Let’s face it: for most salaried individuals, especially the ones in the middle income group, saving money remains one of the most daunting and biggest challenges.
Remember, the ever-increasing inflation rate and the ever-so-growing dearness is making it difficult for most people to make a sizable saving from their hard-earned money.
But you will be surprised when we say it is easier than ever to save your hard-earned money, no matter what your budget is.
Simply skim through this post to get acquainted to 5 easy ways to save tax on any budget.
So, let’s start! Shall we?
1- Get Insured
Life is uncertain!
Emergencies can strike anytime and unfortunate incidences come unannounced. So it makes sense to stay on guard against any such emergencies such as serious illnesses, accidents and sudden demise.
Needless to say, such incidences eat up all your hard-earned money and leave your and your loved ones in a lurch. Therefore, it is important to ensure comprehensive financial protection for self and family against such unfortunate events.
So, if you are looking to save a sizable amount of money and ensure a comprehensive financial protection for self and loved ones, do well to invest in term insurance, life insurance, critical illness cover and other insurance products. Choose the tenure and premium carefully to suit your budget, requisites and future necessities.
2- Spend Wisely
The thumb rule of saving on any budget is to spend wisely. Remember the sage old adage – a penny saved is a penny earned.
Avoid spending on things that you aren’t going to need in the near future. Don’t get tempted to spend in anything that would just suffice for your near future and would prove futile in the times to come.
Having said that, it is also not a good idea to alienate yourself from a little luxury at times. But to smartly save money, do well to set aside a little budget each month for such family fun expenses.
3- Shop online
Okay, you probably already know that online shopping is the newest trend in India and most shoppers in India prefer to shop online. From groceries to insurance policies, everything is up for grabs online.
But here’s something that is surely going to surprise you. Shopping online also helps you save a ton on your expenses. The ever-increasing competition in the ecommerce world has forced ecommerce companies to offer lucrative discounts to shoppers.
So, by being careful and investing a little time to find the cheapest deals, you c an easily save a lot of your hard earned money.
4- Do it Yourself
If you really want to save a sizable amount of your hard-earned money, you will need to be self-dependent. Here we mean to say that you will need to do some odd household jobs on your own and refrain from taking professional help!
Well, it is easy to fix to running tap, a leaking toilet or cleaning the kitchen tiles. So do such stuff yourself.
Don’t get tempted to invest money to get professional help to get such easy jobs done. Do seek professional help only when it is absolutely necessary or it is something that you cannot take care of yourself.
5- Pay Bills on Time
It has been widely noticed that a lot of people do not really pay heed to paying their bills on time.
Reluctantly, they end up attracting a lot of unwarranted penalties and late charges. Paying such additional or unwarranted charges may increase your expenses manifold and decrease your savings manifolds.
Therefore, it makes sense to be careful of making payments for your utility bills, credit cards and other bills on time to avoid getting penalized and charged extra. Remember, the extra charges that you are paying are making a dent in your savings.
So there you have it – 5 easy ways to save money on any budget. Now simply go ahead and put this learning into practice and make a sizable savings from your hard-earned money, no matter what your budget is.
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