04/27/2008How to save money?
- What is the best way to make money of your money? I have alot of money in savings but it isn't not making any interest, what should i do?
- Best Answer:You can make your money active by diversifying and allocating it in different investment schemes such as,
1.
Equity (Direct investment in stock market by taking a demat account and buying shares) :
You will get maximum returns but have high risks. But is a sure bet if you invest long term say 1 to 3 year or more.
Expected Return: 30% to 40% per year or more
2.
Mutual Funds: (Now a days there are different types of mutual funds like, sector oriented, capitalisation oriented, trend oriented, diversified long term, gold, the new real estate one, etc.)
30% to 40% per year from the 3rd year of investment.
Also there are two ways to invest in a Mutual Fund,
a. SIP : Here you can invest a small specific amount each month for a long time. And it will help you Rupee Cost Averaging that is your money will buy shares through Mutual Funds all the time(when market corrects and rallies). here the returns may some times decreases than normal Mutual Fund.
b. Normal Mutual Fund: Invest a big amount at first.
3. Fixed Deposit: They are guarenteed deposits and you will earn a specific % of interest.
Normally its around 10% also varies with respect to the period of investment.
Please see the below website for more details about investing. It may defenitely help you.
http://www.moneycontrol.com/planning_des...
http://www.moneycontrol.com/planning_des...
http://finance.indiamart.com/investment_...
Also one more thing is donot go for an Financial Advisors/Normal Agents of certains banks like AXIS_(uti) , ICICI, etc. They will not guide you properly. This is from my and many others experience.
YOU NEED TO DECIDE YOURSELVES.
- Answer:dont put it in savings. Put it in a IRA or Money market it has higher interest than savings.
For your question on how to save money. Dont use your credit card too much. Its going to hurt you in the future. Although you need credit card to get good credit rating just make sure you dont overuse it. Always be practical.
- Answer:Contact a financial adviser and he/she will tell you what's the best way to invest your money. It's pointles keeping your money in savings accoutns as you don't earn that much.
- Answer:maybe switch banks that offer higher interest
- Answer:daveramsey.comfpu
- Answer:Invest in mutual funds.
- Answer:ask parents to increase allowance
- Answer:through investment...but find the good one
- Answer:bet it all on red
- Answer:do you want to invest?..please contact uty73@mail.ru and we can discuss in details
uty73