~ Now save regularly without affecting your liquidity: With as little as Re 1
Saving money is often easier said than done, especially when you have just started earning. After rent, utilities, groceries and everything else have been paid, what’s left every month is a pitiful amount (if anything at all!). Add to that the well-deserved occasional shopping spree, night-out with friends and weekend getaways and you’re living from paycheck to paycheck.
The thing is, no matter how much you may earn or how much you pay as student loan EMI, there are ways to save. It’s never too early to start saving for that swanky car, plush apartment, retirement or emergencies.
Here are five financial tips you should use if you want to save for your future — and still eat out:
- Save where you can’t see the cash
Most of us start saving well and suddenly get hit by a house party and blow a bit too much. This habit of undoing your savings can get to you – so instead of savings in a checking account, spare wallet or coin box, convert it into Digital Gold on Paytm.
While you’ll still have easy access to your savings this way, you would rarely encash it for whimsical reasons.
- Start saving early
Start saving as much as you can, even if it seems too little. It is something you’ll eventually have to do any way, so why not start now?
The sad part is, most savings instruments (other than savings bank account) in the country have an average minimum balance requirement of ten thousand to open an account. Digital Gold on Paytm offers a unique flexibility here – you can buy as little as Re 1 worth pure gold and store it securely for free. This can go a long way in developing a habit of saving regularly.
- Make a budget
Feigning you have no clue where your salary goes is keeping you away from your dream car or race bike. Most of us know what we need to do with our money, but we just don’t do it. Be proactive with your money — make a budget, get rid of debt and save every month on pay-day.
Your budget must have your rent and other monthly expenses, fixed investment amounts and then use the left over for lifestyle. Tell your money what to do – a good personal philosophy is spend more to buy quality. With Paytm Digital Gold, you can buy 24K 999.9 pure gold from MMTC-PAMP, India’s only Internationally Accredited Refinery. Every gold bar is tested for purity to ensure the highest quality.
- Have safe investments and be wary of hidden charges
If you’re not sure about your career, it’s fine. Just take some time off and think about just a general plan – what do you want to accomplish in the next year or five years? Answering these questions is how you reach those goals.
Paytm Digital Customers enjoy the convenience of storing their gold in the country’s most secure, 100% insured vaults at zero additional charge. That means you can save your gold without worrying about high processing fees, delivery charges or locker fees.
- Emergency saving is extremely important
Most of us think of financial goals only as ‘I want to go on an Europe trip next year’. While its fine to keep some money aside for immediate gratification, you must put money away in an emergency fund for a rainy day. This will help you power through family emergencies and financial obstacles that might pop up on the way.
The problem is just as we are flush with cash, most savings instruments like mutual funds take up to 48 hours to give back your cash. However, if you buy Digital Gold on Paytm, you can sell it online at one transparent international market-linked price across India.
This way you’ll be able to save money responsibly. Trust us, there is nothing more embarrassing than being an adult and having to beg your parents for a bail-out.