If you feel that you don’t have any money to start a SIP online, you seriously need to start saving.
I know how it feels to work hard every day, but when you look at your savings account and don’t see any money in it, you definitely need to follow these 5 points to start saving.
1. Spend a few minutes in a month to see how much you can save by making your payments on time
Pay your mobile, electricity, water bills etc. on time before the due date. Set a reminder on your phone so you don’t miss the due dates or alternatively fix one day in a month to make all your payments. Late payments can cost you a fortune over a period of time.
E.g. a late payment on mobile bill of Rs 400 might cost you as much as Rs 100 more if paid after the due date.
2. Save 75% on car, life & health insurance by comparing rates
Yes, you already know this… but, insurance companies make most of their money from loyal customers who have been with them for years. If you don’t believe us, go compare your car insurance on websites like coverfox.com or policybazaar.com to know how much you can save.
All insurance companies think that once you have a policy with them you will not leave them. I suggest you compare and check the prices whenever you renew your policies and save big bucks.
3. Do not pay just the minimum amount due but pay the entire amount due.
Credit cards in India charge as much as 36% p.a, so if you default on your monthly payment or roll over the amount due on your credit card, you end up paying dearly. It is better that you borrow money from other sources like friends, family or take a short term personal loan at a lower interest rates like 10-12 percent.
Check out any peer to peer lending website if you need to save money.
4. Move your home loan to lower interest rates
Home loans held by individuals don’t have any repayment or loan foreclosure costs, which means you can freely move your loan to another bank (don’t go for NBFCs as they have higher interest cost). Please ensure you are paying the lowest interest rates in the market.
5. Start SIP online
Don’t just save but invest your savings every month by investing in mutual fund investments.
So please start your SIP online today by installing EzeeHouse App and start investing.
Finally, the biggest mistake is never really getting started. So ensure you don’t fall into this trap, take the above steps and get started today!