Money Saving Tips: If you also have an income of 50 thousand then save in this way, you will become rich

Digital Desk- New Delhi: Believe me, those who keep repeating that they will save some money after the salary increases, they are never able to save. Because the wait for salary increase for saving never ends. If you want, you can save from whatever salary you have. For this, only willpower and a good plan is needed. Today we will tell you in detail about how and how much to save. 

This formula is for people earning 20 thousand rupees in salary

If your salary is even Rs 20,000 per month, you can save from it too. The formula is that as soon as you get your salary, transfer the amount set aside for saving to another account. If you don't have another account, then decide that you will never touch the amount set aside for saving.

If you are not serious about saving, then initially save only 10 percent of your salary. That is, save Rs 2000 per month for the first 6 months. 

At the same time, in today's time, most people's salary is around Rs 50,000. If your salary is also around Rs 50,000, then know how much money you should save every month, and where to invest it, so that in the future it can become a big fund and come in handy in times of trouble.

If you are married and have two children, you can still save Rs 50,000 from your salary. Generally, people doing private jobs should save about 30 percent of their salary every month.

The rule says that 15 thousand rupees should be saved every month. If your salary is 50 thousand rupees per month and you are not saving 15 thousand rupees from it every month, then you will not be able to reach your investment goal, you need to think about this immediately.

Save 10% of your savings initially

If you are starting saving, start with 10%, but keep increasing it every 6 months until you reach 30% monthly savings. In the beginning, you will face a lot of problems, expenses will not be met because you have already developed the habit of spending entire salary. But you can change your habit yourself in 6 months.

First of all, make a list of expenses. First, give space to the essentials in it, then think about those expenses which can be cut down.

If you have a habit of eating out 4 times a month, then reduce it to 2 times a month. Apart from this, make a list of unnecessary expenses that you spend unnecessarily every month. Believe me, every person spends about 10 percent of his salary unnecessarily. 

Apart from this, in this era of online shopping, if you have a credit card, then control its use. If you have got a lot of credit cards, then close some of them immediately. Apart from this, avoid online shopping.

Whenever you go out for shopping, make a list before leaving home. Remember one more thing, as soon as you get your salary, do not buy things unnecessarily or because of offers which are not of your use. In this way, you can save 30 percent of your salary every month. 

Savings need to be invested at the right place

Let us tell you, with this formula, people with a salary of 50 thousand rupees can save 1.80 lakh rupees annually. When you save 15 thousand rupees every month, keep 5 thousand rupees out of it as emergency fund. You can do SIP of 5 rupees every month in Mutual Fund.

Apart from this, you can invest the remaining 5 thousand rupees in recurring deposit or gold bond. Whenever the salary increases, keep increasing the investment amount accordingly.

If you keep saving and investing for 10 years using this formula, then you will not have to face financial crisis in future. This fund will be a great support even in times of trouble.