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Money Saving Tips: Do you also think that to become a millionaire or a millionaire, it is necessary to have a monthly salary of Rs 50 thousand or Rs 1 lakh? But the truth is that to make money, there is a need not to earn a lot, but to save a little bit and put it to good use. The secret of becoming rich is not hidden in any big salary or income, but in your small daily habits. Let us know how your small savings can create a big bank balance tomorrow...

Magic of saving Rs 100 daily

We often think that when we have 10-20 thousand rupees in hand, we will start investing. This is the biggest mistake. According to financial experts, if you save only Rs 100 daily, you get Rs 3,000 per month. If you leave these Rs 3,000 in your home cupboard or a normal bank account, then in 15 years it can become only Rs 5.40 lakh, but if you invest this Rs 3,000 every month in a good place like a mutual fund SIP, where the average return is 12-15%, then in 15 years you can have more than Rs 15 lakh and in 20 years this amount can cross Rs 30 lakh. Is.

The magic of 'interest on interest'

The world's most successful investor Warren Buffett says that 'the biggest weapon to become rich is compounding.' This is called 'making money from money' or 'getting interest on interest'. When you invest money somewhere, you get interest on it. Next time you get new profit on that profit along with your original money. This magic seems very small for the first year. It shows little effect after 5 years. After 10 to 15 years, it becomes so big like a snowball that your money starts growing at a rapid pace. So, the real secret is not how much money you invest, but how long you last.

Where to invest small savings?

SIP (Systematic Investment Plan)

This is considered to be the smartest investment method of today's times. You can start with just Rs 500 per month. In this, your money is invested in the best companies of the stock market and experts manage it. The fastest money can be made here in the long term.

PPF (Public Provident Fund)

If you do not want even 1% risk, then you can open a PPF account in post office or bank. It has 100% guarantee from the government, good interest and the most important thing is that there is no tax on it.

Digital Gold

Now there is no need of thousands of rupees to buy gold. You can also buy real gold in this for just Rs 10. Whenever you have spare change, you can buy digital gold i.e. ETF.

Follow the step-up formula

Suppose today your salary is less and you are able to save only Rs 2,000 per month, then no problem, just make a small rule, 'Step-up'. Every year whenever your salary increases or gets an increment, increase your savings by just 10%. For example, if you are saving Rs 2,000 per month this year, then increase it to Rs 2,200 next year. Make it Rs 2,420 in the third year. This small increase can help you reach your big fund target 5 to 7 years ahead of schedule.

3 most important rules to start saving

First save, then spend

According to financial experts, most of the people usually spend their salary as soon as they get it and then insist on saving, which is not right. The right way is to set aside your investment money as soon as your salary comes, and then meet your monthly expenses with the remaining money.

Avoid fake EMI

Never take loan or EMI for phone, clothes or expensive watch. Don't mortgage your future earnings today to buy something your budget doesn't support.

don't wait for tomorrow

'I will start from next month' or 'I will save for the new year', these excuses will never let you move forward. The best time to save is not tomorrow, but today and now.

Disclaimer: The information given in this article is only for general awareness and education. Stock market, mutual funds, IPO or any kind of investment involves market risk. Before investing your money anywhere, consult your personal financial advisor and do your own research. The website or the author will not be responsible for any financial gain or loss.