My response to the @Indiaunited Contest - Theme: How do I save my money?

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How do I save my money?
It's a very interesting question. Saving money is the most difficult task in the first place and it needs a lot of discipline, else for a common person it is so easy to miss on savings. If one is extra ordinary rich and has a regular flow of good money then there is no problem, but for majority of the middle class people saving money is always a fight.

I too am in the middle class category, so yes, saving money is something that I need to be very disciplined about. I make it a point to save a minimum of 25% of my income on a monthly basis. Before I started putting my money in Crypto, I invested my money majorly in Mutual funds and Public Provident Fund, and that's how I saved money and also grew my money. On a short term basis if I need to save to meet up some upcoming expense then I put my money in a bank fixed deposit, where the interest varies from 3% to 6% depending on the tenure.

Source

In the last few years, along with saving my money in mutual funds and PPF I have also invested in cryptos. Now I am waiting to reap the profits, which I am hoping will happen soon. I believe that systematic investments which we call SIPs in mutual fund is quite a safe form of investment. Also saving little every month, averages out the cost. If the investment is done consistently for a longer duration then the returns are also good. But again here also, it depends on the stock market and the funds I invest in. Some of the funds returns are good and some are average. My investment in public provident fund does not give very great returns, but it's a safe bet, and the amount is locked in for a long time, so this is my future security money.

Other then these forms, I also like to invest in precious metals like gold and silver. They are reliable forms of savings and also over a period of time gives very good returns. The one place I do not like to put my money in, is the share market. I do not have luck in that space, so I keep away. In past I have tried and always lost money there. In today's time we need to think of channels where the money will grow and give a security for the future. Crypto space is good but still very volatile and especially the alt-coins, every season their value keeps changing. Except for BTC, others are still not very reliable. As of now what I have invested, that's it. I have no plans to invest more in cryptos until I first am able to gain some profits from my current investments.

This year too I am planning to invest some money in precious metals and some part in mutual funds as always. I am going my fixed way and no deviations.

So this is about my ways of saving money.

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"Unlimited Abundance, Blissful Happiness and Unconditional Love"

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