Sunday, 15 January 2017

8 ways to make your money double

 Most people with small amounts of money to invest think they need to double their money to become wealthy.That’s great, but it’s not the whole story.So the “How to” I promised in my title is simple, but perhaps not that easy for the investor.

1.Start with Small Savings:
Don't underestimate the power of small savings. If you think it's not worth to save few bucks every week, take a look at how quickly it can add up.

Amount saved each week    Total at the end of one month    Total at the end of one year
$10                                        $40                                             $480
$20                                        $80                                             $960
$30                                        $120                                           $1440

The longer you save, the more it grows in value. An extra Bucks of $40 in your pocket every month isn't a bad idea and you can easily do it by changing the way you spend. There are literally hundreds of expenses which you can shave and save. The truth is once you get into the swing of things you'll find numerous ways to save money on just about everything you buy. And those savings will add up big time.

2. Save more on Taxes: If you are a tax payer try to understand the tax exemption and maximize your investment to get the maximum exemption. By doing so you can avoid paying taxes and the same amount is being invested as the savings. Two birds for one shot.

3. Buy on Credit: Don't buy anything with hard cash, wherever is possible try to buy using your credit card. This helps you to track your monthly expenditure and gives you about a moth time to the amount you spend. Since the amount spent on credit card can be paid after your statement generation.

4. Insure your self: Take a insurance policy for self and family.

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