‘Save Money’ is the only advice which we receive from our parents, and we know how important it is. Don’t we? But, it is a battle that only legends conquer to live happily ever after with it. But what about us? Well, saving money is not an option but an essential survival kit. But how will you build your personalised kit to nurture all your needs? Well, when you need it, think of The Panel Station. We are here with some essential tips to save money that will boost your wealth and help you to plan everything accordingly.

The Game of Addition and Subtraction: Save Money Now

Save money -Addition & Substraction

One should keep aside a fixed amount to be saved every month. Yes, if you are beginning your journey to save money, then you need to follow some golden rules.

Divide your income into three parts – Essentials, Desires, and Extras.

Essentials are your rent, groceries, EMIs, etc. A major part of the income should go into fulfilling the essentials. Yes, it is important to pay your rent and settle your EMIs more than eating out at your favourite Chinese restaurant. Only when you have covered the essentials move on to the desires. Desires are lifestyle-related expenses like a fancy dinner date, buying new clothes, online gadgets shopping, etc. Remember to put a clear demarcation line between the essentials and desires. The problem often arises when we start considering our desires as essentials. So, if you are thinking that getting a new iPhone is more important than paying EMI or hosting a party for friends is more important than paying rent, we would say: Dear friend! Change your priorities.

But how much can you spend on your desire and needs, and how much should you save? You can make a 50-20-30 rule: where 50% of your salary goes to the essentials, 20% towards desires and a balance of 30% towards savings.

Unnecessary Debts: Might Cause Problems

Save Money - Unnecessary Debt

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We all have friends who are ready to lend us some money when we are in need. But borrowing money should always be restricted to fulfilling essential needs. Unnecessary debts can land one in problem because it is always easy to take but difficult to give. So if you have been taking money from friends for a party or buying expensive lifestyle items, remember to settle it back at the earliest before it becomes a noose around your neck. Similarly, stop swiping your credit card at every item you wish. It is not a magic wand. Credit card interest rates are on the higher side.

Start Investing: It Is the Smartest Move

Save Money - Start Investing

It is never too late to start investing. But before starting investing, you must also know how to manage your money. It doesn’t matter if the amount is large or small; investing money in the right place can be helpful in hay days. So, check out the right option for investment and take suggestions from the right people before investing.

Track Your Spending

Save Money - Start Investing

This might sound like a tedious task, but believe us, it will help you to save a lot more. Though you don’t have to keep a count of every penny you spend, it is a good practice to list down your expenses. That way, you will know how many unwanted expenses you make in a month or week. So, if you are old school, you can maintain a journal jotting down all your expenses. Or, if you are techy, you can use apps to keep track of your income and expenses.

On an End Note, 

Now that we have given you some tips on how to save money, here is an easy way to make some quick money that you can use to party hard or just add to your savings. Follow the steps below:

  1. Download our app
  2. Register with us
  3. Participate in surveys regularly

And what do you get if you join us? You don’t have to kill your desire to get something or go out somewhere because of a lack of money in your bank account. You can earn reward points worth instant Paytm cash daily. Along with it, we give you a chance every month to win the monthly prize draw, i.e. sweepstakes and TopReader contest. You can buy the tickets from the reward points you collect and wait for your luck to rock and roll.

Sounds like a plan? Better than savings for this moment? So, start sharing your opinion and get rewards that can truly change your life and help you live the lifestyle you want to.

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