Saving Tips– We mostly read about investment schemes and mutual funds. But if there is no money left to invest in them, then all this is of no use. The entire salary is spent even before the end of the month. All the salary money is spent on various expenses. Saving money is not as difficult as we think. For this, you just have to plan your expenses and salary. You have to divide your salary in such a way that along with saving, your needs can also be fulfilled.
Although many rules have been made regarding saving. However, today we will mainly learn about the 50-30-20 rule in detail.
How to save using the 50-30-20 rule?
According to the 50-30-20 rule, you have to divide your salary in the ratio of 50-30-20. This rule says that 50 percent of the salary should be taken out for all expenses. At the same time, you can use 30 percent of the money for your hobbies. Like watching movies, traveling somewhere, etc.
Along with this, use 20% of your salary for saving. If you want, you can spend 30% of your money on saving and 20% on your hobbies.
You can invest half of this savings money in a secured platform and the remaining money in an unsecured platform like mutual funds.
Understand with example
If a person’s salary is 30 thousand rupees, then he can spend 50 percent of his money i.e. 15 thousand rupees on his expenses. Apart from this, spend 30 percent of the money i.e. 9000 rupees on your hobby or buy any item of your choice. Along with this, you can save 20 percent of the money i.e. Rs 6000. Out of which Rs 3000 can be invested in mutual funds and the remaining Rs 3000 in FD.