Inflation, limited job opportunities, and risks have all contributed to making it extremely hard to save money.
Some people feel that managing finances is a difficult task. However, with a little guidance, there are many ways in which individuals can make money and grow it if they know how to invest their money in the right direction.
If you are looking for the fast-track to becoming rich, we can help with some useful tips.
Here are five money hacks that will make you productive!
1. Make a Pocket-Friendly Budget Planner
Firstly, cross out all the extra expenses from your life. We often tell ourselves we don’t spend on anything extra, but that’s not true.
There are mainly two types of expenses we have, fixed and variable. Fixed costs are considered in the form of bills and rent and transport, whereas variable includes tours, travel, entertainment, luxury, etc.
Why spend Rs.300 or more on outdoor coffee every day when you can buy a packet worth Rs.50 (or less)? Similarly, cutting back on such small things will help you save a lot of money each month, which will multiply over the years.
2. Invest in Mutual Funds
Money does not grow in value if you throw it inside a bank vault. If the currency depreciates or if there is a high inflation rate, then cash loses its value.
If you want your earnings to grow, the best way to ensure this is by investing in mutual funds.
A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. Investors buy shares in mutual funds. Each share represents an investor’s part ownership in the fund and the income it generates.
One of the best and most experienced Asset Management Company in Pakistan is offering a comprehensive range of Investment Solutions that have been specially designed to help you achieve your financial goals!
MCB-Arif Habib’s iSave is a digital savings solution through which you can create your mutual funds account online, and invest to earn a profit.
With a service like iSave, you no longer need to worry about paper hassles, no painful registration process, no hidden fees, or charges; you get Shariah-compliant returns and an iSave debit card for easy withdrawals.
The best part is that MCB-Arif Habib’s iSave is also an application, which means you can keep a close track of your investment anytime, anywhere.
It typically works like a regular bank account, where you can deposit and withdraw money via ATM, online, or cheque anytime and also earn a daily profit.
3. Generate Multiple Income Streams
Instead of sticking to one means of income, it is always a great idea to create multiple avenues. How you use your 24 hours is very important. No one is asking you to work 24/7, but to develop more methods of income will surely increase your revenue, making you a lot of good money. You can start a small business from home, work a part-time job, do freelancing projects, and much more.
4. Follow the Self-Pay Ideology
It’s always good to pay yourself. First, this does not mean you have to pay yourself with money or buy material goods to make you feel happy. It means to save an amount each week or month. This could be Rs. 3,000 for some or less or more depending on your earnings. That money will come in handy when you are financially constrained, and if you are worried you will spend the money, opt for a non-accessible account like a long term savings account.
5. Bid Farewell to Easy-Paying Credit Cards
Credit Cards are very tricky. You are easily tempted to purchase everything with it, including a pack of gum. Purchasing unnecessary stuff ends up landing you in debt, which has to be paid. Try to minimize or regulate your use of the cards, and you’ll be able to save yourself from high-interest and debt altogether.
Have any other cool tricks? Share them with us in the comments below.