Saving Tips in Low Income: It may be difficult to save the first 1 lakh, but the right planning and smart habits can achieve this goal quickly. Learn in this article easy tips, budgeting tricks and way of saving bigger investment.
1 Lakh Saving Tips for Beginners: Are you going to start saving for the first time and thinking ‘How to save 1 lakh rupees quickly?’ So you are not alone. Crores of youth in the country try to save something every month, but think that their income is less, if the expenditure is more, then where will saving be saving? But if you walk with smart planning, a little discipline and correct guidance, even if your salary is only 15-20 thousand, you can reach 1 lakh rupees soon. Let’s know its best way …
How to save the first ₹ 1 lakh?
First change your thinking
Experts say that, if you are starting saving then first change your thinking, because saving is not an option but needs. Many people believe that saving will begin when income will be high. But this is not the case, because the habit of saving is made from the mindset, not from income.
Also read- SIP Myths vs Reality: Does Mutual Fund be closed due to missing 1 SIP?
Keep the entire account of income and expenses
Make a list of your monthly income and every small and big expenses. Where the money is being spent, such as rent, food, visit, ott subscription or shopping, write every small and big details. Then see where is the extravagance. Start tracking your expenses from today itself. If you want, you can use a mobile app or diary.
Adopt 50-30-20 saving formula
Adopt 50-30-20 rules for best savings structure. 50% of the income required expenses such as rent, bills, food, 30% lifestyle expenses such as shopping, ott, outdated, 20% saving and investment. That is, if the salary is Rs 20,000, then saving of at least Rs 4,000 is necessary.
Set automatic saving
Financial experts believe that the money that is in front is the most quick spent. So as soon as the salary comes, first separate the savings. For this, create a separate savings account and set an auto-debit or standing instruction in it, so that the amount fixed every month goes directly to that account.
Increase saving from SIP and RD
Not just saving, smart investment is also necessary. Start from Rs 500 every month in SIP (Systematic Investment Plan). There will be more saving by adding Rs 6,000 and returns in 12 months. RD is like a fixed deposit in the bank. It also gets good rate of interest. Experts say, ‘Run both SIP and RD. This will achieve a goal of 1 lakh quickly.
Avoid eMI and borrowing
If you are paying EMI or friends borrowing every month, saving will be difficult. So take a loan only when necessary, prepare the loan for the pre -credit, pay the full bill of the credit card and avoid minimum payment.
Save bonus income
Apply extra income not just from salary, but also in saving. Instead of spending money, freelance or side income received in bonus, incentive, birthday gifts, pour into saving. This will complete your goal quickly.
Also read- What is there in Ulip, not in SIP and LIC? Learn the benefits and risk of this plan
Which method is best for ₹ 1 lakh saving?
Experts say, there is no need to take risk in the beginning. In addition to SIP, RD, you can put money in PPF (Public Provident Fund). If you are also saving Rs 1,000 every month, then 12,000 rupees will be deposited in a year, in this way your first 1 lakh rupees will be deposited in 5 years. This is a tax free return. If you want, you can also start in digital gold from 100 rupees. It will benefit if the gold rate increases.
Disclaimer: This article is only for general information and awareness. Be sure to consult your financial advisor or expert before taking any decision related to investment, saving or tax.