Can you share tips on how do you save money on a day to day basis

Re: How to save money?

Hi Diwya,

Practically, saving is a by product of not spending. But here you are looking at investing your money to get higher returns as compared to savings account.

What is purpose of investing the money is one question you need to answer. So assign a goal to your investment and you will have better visibility of your future as far as finances are concerned.

So you need to decide that this money you intend to save will be for your retirement or for buying a car or for your marriage(if not married) or for your kids education (if married and have kids) or for going on a trip abroad...and the list goes on.

The amount you intend to invest can give you very good returns over a long term.

you can view my other posts in on financial planning for better understanding. however every individual is different and so are their needs...So let me know if you need a plan for your self.

Regards,

Shaishav

 

Re: How to save money?

Hi shaishav....

what are the saving options in Dubai/where we can save money(monthly)here.

pls share your suggestion..

Thanks and Regards

 

Re: How to save money?

siri,
i suggest u invest in post office savings account. that is a good option. other than that you can put an RD(recurring deposit) interest rates for both are nearlt the same but in post office savings you also get some bonus and all which is not there in RD.
if you would like to go for market linked investments MFs are the best. you can check the performance of the particular fund and invest accordingly in 1-2 MFs.

 

Re: How to save money?

Hi sushmavja....

As you are staying in Dubai wht are the options for savings (monthly basis)here.if you have any knowledge pls share.

Thanks in advance

 

Re: How to save money?

Hi,

You surely have the advantage of higher income in Dubai but there are no retirement benefits like PF etc (I Guess) so investing in right options becomes all the more important for you.

I do not have enough information about investment options in UAE but when I had Indian clients from UAE I use to manage their investments in India.

So, get a PAN for yourself whenever you visit India.This will be the starting point for you. I can help you with this process and further investments also. Let me know if you need to discuss this and I will send you a private message.

The advantage for you will be high income and investment in high return options.

Regards,

Shaishav

 

Re: How to save money?

ashisarchana,
i too dont have any idea about savings here in dubai.we came here recently and what ever we save, we have been clearing off our home loan back in India..so cant tell you any saving options here.

 

Re: How to save money?

Thanks sushmavja......

 

Re: How to save money?

Hi ,

Thank you so much for your reply.

Yes sir ...i agreed with you.we are more concern with PF and childrens education.My husband got PAN card.pls guide me further.

Kind regards

 

Re: How to save money?

Hi,

I would need some details from you. You can refer post number 29 in http://www.indusladies.com/forums/money-matters/141764-financial-planning-queries-3.html

Please reply with the details in the same thread..

Regards,

Shaishav