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  • 1. Buy last year’s model of expensive things

    2. Negotiate Everything

    3. To save money in the future, read on to spend money on some things in the present

    4. Avoid Debt

    5. If you have a debt, pay it off as soon as possible

    6. Avoid Credit Cards

    7. Keep only one credit card at the most, that too after college

    8. If you have to keep a credit card, then definitely pay it every month

    9. Build and Maintain a Good Credit Card Rating

    10. Build a Good FICO Score

    11. Understand the importance of money interest

  • 1- Buy only last year’s model of expensive things

  • Goods like electronics, home appliances, cars, televisions come in front of us every year in the form of new models with slight changes, so it is better that you buy the same model as last year because companies try to get rid of their old products. Prices very low. This will benefit you a lot, this strategy can save thousands of dollars in money.

  • And if you keep on buying goods only to show and tell others, then you will never be able to be financially stable. As far as the latest model and manufacturing year is concerned, then it is only useful to tell and show others.

  • By buying last year’s model of the goods, you can save lakhs of rupees throughout your life.

  • 2- Negotiate everything

  • Never buy any item at the price you are told. Negotiating sounds a bit strange, it gets annoying but remember that the price of everything can be low, just do a good research about that product and its price. Whenever you go to buy something, make them realize that you have many options available. Paying cash often gives an even better deal.

  • If you keep in your mind that all costs can be negotiated, then you will be able to save a significant amount. And depending on your negotiating skills, you can get whatever you want at whatever cost.

  • 3-; To save money in the future, read to spend money on some things in the present

  • To save money in the future, spending money now does not mean that you spend as much as you cannot afford. There are just some things on which if you spend well today, then you will not have to face the losses related to them in the future.

  • For example, car maintenance, 1 month extra house rent, fitness items and health care, if you spend well today and it will not go bad in future, then you can save a good amount. But for this it is important for you to be sure that what are the most important things in your life which can be saved from more future expenses.

  • 4- Avoid debt

  • There should be no need to tell that once you get used to the borrower, you will drown in debt. People say that by taking a loan, set your lifestyle, but this loan system is the only way to make money from interest and fees. They work for their benefit, not for us. By taking a one time loan, you are preparing yourself for the next loan. The worst aspect of loan is that you get stuck in it forever that the installment of one loan is not finished that another loan has to be paid.

  • You don’t have to take what you can’t afford. Stay within your budget, save and buy when you can. No lifestyle is set up with the help of a loan.

  • 5- If you have a debt, pay it off as soon as possible

  • First of all, spend as much as you have. Make a plan and then execute it, if you do not execute the plan then it is useless. You have to follow some rules to get out of debt. First of all, if you can’t afford then don’t spend. Do not keep more than one credit card, keep the same credit card, whose interest is less. Analyze your debt. Pay off the highest interest loan first. Make a long term plan for this. Then stick to your plan till you get rid of the debt. And the last thing is that never take a loan again.

  • Until you get out of your debt, do not focus on the rest of the expenses.

  • 6- Avoid credit cards

  • Getting used to credit cards is like getting used to drugs. 80% of US graduates end up in credit card debt while in college. Once you use it, it seems to use it once more. Gradually you get stuck in this quagmire and become indebted for life. Use and attract credit cards in college life. Whatever you need, you don’t have money, use a credit card, but this is the biggest mistake. Learn to live according to your needs. It is not necessary that you have everything to be happy, be happy in what you can afford.

  • 7- Keep only one credit card at most, that too after college

  • There are many small and short-term benefits of having more than one credit card, but for these benefits, you cannot take the risk of getting stuck in debt by holding more credit cards. Often people take more than one credit card as a status symbol. This wisdom is completely absurd, keep at most one credit card or else don’t have a credit card at all. Your debit card can do all the things that a credit card will do. The only difference is that there are chances of getting into debt due to credit card whereas there is no such fear with debit card.

  • 8- If you have to keep a credit card, then definitely pay it every month.

  • First of all, don’t take a credit card. The second thing is that if you are taking a credit card, then keep only one card, never spend too much because you are getting some percent discount on the credit card. Because this benefit can be converted into interest in the long term and take credit cards from only those companies whose annual percentage rate is very low.

  • Use cash instead of buying any big stuff with a credit card and don’t buy until you can afford it.

  • 9- Build and maintain a good credit card rating

  • A good credit card rating is beneficial for availing different types of loans, favorable interest on credit cards, renting an apartment, as lenders often check your credit card score to see if you are accustomed to paying on time Or not. A good credit card rating is also helpful in getting a job as it is a proof of your responsible attitude.

  • Pay all your payments on time especially credit card payments for a good credit card rating. One time late payment can spoil your credit card rating. It takes time to build a credit card rating and once a late payment has affected the rating, it also takes a long time to get it right again. Credit card rating is also very beneficial for building your good image, it is a symbol of your responsible and reliable character.

  • 10- Build a good FICO score

  • Fico means credit card score. This score goes up to 850. If you get anything above 700 then it will be good for you. The credit card score depends on things like your payment history, debt, duration of credit history, how many credit cards are there and the type of debt.

  • It is very important to have a good credit card score in the beginning and if you maintain this good score then you will save a lot of money.

  • 11- Understand the importance of money interest

  • Interest on money can earn you money and can also ruin you. For example, if you keep $10,000 in a savings account with 5% annual interest, then after 1 year this money will become $10500. And after 5 years this price will be $12762.

  • This is one aspect, the interest on money makes you pauper, through your credit card. Credit card companies charge a very high rate of interest. For example, if you bought a $10,000 home entertainment system on which the credit card company charges you 15% APR. If you are able to fill only $200 for a year, then out of this $200, 15% of the total amount, ie $125, will go into tax only. Your principal amount will be deducted only $75.

  • This interest works in your favor as well as against you. If you save money, then it will be more than the interest, but if you take it on the loan, then the interest can also make you a pauper. And one thing you should always remember that the interest you get is always less than the interest you pay. Try that if you keep a credit card, then it is very good.

By REEMA SRIVASTAVA

I AM MUKESH KUMAR SRIVASTAVA

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