Money Saving, the smart way - Part 1

Money saving and smart money saving are two different traits and following the later isn’t such a tough thing to do. We have combined a few smart yet easy tricks of saving your hard earned money.

Put technology to use: It’s the era of smart phones and the Internet and we need to embrace this technological change smartly. Whether it is the convenience of online banking services, the exclusive discounts online shopping websites have got to offer or free applications that  provide ample information on given topic, these services are not just helping us time save but also adding up to our savings. The need to make a call to the personal banker, traveling all the way to the mall to shop that dress has been eliminated by technology

Have house parties: Eating out is becoming expensive and partying out can prove an extravagant affair, a smart and economical way out is a house party. The advantages of inviting people to your house and treating them are many! Firstly it adds a personal touch; you don’t have to worry about the time-limit, exceeding your budget and a high level of customization to top it all. Having a house gathering will thus help curb your spending and also make up for an impressive jamboree.

Energy saving appliances: A major contributor in reducing your electricity bills are energy saving appliances. If you are keen on saving up on your energy bills, then opting for energy saving appliances can make a big difference. On an average, you can save 20 to 30 percent on your monthly electricity bill. Energy saving appliances can be treated as a one-time-investment and the benefits they give you over the time will prove to be worth the money you put into them.

Investments: If you wish to save, you should also be ready to invest. You can go for the safest and conventional ways like National Saving Certificate (NSC) or Public Provident Fund (PPF), these two options come with tax deduction relief of up to 1lakh each. For the first time market investors in the Rajiv Gandhi Equity Saving Scheme (RGESS) and save up to 50% of tax on the amount invested. So you invest, save on your tax and are assured of receiving a set amount of money too (if you invest in risk-free markets).