WOW !! Goa is Safest for Woman !! Delhi is in Under Red Line !!

The safest state to be a woman in India is Goa, followed by Kerala, Mizoram, Sikkim and Manipur. States where women and girls are the most vulnerable are Bihar, Jharkhand, UP and, perhaps not so surprisingly, Delhi.

The findings of the first-ever gender vulnerability index (GVI) are expected to help identify the challenges women face with respect to four parameters — education, health, poverty and protection against violence — and assist policy makers mark out priorities.

The report was prepared by Plan India and released by the women and child development ministry on Wednesday.

The index puts Goa on top with a GVI of 0.656, more than the national average of 0.5314.

The index scores are on a scale of zero to one. The closer the score is to one, the better the performance. Goa also ranks first in protection, fifth in education, sixth in health and survival, and eighth in poverty.

Kerala ranks second, with a GVI of 0.634, primarily for its achievements in the area of health.

At the bottom of the table is Bihar, with a GVI of 0.410, women and girls being the most vulnerable, less healthy and poorer among the 30 states. Education is also ranked among the lowest, and protection is unsatisfactory; 39% of girls got married before the legal age while 12.2% aged 15-19, when surveyed, were either mothers or pregnant.

Delhi ranks at 28, with a GVI score of 0.436, pulled down by its poor track record in education and protection, with the former ranked worst.

Jharkhand ranks ahead of Delhi at 27 and Uttar Pradesh trails at 29 with GVIs of 0.450 and 0.434, respectively. The study's dataset was based on 170 indicators on which data is available across all states, including Census 2011.

Nearly 29% of children in India are in the age group of 0-5 years. Yet, the child sex ratio (0-6 years) is at 919 and the sex ratio at birth is at 900. "Though the girl child comprises nearly half of the population under 18 years, girls in India face a spectrum of multifaceted issues at different ages," said Bhagyashri Dengle, executive director, Plan India, which put together the index.

What the index throws up clearly is that high achievement in one sector or dimension leads to stronger outcomes in others. There are of course outliers to this. For instance, both Sikkim (rank 4) and Punjab (8) exhibit high scores for all dimensions except poverty.

Source : TOI

Do you know ? in how many country you can visit with Visa on Arrival ??

Yes  !! with Indian passport, you can travel to 59 countries without a visa (or with a visa on arrival). Recently, Arton Capital, a financial advisory firm, came up with a ranking of passports based on how powerful the passport of a nation is. The more the countries a passport allows you to visit without a visa the more powerful it is said to be ; US and UK top the list with the most powerful passports enabling access to 147 countries without visa, India stands somewhere midway at 59 countries. The power index of a passport is highly dependent on the nation’s ranking on the international scene, in terms of trade, power, GDP, etc. 

Here are the countries your Indian passport enables you to visit without a visa (or with a visa on arrival): 

1. Bhutan

2. Hong Kong

3. Thailand

4. South Korea (Jeju)

5. Macau

6. Nepal

7. Antarctica

8. Seychelles

9. FYRO Macedonia

10. Svalbard

11. Dominica

12. Grenada

13. Haiti

14. Jamaica

15. Montserrat

16. St. Kitts & Nevis

17. St. Vincent & Grenadines

18. Trinidad & Tobago

19. Turks & Caicos Islands

20. British Virgin Islands

21. El Salvador

22. Ecuador

23. Cook Islands

24. Fiji

25. Micronesia

26. Niue

27. Samoa

28. Vanuatu

29. Cambodia

30. Indonesia

31. Laos

32. Zimbabwe

33. Timor Leste

34. Iraq (Basra)

35. Jordan

36. Comoros Is.

37. Maldives

38. Mauritius

39. Cape Verde

40. Djibouti

41. Ethiopia

42. Gambia

43. Guinea-Bissau

44. Kenya

45. Madagascar

46. Mozambique

47. Sao Tome & Principe

48. Tanzania

49. Togo

50. Uganda

51. Georgia

52. Tajikistan

53. St. Lucia

54. Nicaragua

55. Bolivia

56. Guyana

57. Nauru

58. Palau

59. Tuvalu

Oldy gets $24 million lottery ticket just before it expired !!

Jimmie Smith has tried his luck with lottery tickets. He would buy them in New York City and in his home state of New Jersey, but never hit the jackpot — not knowingly, anyway.

“A lucky New Yorker has a $24 million Lotto payday just waiting — but the winner has to act fast as time is running out,” Gweneth Dean, director of the New York Gaming Commission’s Division of the Lottery, said in May.

The winning ticket for the May 25, 2016, New York Lotto drawing was about to expire, and the gaming commission was making a final push to locate the lucky, unknown winner.

“We urge New York Lottery players: Check your pockets. Check your glove box. Look under the couch cushions. If you have this winning ticket, we look forward to meeting you.”

Smith, 68, heard about the search for the mystery New York Lottery winner on the evening news, and remembered he might have bought some tickets last year.

A retired security officer and grandfather of 12, he fished out a stack of old, unchecked tickets from the pocket of an old, favorite shirt. As he went through them, he found one with the numbers: 5, 12, 13, 22, 25, 35.

“I stood there for a minute thinking, ‘Do I see what I think I see?’” Smith told the gaming commission. “I had to stick my head out the window and breathe in some fresh air. I was in serious doubt. I really had to convince myself this was real.”

The New York Gaming Commission announced Smith’s identity on Wednesday.

On May 25 this year, the day that his winning ticket was to expire, Smith showed up at the Lower Manhattan customer service center of the gaming commission to claim his prize, barely a mile from the Renu Corp Grocery & Tobacco store where he had bought the ticket a year earlier.

“It was literally a last-minute thing,” a spokesman for the gaming commission told The Washington Post.

Smith left the office after taking care of some paperwork to certify that he was the rightful owner of the ticket. But when the commission tried to get in touch with him again, Smith was nowhere to be found.

“We could not find him. It was a long time before we heard from him again,” the commission spokesman said.

It was only this past week, almost five months later, that Smith again appeared at the office to finally collect his prize, the representative said. Smith completed some paperwork, then left again.

“It was a bit of an unusual situation where we couldn’t track” the winner, said the representative.

Smith chose to receive his $24 million in installments over 26 years, according to the commission. He could not be immediately reached for comment.

“I just hope they didn’t lose the ticket. I think it is probably lost,” Bobby Patel, the owner of the grocery store, told the New York Post in May, a week before the ticket’s expiry date. “It could even be a tourist. Sometimes tourists come in and buy lottery tickets. They go home. They forget.”

Patel added that he had been telling all his regular customers to check their tickets. “It would be a shame for all of that money to go to waste. Please,” he said. “There is only a week left.”

Massive jackpots have gone unclaimed in New York before. One ticket bought in 2002 was for $63 million and another, the following year, was for $46 million, according to the gaming commission. Both were sold in Brooklyn, according to the New York Post.

InIn 2015, the New York Lottery put out “Wanted” posters around Brooklyn in its  for the winner of a $7 million Cash4Life lottery ticket, which was about to expire. The search was unsuccessful, but it did nab the New York Lottery an industry  for its creative marketing campaign.

At least nine winning New York Lottery tickets went unclaimed between 2002 and 2014, totaling $191 million in lapsed prizes, according to the gaming commission.

And in the fiscal year 2016-2017, a total of $74 million in New York Lottery prizes went unclaimed, as to the New York Post.

Source : Washington Post !

Tata Group is considering buying Air India !!

 New Delhi :Tata Sons Ltd ; executive chairman Natarajan Chandrasekaran has said the Mumbai-based group is considering buying state-owned flag carrier Air India Ltd.The group, however, needs more details from the government on the process, Chandrasekaran told CNBC-TV18 in an interview, which was released Monday evening.

In detail He said  “We will definitely look at it,” Chandrasekaran said, adding, “We still don’t have all the details. Every business proposal will be very seriously looked at and we will look at that (Air India). Definitely. But currently we don’t have the data... there are so many different groups within Air India and then there is real estate, there is debt, there is liabilities and we got to look at all of that it but we will definitely look at it.”

Chandrasekaran indicated the group was keen on the airline it once started.

“We have a team which can definitely spend the time as soon as the details are out,” he said, adding, “We need to look at aviation as a whole. We are subscale. We got two airlines both are subscale. Any decision that we take—Air India or otherwise—we have to have a story because we can’t be operating with 15 aircraft or 20 aircraft. I feel scale is important, in every industry in every group we operate in scale is important. Without scale you get to a situation where you are all over the place and it is very, very difficult to pay management attention."

Tatas have launched Vistara in alliance with Singapore Airlines and AirAsia India. Vistara has said it will place wide body aircraft soon to fly international. Tata chief said Air India would be a “strategic decision” and therefore “data” and “long term story is required”.He also indicated Tatas have looped in Singapore Airlines to potentially look at Air India jointly as they had in the past but failed then.“Do you think I would not have?” he asked, in reply to a question on talks with Singapore Airlines, but declined to comment further. This is the first formal statement by Tata Group on Air India since the government announced its decision to sell the airline earlier this year.

Mint reported on 21 June that the group has sought details of the Air India disinvestment in meetings with government officials. In 2000, Tata group and Singapore Airlines had expressed their interest in acquiring up to 40% of Air India. In 2013, after a meeting with then aviation minister, Ratan Tata had said the Tata group would be interested in buying a stake in Air India if the government were to privatize the airline.

Air India was launched in 1932 by J.R.D. Tata as Tata Airlines. Its name was changed to the current one in 1946. The government decided to take it over in 1953.
Source : livemint

CRACKED, !! How to save money in india !!

How to  save money in india !! CRACKED, 

Experts write billion words about investment. But it's surprising that how little's written on how to save money. People save money in India naturally. But how to save money consistently year after year? Saving money is an art. Saving and investment of money is required for long term wealth creation.

1. Pay Yourself First

First step is to open two bank accounts. One will be a salary account where pay cheque gets deposited. The other will be savings a/c. In this account, money only comes in, and if it goes out, it goes only for investment.

Second Step is to budget all expenses. Recall all expense that you made in last one year. It should cover all expenses starting from utility bills, cooking gas, groceries, vegetables, vehicle fuel, house rent, EMI etc. Expense that we fail to budget are vehicle insurance premiums, emergency funds, unplanned purchases, property tax, miscellaneous expenses, vehicle maintenance, gym, dining out, prepaid mobile recharge, etc. The point I am trying to emphasize is, our list of expenses shall be exhaustive. Once we have identified all expenses, start putting values against each.

Third Step will be to identify how much we can pay to ourselves. Suppose monthly income is $100. Total expenses comes out as $85. It means $15 is the money we can save from salary. This $15 is that money that no matter what we do, will never be needed to manage our day-to-day needs. Pay yourself first this amount ($15). How?

Fourth Step will be how to pay oneself. Remember, you have two bank accounts, ‘salary’ and ‘savings’. Online transfer this $15 from your salary account to your savings account. This transfer of money should be done the day pay cheque gets deposited in your salary account. Before you pay any bills, pay yourself first. You should never feel that this money ever existed in your salary account. You should not miss this money. Consider it as a dead beat. Making yourself feel poorer is better. If we have less in your hand, we will spend less.

But remember that feeling poorer is not the real goal. Feel poorer for long term wealth creation is the objective. If we have excess money visible, our mind start playing pranks with us. It will generate ideas of spending on needless things. This is the reason why the world richest man Warren Buffett leads a humble life. His focus is wealth creation by saving and investing and not on lavish spending.

2. Open a Piggy Bank at Home

Now we know that when our mind sees liquid money it start playing game with us. If we have too much liquid cash in your wallet it gives us innovative ideas of spending it on trivial things.

The picture should be pretty like going on cruise for vacation. Your family should get an idea that they can save anything from small coins to big notes. The objective is to save heavily so that the piggy bank gets full in quick time. This type of exercise does two things for us. Firstly the family realizes that if they want to buy a big thing it takes time to realize a dream. Your family will learn that it takes effort and patience to buy a thing. Your kids will learn how to fight the temptation of immediate gratification. Make it a habit of your family that in case they want to buy a thing they shall discuss with family and start a piggy bank for creating a savings fund. This cultivates the habit of savings which they will cherish all their life.

3. Your Pay rise should also reflect on “Pay You Self First” rule

At the end of the year when we get a pay rise It is always very satisfying. But generally we end up spending all of our our pay rise by increasing only our expenses column.

So lets see how WE can trick our mind to save more. If you have kids you can also involve your kinds in this game. Buy a piggy bank and set-it-up in the middle of your home. Sit with your family and try to picturize what you will buy when this piggy bank is full. For sure when we get a pay rise we can expect a proportional rise in standard of living. But a proportional rise should also reflect in ‘pay yourself column. Till last month your salary was $100 and your were paying your self $15. If your salary grew to $120 then you pay-yourself should also rise proportionately to $18. The advantage of increasing the Pay Yourself Column is that it adds to the income. The higher you are contributing to your Pay yourself column the more be your cash-in in the form of income. It creates a cyclic process. High Income > High Savings > High Income.

4. Set a piggy bank for yourself and your wife

This piggy bank is slightly different from your home piggy bank. Leave that pigggy bank for your children. This new piggy bank shall be used for bigger expenses like Home buying, new car, higher education for child etc.

Suppose you decide that you want to buy a car, it is very easy to get car loans these days. If you will decide today, tomorrow you will get a car loan and within a week the car will be at your door steps. But I will suggest to delay your gratification. As a rule of thumb, instead of paying just 20% as downpayment for a car you must pay at least 50% as your downpayment.Suppose your want to buy a car whose price is $13,350 (INR 6,00,000). Ideally a bank will pay you loan for 80% of the cars value ($10,700, INR 4,80,000). But do not go by this temptation to pay just 20% and have a car. Instead wait till you have 50% funds ready for down payment. You must create a piggy bank for buying this car. This piggy bank will be like a mutual fund SIP or a money market fund. Rule is, you are not allowed to but the car till you have 50% funds ready for down payment in your piggy bank. You can also do similar exercise while buying a house. Set aside each month a sum of money that on a later date you can use for buying your house or your car.

5. Pay a Hypothetical EMI for your New 

Home

out of college and had joined your first job. If you start this virtual home buying, by the time you are 30 and you actually need to buy a home, you might have already

Even though you are not planning to buy a home today, imagine that what if you have a home for which you are required to pay EMI. But how much EMI you shall pay for this imaginary home? A person can pay EMI equivalent to 30% of take home salary.

Suppose your net income per month is Rs 10K, in this case you can pay Rs 3000 as your imaginary EMI. Continue paying 30% as EMI to yourself (just like the concept of pay yourself first). This EMI you will continue to pay till to really buy a home and a real EMI expense starts. Supposing that you are a 24 years old graduate just accumulated a good savings and you will exactly know how much EMI you can actually afford. I have personally used this trick of money saving and it works the best.

6. Accumulate Precious Metals Like Gold or Silver.

I will suggest to add one column in your expense budget. Name it ‘investing expense on gold/silver’. Keep a target of buying at least 5gm of gold (or equivalent of silver) every year.

Presently 1gm gold will cost approximately $40. This nothing compares to what we spend on weekends. It means every month if we save $20 it will be sufficient to buy a 5gm gold coin at the end of the year. The idea of highlighting gold purchase here is because of its ability to lock funds. Once we buy gold it is not easy to spent it (like cash). Moreover gold also show reasonable price appreciation in long term. Suppose you buy 5gm of gold each year for next 20 years. At the end of 20th year you will have 100gm of gold. If gold price appreciates even at a decent rate of 6% per annum, after 20th year its rate will be close to $1500/10gm. It means 100gm gold will be worth close to $15,000 (Rs 9,00,000). I personally consider gold/silver as an excellent way to save money from salary. It is a great tool of locking money from getting spent on trivial things.

7. Prepay Your Loans

These days almost all of us carry some form of loan or other. Majority of us carry personal loan or home loan. Prepayment of loans helps to save heavily on interest. I have written one article purely on home loan prepayment. If any one wants to know more about loan prepayment they can read this article.

This is one practice that I am personally following and had saw its benefits. Prepayment has not only allowed me to save on interest but it also allowed me to close my loan in half the tenure. There was a stage in my life when I was diverting all of my ‘pay yourself funds’ towards my loan prepayment. Home loan prepayment is a very realistic way of saving money. Every time I make a prepayment I know that I have saved huge interest. I will suggest my readers to at least once read this article on loan prepayment and decide for yourself whether this is worth trying or not.

8. Open Savings A/c in Bank offering highest interest rate

Why to only think complicated when it comes to savings money. You will agree that the easiest way to save money from salary is by opening a savings account. We do not consider savings account as best option because it offers low interest on savings account.

But let me ask you this question, do we have an option? If we are not opening a savings account can we manage with something else? No we do not, we must have a savings account. Our savings account helps us to have salary, helps us to pay bills, helps us to have debit card/credit cards, pay home loan etc. So why to needlessly ponder about low yields from savings account. Better option is to choose best among worst. Yes, these days not all banks offer same interest on savings accounts. Lets open a savings account in a bank that is offering highest interest on savings accounts.

Interest Rates on Savings Account

Deposit Type	Name of Bank	Offered Interest Rate
Saving	YES Bank	7%
Saving	Kotak Bank	5.50%
Saving	Ratnakar Bank	5.50%
Saving	All Other Banks	4%

9. Save huge money by Planning Taxes

Our target is to save every bit possible from our salary. By planning our taxes we save a good deal of money from salary. Let me give you an example to explain how much we can save by planning our taxes.

Small savings like these can make hell of a difference in long term. In India, rules allow us to save money from salary as listed below:

U/s 80C - Over all exemption is Rs 100,000/year (Investment in ELSS, PPF, NSC, LIC, Home Loan Principal etc)

U/s 80D - Over all exemption is Rs 15,000 (Rs 20,000 for Senior Citizen)(Health insurance for Self, family, dependent parents)

U/s 80E - 100% interest on education Loan is exempted from Income Tax (Education loan taken for higher studies of self, spouse, children) .

10. Develop Small-Saving-Habits

When it comes to long term savings, even small savings make a big difference. Small saving over a period of time can prove to be very beneficial. Big benefits are not visible while practicing small saving habits. Small saving habits is more like a discipline.

When we practice small small, we also inculcate these good habits in children. Small saving habits works on the principle of 'delaying gratification". Lets see some small savings habits that we can implement in our day to day life:

• Driving a diesel car will save you Rs20/liter compared to Petrol. Driving aCNG car will save Rs 35/liter compared to petrol.
• Buying groceries in bulk from places like D-Mart can reduce your monthly bill by about 3-5%.
• Instead of buying new books to read, try a smart phone app that provides free audio-books. This can save at least Rs500 per month.
• When you leave your house switch-off electrical appliances. Never leave chargers/TV/Phone/Music/Laptops/Microwaves on standby mode. This itself will reduce your electricity bill by nearly 3%
• Buy clothes in bulk on those February month SALE. Idea shall be to buy all news clothes for that year in February (as far as possible). Use these new clothes as and when the occasion comes. This can save you nearly 30-50% of cost you spend annually on clothing's.
• Try jogging early morning in open air. This can reduce your gym bill by Rs20,000 anually.
• Before you swap your credit card, ask yourself if you had to pay by cash, would you have paid for this purchase? Generally because we are using credit cards, we buy things we cant afford. This small habit of self checking ca reduce your unnecessary purchases by 5-10%.
• Plan your annual vacations in advance. Book air tickets 3-4 months in advance. Do hotel bookings 3-4 months in advance.

11. Prepare a Personal Cash Flow Report

Idea is to buy things we afford. Generally we get tempted to buy things we cannot afford. This creates overspending. Why we overspend? We overspend in ignorance.

If we are not aware of our affordability we will fall prey to overspending. How to prevent oneself from overspending? How to save money in India each month and prevent it from getting overspend? I will give a solution to these problems from my personal experience. I tried many alternatives to check my bad habit of overspending. But nothing seem to work. One day I was conceptualizing an article on personal financial statement and I got this idea. Since that day I have followed this practice and it really helped me to save money each month. I will give few examples to explain how I use this cash flow report. One day my family decided to replace our old dilapidated refrigerator with a new one. The cost of that refrigerator was Rs 49,000. Before we commit to buy that refrigerator I ask to my self "Can we afford it"? To answer such questions I dig deep into my cash flow report. In 'miscellaneous shopping' row I checked how much saving we have accumulated. I found that we can easily buy one. In the same time, I was suppose to pay school fee of my child. The fees was close to Rs 35,000. When I checked my cash flow report I found that I was running out of funds. As this was uncompromisable expense I decided to borrow money from 'miscellaneous shopping' fund. As a consequence we were not able to buy refrigerator. But we knew that probably in next couple of months we can buy one. So such cash flow reports not only helps us to check affordability but it also helps to manage emergencies.

12. Always Save Money for Birthday's & Anniversaries

It is my personal experience that not saving for birthday's and anniversaries can lead to more burden & pain. Birthday's and Anniversaries are such events that happen on a fixed date each year.

Depending on ones requirement, it is advisable to save 12 months prior to the real expense date. We are 3 people in my family. It is inevitable to buy gifts & arrange a small party during 3 birthdays and 1 marriage anniversary. If the expense is inevitable why not save for it from start of the year? If we are not saving it means we are spending it somewhere else. It means, when the priority comes (like Birthday's) we dig into our emergency funds or investment to meet the needs. This causes a very serious dent to our goal of financial independence. The best way to save for Birthday's & Anniversary is to start a recurring deposit (RD). This will also earn decent returns and will also lock your savings for each 1 year. I have started following recurring deposits for my family.

13. Skip Grocery Purchase once in every two months.

In my house I have noted items like kabuli chana (white gram), rajama (kidney beans), maida (wheat flour), tooth paste etc frequently appearing in forgotten-list. This list is endless. We can only come to know about it when we start searching for it. Best way to start searching is by not doing grocery shopping one weekend. Then, looking into your inventory for any thing that can be cooked and eaten. This will not only clear your food-store, but will also save good money. It is really an interesting habit. I will suggest everybody to try it once in 2 months.

This may sound too foolish suggestion to save money but it really works. Almost all household maintains a huge inventory. Funny thing is that we are not even aware that we maintain it. Sometimes it happens that this inventory gets stale and then we realize it.

14. Increase Home Loan EMI by 5% each year

This is a very safe bet. It diverts your money from expense to loan pre-payment. Banks would like you to pay home loan till the last month. But it is in our interest to prepay the home loan early.

Not only it will make us debt free, but it will also save huge money. Many people does prepayment of home loan. They accumulate money (savings) & then make prepayment. I will propose an easier alternative. As soon as you get your annual pay-hike, make visit to your home loan bank. Tell them that you would like to increase your home loan EMI. I will suggest you to increase your home loan EMI by 5-12% each year. I have observed one of my friend using this trick very effectively. They managed to pay back their home loan in less than half the total tenure. So go on and increase your home loan EMI. Make it a good habit. Increase the EMI judiciously each year.

15. Save Money to Generate Future Monthly Income

I have found this trick to save money very useful. All monthly income plans (MIP) are debt linked investment so its absolutely save. No need to worry about possibility of loss. Starting a MIP will solve two purpose.

First, it initiates a strong desire to save money. If idea is to generate future-fixed-income, its very inviting. Higher will be the fixed income (like from MIP) less dependent we will be on our salary. It ultimately translates income financial independence. The only drawback with MIP's are low returns. But believe me, do not discourage yourself to start a MIP because of lower returns. Look at MIP as Savings option that is given long term returns close to 5-6% per annum. A savings plan giving these returns is very good. Some might ask that if we are locking our money for long term (in MIP max is 11 years), why not invest in equity? Some might even say that if return is close to 5-6% why not buy a Fixed Deposit? Both questions are valid. But in MIP we are able to generate fixed income after some years. Equity can never promise fixed income. Fixed deposits can give higher returns its too liquid. People are often found redeeming their FD's prematurely. Considering that purpose is to generate fixed income, MIP's are very good 'savings' option.

16.Lock Your Savings Forever

One day I asked one of my friend, how much is your saving? He replied 30% of his take home salary. I said that’s very good, but how much do you save out of it? He became puzzled, so rephrased my sentence. I asked, out of 30% how much you never spend? What happens is, though we save money today, but we eventually end-up spending them.

This does not help our cause. Real saving is that saving that never get spent. Generally, what we keep in savings is very liquid form. Liquid money gets spend very easily. Savings account, recurring deposit, fixed deposits are good saving options but it does not lock our money. When we do not lock money it gets spent. So the efficient saving is that money that can never get spent & keep appreciating in value. Suppose one has home loan, use the savings to make prepayment of loan. Once prepayment is made, that money can never be spent elsewhere. Moreover, prepayment also saves huge sums of interest component. Similarly if one is carrying any type of loan (auto, personal, education, credit card etc), saving must first be used to prepay loans. This is one very effective way of locking savings from getting uselessly spent elsewhere. One can also use savings to buy as much as tax-savings options. It is a rule that says, be 100% tax efficient and 100% debt free before investing money. We spend so much time thinking about stocks and mutual funds. But instead, we make more money by simply saving tax & clearing-out outstanding loan by prepayments.

17.Budget higher than necessary

People who spend money according to budget can use this tool to save more money. The trick is simple which will helps to save money unknowingly. It is common belief that if one has to save, it must be done unknowingly.

Too much awareness about saved money will ultimately lead to spending. If saved money is ultimately getting spent then that saving is useless. Try this trick and you will be surprised how easy it becomes to save money month after month. The trick is, we adapt to higher expense within couple of months. So after a couple of months one does not realize that they are budgeting more than necessary. Hence this savings gets accumulated month after month. It is important to proper channelize the savings. One can either put them in fixed deposit, invest the money, lock it in emergency account etc. 

18.Trick Yourself & Save Money

We are all natural spenders of money. We can spend money more easily than we earn them. Hence it requires special tricks to continue saving money for long time. We can actually trick our mind and influence it to save more money.

a) Buy a Day of Financial Independence: Suppose ones annual expense is $24,000. Divide this by 365 and the value you get is $66. This value can be used to motivate our mind to save. The value is more achievable and encouraging. Every $66 saved means the person is actually buying a day of financial independence for his/her family.

b) Reduce frequency of spending: When we say that we must give something all together to save money, that statement itself makes it difficult to practice. Instead of giving up something all together its more practical to reduce its frequency. A habitual dinner cannot give up drinking in a day. But if frequency of drinking can be reduced to once month, that itself can be considered as a success.

c) Idling triggers spending's: Have you ever noticed yourself planning to buy a Smart TV while you are knee deep in work in office? No, when we are busy doing something our mind cannot go on a spending spree. Its the idle mind that's the culprit. Keep yourself busy. Developing a hobby is a good way to keep oneself engaged all the time.

d) Make all your big Purchases in Cash: Credit cards has made spending's too easy for us. We buy now and pay later. This facility has made us a compulsive spenders. We do not feel the money leaving our pocket. On the contrary, studies say that people who pay by cash are more likely to live more frugal life.

e) Spend only on things you use most: We spend most of time home in our living room. In metropolitan cities, people spend more time driving on road. In smaller cities people spend more time watching TV. Its a good idea to identify which activities take most of your time. Spend money to make only these areas better. This realization will help you understand that where you can avoid your spending's.

Conclusion

Saving money each month is difficult. But setting up rules as discussed above will not only manage your short term and long term expenses but will also make you financially independent.Have a happy spending.Do not forget your goals of Savings…We are saving to ‘Get Rich, and the only way we can get rich is ‘BY ACCUMULATING ASSETS’.