SIMPLE SAVING BOOSTING TIPS
Our country is country of saver not
investor. Everyone want save more and more but not able to the same. As cost of
living and growing desires of person are big hurdle for saving. For creating
wealth one has to save and invest in disciplined manner. By adopting some tips
you can increase your saving effectively.
Minimum use of debit and credit card:
These cards are very convenient and easy
to use but it also increases your spending dramatically. Due to growing online
shopping trend and swipe cards option we often spend more than needed. We purchase
those things which we really do not need due to influence of attractive offers
and discounts. Adopt cash mode for payment in maximum transaction and try to
avoid use your plastic money, it will surely increase your saving. By the end
of month, you will be surprised to see your increase in saving.
Keep your money in liquid fund:
It is very good idea to keep your money
which you may have need in short notice in liquid mutual fund. There is huge difference
between your saving account return and liquid fund return. Your saving bank
offers you between 4% to 5 % annual return on your deposit and on other side
liquid fund offer almost double return 8% to 9% annual. I always wonder why
people do not keep their saving in liquid funds.
Think twice before big purchase:
It would be smart move if you stop and
think many times whether you really need it before make a big purchase like,
LED TV, Expensive handset, laptop, home etc. Understand the difference between
desire and need, it will help you to make smart decision. Try to find out the
overall impact of these purchases on your financial plan and you will have more
time to find out best product in appropriate rate.
Use ECS or Auto debit facility in investment:
It would be wise to use auto debit from
your bank account for investment in mutual fund or paying the insurance
premium. In many times we delay our investment plan due to lack of saving but
in auto mode there will be forcibly saving happen.
Adopt above mentioned tips for increase
your saving. It will sure boost your saving and change your habit of more
spending.
If you have doubt about investment
product and want more information regarding investment or you need investment
services, feel free to ask us. We also conduct the seminar on investment and
financial planning. If you are interested for conducting seminar in your city,
just drop the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
