. The money has to be paid with interest over a long period of time. And if the payment is not repaid in any month, the interest amount increases. So arrangements should be made so that the concerned organization automatically deducts money from the account. Also, arrangements can be made to deduct the EMI at the beginning of the year. In that case, the better the credit score, the lower the interest rate.
Save for old age
It is necessary to make arrangements so that you do not have to face problems with money after retirement. If you are employed, and have a PF account, deposit money in Voluntary Provident Fund. In that case, more money can be deposited than what is normally deposited in PF. And if you don’t have a way to save money in PF, then save some part of salary money in PPF, ELSS, mutual fund.
You can invest money in the stock market
Shares always yield higher returns. If you invest for a long time, you will get results. Returns are higher than FD or RD in bank. But you must invest in the stock market with discretion. Invest in a well-informed manner.
Invest in an insurance policy
To keep yourself and your family well, you need to invest money in an insurance policy. It is very important to make arrangements to deal with any danger. As early as possible, the policy should be taken up. If the age increases, the cost of treatment can be reduced a little.
This entry was posted on Monday, August 12th, 2024 at 3:51 pm and is filed under Money and Banking, Save Money, Savings. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.