Tags Posts tagged with "start investing"

start investing

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We suddenly become good at mathematics when it is related to money because it is a natural process that we earn money with hard work and do not want to waste it unless we are born rich so let us check out some money management tips which could be useful for you if you are not good at managing the hard earned money.

Make a list of expenses

It does not matter whether the expenses are small or big you should be aware of where your money is exactly is going or spent and it is very important and the first step for money management. Also keep a record of inflow of money. It is quite tiring but you need to know the exact position of the money then only you would be able to save some.

A Basic rule is that you should always spend less than you earn otherwise words like loan, credit card payment, etc. will start haunting you.

The next thing is that you should start thinking about financial terms like investing, taxes, retirement plans. You can start searching for these terms on Google and will get all answers immediately so knowledge can help you a lot in money management and saving if you do not want to have financial troubles in later part of life.

After you have made a list of expenses try to find those expenses which you can live without and have not much of problem.

Learn what to buy

Sometimes we buy things which we do not need really and maybe we do not even use them for one time. So Next time be true to yourself and don’t do impulsive buying as it will cost you money and on the same hand nothing will of use. Rent out the stuff you do not need or if you do not want sell it off as there few classified sites where you can post free ads to sell off your stuff and make money out of the old stuff and also you can buy second hand or refurbished products from them which will again save money.

Start Investing

Now, you know how much you are saving and have also got some to invest somewhere so it is the best time to start looking for best investment option and it does not matter that you want to do on small scale because in the long term it will become bigger. Saving is not enough and investment is very necessary in today’s cut throat world. You can take professional advice from CA or maybe Google it and you will get all information about the investment part.

Additional Source of Income

Always kept looking for additional source of income and if you do not find according to your need than create the stream by yourself. You can work online and provided services like online tutor or if you have artistic taste then you can sell your product on Web which will give you additional income stream. Look for some part time jobs or work from home, start blogging or even a website with Google or WordPress.

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You have been working very hard to earn and save money after retirement but you that if you follow some simple tips then you can become billionaire at the time of your retirement. So if you want to spend you’re after retirement life with peace then you have to work out on few things which will help you to save lots of money.

Do savings

It is the most important thing to do and make it a habit to do monthly savings and it does not matter whether the amount is small but you should start saving as soon as possible.

Open separate account

Open a separate and dedicated account in which you can transfer your money dedicated for savings. You can select the best bank which will give you maximum rate of interest in your savings.

Save some money for emergency

Keep some amount separately for emergencies in your life but remember that these emergencies should not have any impact on your main savings account.

Pay Credit amount before due date

Always pay your credit card bill before the due date and if possible pay the full amount as it is not wise to pay Emi or any other interest levied by the bank.

Invest wisely

Start investing Mutual Funds or for a safer side in SIP which most of banks are providing for a long term with small amounts. Also do not invest in money schemes quickly first do all your studies and check the authenticity of the scheme.

Increase saving amount

If you’re monthly increases then also increase the savings in your account.

Make new  sources of Income

If you have job than try to make other source of income so that more inflow of money increases your savings.