NikithaManaging money is not as tough as you think. You can manage it in a really simple way.
Save before you spend:
As soon as you receive your salary every month, set aside a certain amount. Spend from the remaining.
Track where you spend:
I create an excel sheet to see where I spend the most. You can use apps too.
Invest in mutual funds:
Go to Top Ranked Mutual Funds . Just select one from large cap and another from mid/small cap and the third from ELSS. You will notice that you have become richer than you were before just in 6 months time. You need not invest your entire salary. Just invest a thousand to start with.
Don’t binge shop:
When you look at a item you want to shop, classify it as necessity, good to have, luxury. Spend fully on necessities, moderately on good to have and sparingly on luxuries. You will notice the difference in your savings in just a month. Don’t feel proud of that. Go back and spend 10 more minutes on doing research on investing to multiply the saved money.
Value time over money:
When you value time over money, your time will bring you ten times more money in the long run. Given that you are spending this time on improving yourself.
You need at least seven sources of income to become rich:
You are never going to be rich if you just slog in your office from 9 to 12. You need to diversify your income sources. Now don’t think of seven sources, but just think of the second source of income or what are you next best at which can turn into a source of income in a few years down the line?
Happy managing money!