Thursday, March 28th, 2024

If you are facing a shortage of money, then make a strategy of earning and saving in this way, you will become rich


Photo:India TV earning and saving

corona pandemic After that many people are struggling with money crunch. This is because skyrocketing inflation has increased the burden of expenditure and income has not increased in that proportion. If you are also surrounded by this crisis, then there is no need to worry. Today we are giving you tips to build the best investment portfolio, which will help you save with better tax planning. With this, you will never be short of money for even the smallest needs in the future.

Find side income avenues

In the changing times, you cannot depend on just one source of income. You have to find avenues of side income. You can generate side income in your free time by doing referral business, online freelancing, online tutor etc. You can also do this work with a job. This will increase your earnings and strengthen your financial position.

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stop the extravagance

If your earning is not very much then stop the extravagance completely. By the way, it is not considered right to spend extravagantly when the income is high. It pushes you into the quagmire of debt despite earning. The habit of extravagance not only spoils your budget for the month but also becomes a reason for fighting amongst yourself. Make a budget to stop wasteful spending and go according to it. Stay away from marketing funds like sales, shopping, discounts. Buy items only when absolutely necessary.

increase cash use

Today digital is being promoted everywhere. If you do this, then change this habit. This will help you to control the expenditure. If you are spending with the help of credit cards and digital transactions, then unnecessary spending is bound to happen. You incur more expenses in digital transactions. At the same time, you will not be able to do this with cash. The more cash you have, the more you can spend. Use a credit card for emergencies only, don’t think of it as your purse.

Make short term financial goals

Short term financial goals help you save. If your income is 50 thousand rupees, then after six months you should make a target of adding one lakh rupees for some work and accordingly save one amount every month. Setting financial goals will inculcate the habit of saving in you.

Don’t delay in tax planning

Start tax planning as soon as the financial year begins. By doing this you are able to choose the right investment product according to your need. This saves you from paying taxes and saves a substantial amount.

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