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Most of the middle class people always have only one worry and that is ‘money’. But they forget that because of their own mistakes, money flows out of their hands like water every month. No matter how hard you try, your salary gets spent every month. At the end of the month the bank account stands on the verge of becoming empty. Now today we are going to tell you how to end this problem. We will tell you some mistakes that everyone makes knowingly or unknowingly regarding their salary, and will also tell you how you can avoid it.
Salary comes every month but it is not known where the money disappears till the end of the month. Working middle class people are most worried about the fact that their salary is not saved. If this happens to you too, then there is no need to think too much about it because we are going to tell you some ways by which you can easily save your money.
First of all understand that you must create your emergency fund. If you do not create your emergency fund, then if any month you are suddenly fired from your job or you suffer from a major illness, your entire salary for that month will be lost.
When it comes to investment, a middle class person thinks that he will start investing from the month his salary is left, but in reality that month never comes. Therefore, keep the investment in mind first and then the remaining expenses.
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Never run after showing off your lifestyle and if you feel like buying expensive clothes, vacation holidays, new gadgets every month then try to control it because more than half of your salary gets wasted due to this reason.
You can use the money to improve your skills instead of just shopping. Apart from this, you can also start adding funds to start a small business. With this, your salary will be spent at the right place and not just on unnecessary expenses.
Taking insurance is as important for you as buying ration every month. If you buy the right health and term insurance, you have the option of support in every problem. Many people consider insurance as a useless expense due to which they have to suffer huge losses later.
The web of loans and credit cards also gradually takes away your entire salary and you even come to know about it. It is very important to keep in mind that if you pay the minimum amount due on the credit card, it will increase the debt burden, hence pay the full amount only.
Do not keep all your savings and investments in just one place. You should keep diversifying your portfolio because if there is any kind of risk, your entire savings will not be lost at once. Just as a farmer grows different crops during farming so that if there is a loss in one crop, he gets profit from his other crops, in the same way you should also divide your money and invest it in different places.
