Wealth Guide: 7 personal finance tips for beginners – Know how to save money and spend it wisely

Wealth Guide: If you save money, money will save you – This timeless saying still remains highly relevant even today. It is necessary that you dedicate a substantial portion of your salary towards investments that are likely to fetch significant returns. These long-term savings will prove critical in helping you meet your longstanding goals. Another important aspect besides investing is maintaining a conscious attitude towards saving and practicing the same in everyday life. Remember, every penny that you save today will cover a long way in ensuring a prosperous future.

For anyone who is keen on clocking some sincere savings, there are three major factors that you need to regulate- spending borrowing and investments. This is because at some point of time you will need to come across the need to spend on essential utilities, apply for loans to meet exigencies, and invest accordingly to nourish your objectives in life. Rohit Garg, CEO & Co-founder, SmartCoin, shares his knowledge on some time-honored techniques to ensure that your saving game stays strong.

Early Beginnings

“The key is to start saving as early as can. Even if you only make small beginnings, you would end up with a considerable headstart that will surely help you move ahead in life. The habit of saving religiously will ensure that you receive a plethora of benefits in the future such as a solid reserve of funds that can help you sail through all potential storms. This is one practice that you must inculcate in your daily routine. The best and simplest way is make an early start as that would necessitate a smaller fund allocation as compared to making savings at later stages in life,” Rohit Garg suggested.

Save before you spend

“When it comes to savings, the golden rule states that you must save a good deal before you start spending. This means…

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