How to save money and use it in the future

In this article, you will know how to save money and tips for saving money without much effort. Learn what are the ways to save money for the benefit and future use.

Some of them are salaried and some of them are business profession. Both the professions (employment or business) has lower to higher level income based on their designation and source. Almost all are involved in one of these designation.

Whatsoever, except few, many hard to save money for the future as their income has enough expenses too soon as a commitment. This is the situation for many but how to overcome from it. Yes, there are some tips on saving money or earning money that even available online. You can go through it or read this post simply over here.

Tips for saving money

First saving must be reducing the regular expenses or unnecessary expenses until and unless it is required for some reason without which one can't just let it go their regular life. It also doesn't mean one has to stop basic needs expenses but one can stop the unnecessary spending money on travel and holidays etc.

The second saving is to forget the money in the Bank account itself for few days as personal commitment. You have nominee, so, doesn't required to worry about anything that comes in the future and the money may helpful for your own people anyway. In addition to this, use saving bank account effectively and perfectly for just saving purpose unless an emergency fund required for. I mean to say, you have to completely forget to plan some program / travel expenses at any situation from saving money.

I am not talking here about fixed deposit or recurring deposit or ELSS scheme or Insurance investment or Finance or Tax saving scheme investment etc. However, I would like to state over here all about just saving money without much of these just stated activities.

Business rotation investment is one of the best option for earning and saving money but one has to be vigilance beside their current profession (this as part time) to avoid any fund mishap and current designation.

I can also suggest to invest in share market only for saving purpose. Why and how? Yes, I would like you to learn something new subject and invest money with free-risk in some shares. The share price must be a lower level or let's say Rs 20 and buy around 50 shares for Rs 1000. The share you bought must be some old or reputed company (some of them are available as such, still) which can be of helpful in the near future soon. It is possible that you will at least learn about share trading and earn around double the amount after few months or years as long as you forget the small investment, don't like to sell it and keep loop on it. Since amount is less, you will never like to sell them and withdraw the amount nor you would lose any amount than just at least as saving.

Some people are investing money as sleeping partner with their known business person who in turn agree it and pay monthly share or pay as per their mutual agreement. This money also will be helpful for saving and use it in the future. You may use it once you have enough saved money that can be of useful for travel and holidays if required after a long time to enjoy it.

Other than this, there are many schemes that Govt of India helps its citizen to save money for future betterment and one of them is Postal saving, PF investment and on. Also, one can save the money just from commitment like Railway travel where senior citizen gets discount on ticket fare or Airlines that helps discount offer while booking in few weeks or days advance of travel etc. so, make sure these services are using effectively to save money and enjoy it later.

Article by Hafeezur Rahman P
Hafeezur Rahman has joined ISC in 2009 and he is a Job Editor at ISC since 2010, he also a Blogger. Hafeez continue to contribute in various sections of ISC and its sister sites like Techulator, NewRecruitments & Goaspider etc. He is a renowned feature writer & social enthusiast. He loves to write in a simple manner and share his visionary write-ups with the readers on the topics related to his field of interests and different niche. All his write-ups have been popularly read & shared by global readers.

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Author: Sharmistha Panda12 Mar 2016 Member Level: Gold   Points : 2

One can also invest in the recently launched Gold Bond schemes available with the nationalized banks and other various institutions as mentioned by RBI. this can be done with the minimum investment of 2gms in case there is a limitation of money. the investment also earns interest. The investment is for 8 years with a lock in period of 5 years. So even here, there is a force saving for atleast 5 years.

Author: Kailash Kumar17 Mar 2016 Member Level: Platinum   Points : 5

A minimum of 10 % to 15% of the regular monthly income should be saved. It may be more than this target but not less unless and until unavoidable. The first tip to achieve this target is to presume that the regular monthly salary income is less by the savings amount and all planning and budgeting should be done keeping in mind the available amount. Though gold yields on an average only about 4% in the long run, still people buy the same. Its only advantage is that it is sold only as a last resort in extreme emergency. Different banks offer varying rates of interest. Therefore choosing a bank which offers a higher rate of interest even by 0.25% will make a difference. Also auto-sweeping types of account should be opened to earn maximum rate of interest. Through appropriate tax planning also, money can be saved.

Author: Hafeezur Rahman P17 Mar 2016 Member Level: Gold   Points : 2

Thanks to Sharmista and Kailash sir for the in-depth knowledge sharing on saving schemes. My actual guideline to people was on saving money simply from the existing cash or handy one without further investment on any bond related except for a minimum investment in share market to learn or less investment on business as sleeping partner besides their profession.

Whatsoever, your ideas are great to go a little extra mile to save extra money for the future.

Author: Monika Kushwaha20 Mar 2016 Member Level: Gold   Points : 0

How can I forget the cash deposit in my bank account when my mobile phone is there to give me a regular update of the cash still there in it!

Jokes apart, very nice article posted by the author. Quite useful for people like me who are unable to save a single penny. Good job by the author.

Author: K Mohan25 Mar 2017 Member Level: Platinum   Points : 4

How to save money? Probably this question should be put to children, young ones and also to the elders. Earning money may be easy, but spending money with care is very important. For some spending is their passion and they feel they have the right to do so. But they never ever think that some saving for future is also important as every day many not be hay day and one will also face the problem of cash crunch. No one is asking to save a lot. By undertaking intelligent shopping and buying things which are dire necessary and at whole sale rates and also not wasting on food items which are not liked and preferred by the family people and make the firm commitment for future that out of earnings every time some part should go for the savings unmindful of previous balance existing in the account. This way of forced saving will pave way for good living in future during emergencies.

Author: Hafeezur Rahman P26 Mar 2017 Member Level: Gold   Points : 3

@Monika, yes, thanks for your comment. I have given lot of options and one of them is about investing little amount in share investment that you can forget from regular bank update and you won't get much update from Demat account (of shares).

This will be helpful for learning and little saving or earning too beside not losing much.

@K Mohan, yes, the way general process goes is like salaried or business people used to forget their own money to save it, and spend more than their revenue always (even when not required). They often depend on credit from others (though it is not required always but put themselves hard for a long term to return the credit). Money controlling them instead of they suppose to control it.

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