Best Tips To Save Your Money And Invest it 20000$ Dollor Per Year
Don’t fall into the trap of credit cards, unless you have excellent control over your spending habits and you can reap the benefits of credit cards without falling prey to the EMI trap.
Don’t buy/invest in things for the world to see and appreciate your investment.
Start managing your finances by keeping a track of all expenses, however small it is. Do this activity rigorously for 6 months to identify if you’re spending on stuff that you absolutely don’t need/use.
Unless you absolutely need a thing, don’t go on a shopping spree for purchasing it. Specifically when the e-commerce is websites like Amazon and Flipkart open their discounted sale season. If you buy at discounted price, you may save up to 20%, but if you don’t buy that thing, you save 100% for sure. (Not all such deals are bad, but they usually lure you into buying stuff that you don’t really need).
Don’t buy clothes in bulk, you may most likely not use all of them anyway.
Don’t buy vegetables and fruits in large bulk, unless you are absolutely sure that you’ll be able to ensure that you don’t waste even a single fruit/vegetable.
When buying mobile phones, automobiles, accessories, apparel etc. go by your need. If by paying slightly more money, you get a few additional features, but you may not use those features anyway, don’t go for such features, even a small sum that is saved is still a saving.
While stock markets and shares are good, if you have no idea how it works, seek expert advise. Balance your risk and returns.
Try to come out of loan EMIs as soon as possible. EMIs constantly burn a hole in your pockets, so, when you have a relatively large sum of money, try repaying the loans instead of using it to get trapped further.
Inculcate the habit of simple living and high thinking. Don’t indulge in splurging your money without a rationale.
Get yourself and your family members (as applicable) a good health insurance policy. Don’t think of it as a burden but as a safety net that protects you financially in moments of dire need.
All the above said, within your limits enjoy your life. Don’t get too frugal to the point of being surrounded by thoughts of money 24x7, that you forget that you have a life.
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