How to save money on a low income

Inflation is rising, the daily living expenses are on an increasing trend.

But if your salary is still the low and same, you will definitely be worried about your future.

Expenses can be categorized into necessary ones and unnecessary ones.

Now the table would list different items for each person depending on what they perceive as required and not so required.

Here are some tips on how you can save a bit of money with low income amid the inflation times

Start a Recurring Deposit

For example, if you earn 10,000 Rs per month as your salary, think of investing at least Rs. 500 in a Recurring Deposit per month.  Recurring Deposits attract good returns on investment and also help you develop a habit of savings.

Invest money in a PF account

Provident Funds Account provides a 7.1% interest rate which is quite higher compared to bank fixed deposits and even recurring deposits.  You also can have the option to withdraw some money when you complete 5 years of the term with the PF account.

Fixed Deposits

Well, even if you save 1000 Rs in a period of two or three months, you can definitely approach a bank and open a fixed deposit account. You will get good interest rates if you decide to save that Rs. 1000 for a period of 5 or 10 years.

Remember that some savings are always better than no savings.

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