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.

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

arvind.trivedi79@gmail.com