What are the most useful money investment and saving tricks?Answer1.4KFollowRequestMoreAd by Top Trends SpaceSydney man arrested for possession of $593,000 in cash.Police expose where his money really came from.Learn More100+ AnswersChetan Sharma, Learned Finance the Hard WayAnswered August 3, 2016
These are few ways you can help yourself in saving and growing money.
The Law of Debt –
Debt => Expenditure > Income
You don’t need a degree from Stanford to understand these two equations. It is plain common sense, yet graduates from all top universities also tend to accumulate big debts. Reduce your calorie intake and live within your means.
1. Pay yourself first – Even when you are in debt, “pay first” will go a long way. This money can be used as an emergency fund (link to article). Once you are out of debt, keep this as a life long habit. This one habit will pay off enormously in the long run. Though this might sound contrary to logic, remember decisions involving are more emotional than logical.
2. Limit your advertising exposure – When in debt, exposure to marketing calls and fancy ads on the idiot box is more harmful than exposure to UV rays. It will entice you to make rash purchase decisions. Particularly, when you are emotionally unbalanced, these marketing calls can promise you to deliver happiness at a large cost. This happiness through consumerism will of course be fleeting and thus will put in you further debt.
3. Never Go to Malls – Don’t go to malls when in debt. Chances are you will make an impulse spending that you will regret later. Period.
4. Disable on-line shopping on cards – It is not only advisable but mandatory to block all your cards for online shopping. Chances are you will make an e-commerce transaction and will regret later. The other reason is that it is easier to purchase something online is because purchasing something is just a click away.
5. Cancel gym memberships – It is an extra burden when you are in debt. I am against subscriptions but not health. There are plenty of other ways to keep yourself fit – walking, running, free yoga classes and stretching don’t cost a dime. Chances are you are not even using your gym membership and are losing money not weight.
6. Stay at home – This will avoid any chances of unnecessary expenditure. Use this time to make friends with good books. You can also use this time to meditate, self-reflect and learn some new crafts that can help increase your earning capabilities. This will also save your expenses on fuel.
7. Cook and eat at home – For me, eating out was the biggest expense. I was able to realize this once I monitored my expenses using for a month[link here]. Cooking is therapeutic and has many other benefits. Eating home cooked food will definitely improve your health. You will become more mindful of your eating habits.
8. Get a budget – When you are in debt, you surely need a budget. This budget must include the saving you have to make for yourself. This can be a simple budget with no frills attached. You can follow an envelope method to limit your expenses for any category.
9. Exercise – Last thing when you are in debt is a heavy medical bill. Exercise is the surest way to avoid this. Workout at least till it makes you sweat. That’s enough. Do this at least 4 times a week.
10. Don’t carry cards and use cash – Spending money via cash has psychological reasons attached to it. It’s psychologically difficult to give a huge amount in cash than by a card. Sometimes this will also help in overcoming impulse spending. Consider you run out of cash for a big purchase and you are not carrying your card
11. Credit card is a cyanide – While you are in debt, credit cards are nothing less than potassium cyanide. They will quickly worsen your situation. Never use them. Instead put them inside a water bowl and put that bowl in a deep freezer.
12. Cut out on TV and paid subscriptions – This has spiritual, physical, emotional, fiscal and mental benefits. I will leave this to you to figure out.
13. Find happiness in life – Coming out of debt is not just a victory over your financial habits but much more than that. It’s an inner battle with your habits, weaknesses and attitude. Overcoming this will require you to fundamentally transform your relationship with money and more importantly yourself.
14. Making Savings and Investments Automatic or rather auto-magical.
15 Your first EMI should always goes towards your savings no matter what
Expenditure = Income – Savings
Savings != Income – Expenditure.
Please read above paragraph twice.
You may read more of my articles here – Archives – TheUrbanZen3K viewsView 18 upvotes18Add a comment…Sponsored by The Legacy ReportIs this Elon Musk’s next big thing?Surprisingly, most people still don’t know about his next project, something known as S.A.V.Learn MoreBrian GoodUpdated February 17Originally Answered: What are the most useful money saving tricks?
These are money-saving tips, not investment tips.
Don’t use automatic teller machines. Don’t carry an ATM card. Don’t use a debit card. When you need cash, go to the bank. The inconvenience of going to the bank will motivate you to make your cash last longer.
Pay your credit card bill in full every month. Your credit card company will up your credit limit and send you lots of enticements. Pay no attention.
Don’t do cocaine. (That stuff is just God’s way of letting you know you have too much money and not enough sense.)
Don’t smoke and don’t drink. If you must smoke, don’t drink. If you must drink,Continue Reading56642828 comments from Mark Alan Effinger and moreSwatantra Kumar, A friend here to help you be financially confidentAnswered November 19
Saving and investing are two different things. Here are some tips and tricks for both:
Saving tips
You will be surprised to know how easily you can save money just by making some lifestyle changes. Let’s understand how:
- Saving money on electricity
Plant more trees in your surroundings
Turn off your devices when not in use
Limit your AC usage and get them serviced regularly
- Saving on commuting
Get your vehicles serviced regularly
Use vehicle AC rationally
Opt for public transport or share cabs
Opt for monthly travel passes
Club rides with friends
Use a fuel efficient vehicle
- Saving on communication
Try to avoid multiple phone connections
Leverage internet calls
Don’t opt for unlimited plans if your usage is moderate
- Saving money on entertainment
Watch movies and series online
For theatres, choose weekdays instead of weekends
Use coupon codes and discounts
Order food instead of dining out always
Mix long walks with long drives
- Saving money on shopping
Make a shopping list first and differentiate between needs and wants
Online shopping can save your time and could get you discounts
Get the very best of offers, deals and super saver packs for non-perishable goods
Make the most of season sales
Place the item you wish to buy in the shopping cart and revisit it the next day to know whether you really want to buy it.
Investment tips
Investments are not at all difficult. You just need to know a few basics.
Know about products. Understand the various investment products available to you. For instance, investment products fall into financial and non-financial assets. Within financial assets, you have market-linked products such as mutual funds and stocks as well as fixed-income products such as Public Provident Fund, Fixed Deposits and savings accounts. Any asset you invest in that helps you to save for your financial goals by giving you good returns is regarded as an investment. Insurance, on the other hand, is a financial product but not an investment; rather, it is a means to cover life. Knowing about financial products can help you make the right choice when putting in your money.
The need to invest. Year on year, there is a sustained rise in overall price levels known as inflation. This can eat into your savings or income as the years pass. To address inflation, it is important to invest in inflation-beating investments. One such investment avenue is equity funds that offer reasonable opportunity of keeping pace with inflation — as can be seen through historical performance.
Now that you are clear about financial products and what constitutes investments as well as the need for you to invest, here is how to go about it.
- Start early
- Set investment goals
- Diversify your portfolio
Spread your money across different asset classes to minimise the overall investment risk. The underperformance of one or more investments can be set off against the gains from better-performing ones.
- Stay calm during volatility
finance tips 