Money Saving Tips: In this era of ever-rising inflation, salaries seem to end as soon as they arrive. It’s hard to know where your monthly salary is going, juggling household expenses, children’s education, and EMI bills. If you’re worried about not being able to save for the future, financial planning can help. These money-saving tips can help you manage your expenses. Let’s explore where to invest your saved money. In this article, we’re going to share some great tips that can help you save easily and secure your future.
Save at least 30% of your monthly savings
Consider saving at least 30% of your salary monthly. In such a situation, if your monthly salary is ₹70,000, you can save at least ₹21,000. This will come in handy when you need it.
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Keep a small amount of money in your savings account
Note that the interest earned on savings accounts is very low. Therefore, avoid keeping large amounts of money in your savings account. For example, if your monthly budget is ₹50,000, you can keep up to ₹100,000 in your savings account. The remaining savings can be invested in the right place.
Invest in Gold
If you are investing your savings in gold, consider investing 10% of your portfolio in gold. You can invest in gold ETFs or gold mutual funds. Investing in gold can be quite profitable.
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Invest in the Stock Market
You can also invest your money in the stock market. However, this involves considerable risk. However, you can invest in the right stocks after consulting an expert. Make investments based on your age. If you are 30 years old, you can invest 70% of your savings in the stock market.
Invest in fixed income
Invest a portion of your savings in schemes with guaranteed returns, such as PPF, post office schemes, fixed deposits, etc. For example, if you are 50 years old, you should invest 40% in fixed income schemes.