Savings is considered as one of the habit, that can make us rich. Irrespective of our income size. The way we segregate our investment stream will have major impact on outcome. So, savings alone will not make us rich, we need to invest those savings in areas were we could expect good return. we have the habit of saving that is left out after all the spending’s. In actual it should be Income minus Savings, is the amount available for our spending. So, In this article, am not going to talk about the 50/30/20 Rule, as many of us have an idea about it already.
so, today we will see something very minor things. If thought of it in a proper way and applied it, can help us stay away from any unexpected financial crisis. so, without much of introduction lets jump straight away into the simple and effective savings tips.

1. Don't Put Your Savings in such Scenarios:

People with enough money, can easily hire a Financial Advisor to manage the money. As we have minimal amount to invest, we can’t afford to hire an agency. In such scenario, we never know were should we actually invest our savings. On that note without trying much complex investment class, we should stay from it. so, the very basic concept of investing is, too put our money to work for us and make more money out of it.


If we receive an idea to invest in a particular size of land. Claiming that it will give fruitful returns. So, here we must not believe in it blindly. we have to apply all the knowledge, required to analyse the location. In future what all developments the locality may have, Such other things in relation to the development of area. So, in short get complete details of Investment class.
The other thing is we must also know, investment in real estate will be huge and for longer period. Such investments are ill-liquid in nature. So consider how long we won’t need the money and other personal financial factors of our life.


So the conclusion to it is, either we have to gain required knowledge for particular class of investment. Or-else if we dont understand any particular asset class, just stay out of it. At the end of the day we don’t want, that our hard earned savings is lost in an investment. In which we don’t have sufficient knowledge.

2. Stay Away From Debts:

Saving money will be very difficult if we have loans to pay off and the interest rates on it. If we have any debts, one thing to keep in mind is pay off those debts at first for which interest rates are high. Never borrow to pay off old debts. Try always to stay away from any kind of debts. There is an exception for house loan, as in India we have taxation benefits. This becomes handy when we fall under taxable income group. We will discuss this in brief in some other article.
Unless we don’t have a proper plan on how to get out of any loans. We should never consider getting into any kind of debt. It could be as small as some appliances loan or Vehicle loans or any such kind of loans. Make sure you have a proper budget and strategy to come out of it before getting into debt.

3. Ask for Promotion :

We have been in such situations were our colleagues are promoted. There salary is been appreciated. we might feel left out. so there is nothing wrong in asking for it. Either we get promoted or we might not. That’s completely secondary, first thing is to ask for it.
Saving money can be related to promotions also. While many might think how does this even make sense. So basically when you ask your employer for promotion. One might get promoted also we never know, what is on the other side of the question. In a situation where we are promoted. We receive an extra income out of it. So, we can wisely allocate that extra income into some kind of investments.

The Above discussed are the 3 simple saving hacks that can help you to save little more than regular. The article will be updated if i find any further interesting points that needs to be included. Always remember, the money we save must be invested in the specific asset class and make further more money out of it.

Do comment your views and give your feedback’s.

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