who has a prosperous family business reveals “Car pooling is a great way to start for office-goers. It not only helps save money considering the ever increasing petrol cost, but also conserves the environment". Binoy
adds, “The current generation thinks of saving or investing in various instruments only after marriage. However, they should actually plan their life the moment they secure their first job.”
Their home budget finance tips are:
1. Don't put all your eggs in one basket, which means investing in one financial instrument in terms of personal savings.
2. Practise car pooling with friends, colleagues and family members to save money and be eco-friendly.
3. Go in for good investment options like real estate, gold, shares or re-investment in business.
4. Cut down on unnecessary mobile phone usage and use websites through which you can send group text messages.
5. Save electricity by maintaining AC temperatures a little higher. Switch off the lights when not required.
6. Don't be tempted by offers at grocery stores or super markets and overspend on grocery, making your monthly budget go haywire.
7. When you party at restaurants and bars, set a budget for yourself and plan according to that so that you don't end up going overboard.
8. Insurance policies are a comparatively safer investment option and take care of you in case of emergencies and unforeseen circumstances.
9. When decorating your house, you can recycle waste or unused items and use them as accessories.
10. It's best to keep your credit card usage to a minimum or for emergency only to avoid getting into a cycle of loans and repayments. Also remember to read the fine print for extra charges and taxes before making payments via your credit card.
Preparing a monthly budget in advance and allocating money appropriately can help you enjoy your earnings without any worry.
So, what is your home budget finance mantra? Share your tips on saving money with us too.