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How do I get better returns on my savings?

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How do I get better returns on my savings?

For those looking to get higher returns on their savings, here’s a list of the best investment options for you to make your wealth grow.

  1. Saving Account.
  2. Liquid Funds.
  3. Short-Term & Ultra Short-Term Funds.
  4. Equity Linked Saving Schemes (ELSS)
  5. Fixed Maturity Plans.
  6. Treasury Bills.
  7. Gold.

How much I have to save from my salary?

The 50:30:20 rule says that 50\% of your income must be spent on needs, 30\% on wants, while the remaining 20\% must be utilised to build an emergency corpus. Needs are those without which you cannot sustain your daily life. These are groceries, house rent or EMI, utilities, and so on.

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Where should I invest my monthly salary?

  • How Much Can You Invest; Start With A Budget. If you want to seriously invest part of your salary, then you need to start by preparing a budget.
  • Don’t Just Save, But Invest The Money Productively.
  • Adopt A Systematic Approach To Investing In Equity Funds.
  • Particulars.
  • Bank SB.
  • Bank FD.
  • Debt Funds.
  • Balanced Funds.

How much is a good amount to save each month?

Most experts recommend saving at least 20\% of your income each month. That is based on the 50-30-20 budgeting method which suggests that you spend 50\% of your income on essentials, save 20\%, and leave 30\% of your income for discretionary purchases.

How do I start investing my salary?

What is the best thing to do with a first salary?

  1. Highlights.
  2. Start an FD account for a safe investment.
  3. Invest in mutual funds for high returns.
  4. Buy medical and life insurance early in life.
  5. Keep aside a contingency fund for emergencies.
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How do you spend your salary?

Steps To Put Your Salary To Good Use

  1. Always budget based on your net income or the salary you get in hand after all deductions.
  2. Calculate how much you spend on the basics, like rent, food, commuting, bills (electricity, internet, monthly instalments or EMIs, etc.)

How can I be rich with a low salary?

If you want to get rich, here are seven “poverty habits” that handcuff people to a life of low income:

  1. Plan and set goals. Rich people are goal-setters.
  2. Don’t overspend.
  3. Create multiple streams of incomes.
  4. Read and educate yourself.
  5. Avoid toxic relationships.
  6. Don’t engage in negative self-talk.
  7. Live a healthy lifestyle.