How to save Money? Ways to save money? Tips to save money? Ideas to save money? Passive Income? How to make money? Boy! So many questions. Ok, let us begin: Where is the money coming from: If you are aworking person, the money is coming from either Job or Business (Unless you are doing something Illegal). If you are a student and dependent on your parents, money is coming from your parents in the form of pocket money or monthly expenses. Where is all the money going: If you are a bachelor or a maid, I am sure most of your money is spent of clothes, cosmetics and make-up products, gifts for your boyfriend or girlfriend, movies, etc. If you are a parent, most of your money is going as school fee for your children, House expenses including food and clothing and other necessities and even EMIs.

Now, in order to make any saving, you either need to cut down some of those expenses or increase your income. Let us assume that your monthly income is fixed and cannot be increased. Then, how to you save money. Let us discuss this in some detail.

Your income is fixed. There are too many expenses. You are too much bothered about saving some money for your future. Here are some of the Points to PAY ATTENTION at (I will keep it short and simple):  

1. Make a Budget: The first and foremost important thing for anyone to be able to save any money is to make a budget. Give priority to important and unavoidable necessities. While preparing the budget, keep in mind your monthly income and that target money that you wish to save. Prepare your budget on a worksheet and keep a record of it for future reference. Keep in mind that you are working on “How to Save Money”, therefore, you will have to sacrifice some of your luxuries. Quit Smoking. Quit Drinking. Use car pooling to go to office. Don’t buy branded and expensive clothes or products (Non-Branded products are not bad at all). Do some bargaining at the stores. Keep eye of Ads for offers. Grab Offers. Do not hesitate to buy and used second hand products. Get rid of unnecessary expenditures. Do not forget to decrease your Electricity and Telephone bills.

2. Start a Savings Plan: Once you are done with your budget and have made some saving, choose a savings plan. If you still don’t have a Savings Bank Account, open one immediately. You can also opt for monthly savings schemes. You should also see if you can save some of your Income Tax. Go for some good Life Insurance Policy. Many Life Insurance Policies provide Income Tax Benefits. Grab them. Here you are with Good Savings or in other words “Passive Income”.

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