Here are some simple tips on how to manage your salary better:
Tip # 1: Say ‘no’ to credit cards.
Don’t use credit cards because it’s easier to simply forget about your limits.
Tip #2: Think before you shop
Before you go shopping, make a list of only essential or vital items that you need to purchase.
Tip #3: Take the affordable subscription
Subscribe for cheap and affordable television subscription and mobile plans.
Tip #4: Look out for discounts
Plan out your weekly food bill and buy only those food items which you actually need.
Tip #5: Avoid eating out
You can go drinking with your friends once in a while and blow Rs 2000 in one night.
Tip #6: Affordable Vacations
If you are used to going on vacations every year to exotic and expensive locations, you have to consider it and make it a point that your vacation takes place somewhere that is affordable and cheap.
Tip # 7: Tax relief benefits
Check whether you are able to gain profit from the tax relief benefits up to Rs 1.5 lakhs.
Tip # 8: Provident Fund
Provident fund is one of the best investment for saving for retirement.
Tip # 9: The golden yet the simple rule to manage your salary
There is a simple rule for saving 20:30:50 which means 20 per cent take home salary is for goals, like buying a car or bike, maybe a trip you’re planning, 30 per cent for forced saving, like recurring deposit, SIPs, etc., 50 per cent of the take home salary is for all that you need.