To stop waste your money is equally important
We often talk about
to save money, invest money and earn money. Have we thought about ever to stop
the wasting money whatever we have earned or saved? Many of us most of the time
ignored the importance of to stop waste money. Today we will just discuss about
how to prevent the waste of money. I am sure that it is beneficial to all of
our blog reader.
Knowingly or
unknowningly, almost everyone has some holes in their budget and the money from
those holes keep leak. Few of those holes we are discussing here.
Credit card balance:
We often use credit card frequently to purchase gadgets and unwanted things but
we should try to pay all balance amount within the prescribed limit. As we don’t
take serious it but it cost much more as annual interest rate around 50%. It
also affect your credit score so be sure do not leave any balance. Pay of your outstanding
balance each month before prescribed time limit.
Too much branded thing
purchase: It does not mean you should compromise on the quality of product. Many times
we fall in only brand name and ignore the less known brand name. For the brand
name we pay a heavy premium unnecessary whereas better quality product
available on reasonable price. By choosing an off brand over fancy label, you
can save your money.
Delay payment of all utility bills : Make sure that your all bill should paid on time otherwise we pay high penal and delay charges. We don't realize but in electricity bill, house tax, landline / mobile bill, cable TV bill etc. We can save our money to pay all bill on time. Many organisation offer discount if you pay before last date.
Delay payment of all utility bills : Make sure that your all bill should paid on time otherwise we pay high penal and delay charges. We don't realize but in electricity bill, house tax, landline / mobile bill, cable TV bill etc. We can save our money to pay all bill on time. Many organisation offer discount if you pay before last date.
Purchasing insurance you
don’t need: Life insurance need arise when someone such a child, wife or parent
dependent on you. Most single individual, senior citizen or kids don’t need a
life insurance policy but we often purchase it due to the name of tax saving
and agent’s misleading sells practice.
Share the resources:
Increasing fuel prices like diesel, petrol and gas are becoming costly day by
day. It affects everyone. It would be better if start pooling of resources. The
best example of this is to share taxi or car with your office co-workers for
travelling to office. By this way we can reduce transport bill effectively.
Rush for tax saving at
the last moment: Avoid rush the last time tax planning. We often take wrong decision due
to last minute tax saving rush. Due to this we often don’t claim eligible tax
deduction and purchase bad financial product.
Leaving your money in a
low interest bank account: Only on the name of safety if you keep your
money in bank saving account or fix deposit which even not cover inflation, you
are loosing your hard earned money. Always think that Is your money working as
hard for you as you are working hard for money
For avoiding these
types of waste of money take advice from certified financial planner and be
wise with your money.
For more detail about
any other query related investment, you can contact me through my email.
Regards,
Arvind Trivedi
Certified
Financial Planner
