How to find more money to invest

By Rohit Malik

More money to invest = getting wealthy faster

If you compare all the asset classes, the stock market or investing in businesses through purchasing their stocks is ‘the best’ asset class. Over the last century or so, this asset class has given more return than all the other asset classes, real estate included.

The problem is: Once you know how to invest, you realize you can’t invest all you want to. And you don’t want to invest so little that the return becomes meaningless.

In this post, we will take a deep look at all the ways in which you can save money (but not be stingy) and other tricks you can use to find more money in your wallet which you can invest.

Also Read: 7 Best Stock Market Discussion Forums in India

# Easiest steps to save money

  • Cable subscriptions:  Have a hard look at all the subscription money you are spending each month. Take, for example, having DTH as well as Netflix subscription (and some also have Amazon Prime). You may feel like you need that, but still, have a look at your usage for last 2 months or so. Isn’t it that you are using both of them more to justify the spend? If yes, swallow the bitter pill and cut the cord. Today!
  • Newspapers: If you are anyone like coming from parents habits, you have a newspaper or a couple of them getting delivered to you. Which you are glancing through while having your breakfast. Now unless you are preparing for some general knowledge-based competition, most of this news can be set on alert and delivered to your mobile. Many of them now provide real-time alert too.
  • Club/Gym Membership: I am all in favour of health. With good health, everything you earn is worth it. But when it starts taking from you without showing equivalent results, then it is an issue. Most gyms and clubs take yearly membership, which is a huge commitment. So, again, unless you are using that facility, on an average for around 4-5 times a week, you are wasting money for now. If you really have to do it, sign up again later. But give it a shot and cancel the membership.
  • Switch to Prepaid: Postpaid is good if your company is paying your bill, as prepaid is not reimbursed by most corporates. For everyone else, prepaid is the best choice. Most of the times, you get 100% of talk (which is fairly unlimited these days), no additional tax on recharge amount & best of the offers which you can change with each recharge.

# Medium level steps to save money

  • Buying vehicle below your budget: This may sound harsh, but in India, we have symbolised career growth with the size of the car you own. Which many time means, buying a sedan for city travel where a hatchback would have served your purpose very well. This single decision alone can save you some serious money. The price difference between any similarly powered variant of a hatchback & sedan is around Rs. 1,00,000 /-. This difference becomes more important in case of an auto loan, insurance and service cost over the time of ownership of that car.
  • Add items in shop cart & wishlist, but don’t buy immediately: Unless you need something immediately, don’t press the checkout button of your online shopping cart. This seems a waste, but actually having items in your cart & wishlist keep you updated about the price changes of that item. Most of the times you will be able to save good 10% + with each item. I have personally saved more than 20% on each item which was once on my wishlist on
  • Planned use of credit cards: This advice may run contrary to what conventional thinking says about using a credit card. But, a carefully chosen credit card, with right offers as per your spending habits can save you more than 10-15000 /- per year at a minimum. At bigger levels, it can even reward you with free hotel stays among others. Yes, that’s right. I have had few of my stays this year free due to rewards points on my credit card.

# Long-term steps to save money

  • Setting your investments in AutoPilot: This one requires long-term commitment and is most rewarding. The best way to save money is to set a certain amount to be deducted from your account and get invested on its own. Every month. Take it as a necessary expense. This alone can save a lot of money in its due course. And with a good choice, the money you invest like this will grow to be a considerable amount.
  • Being part of a community with similar intentions:  Here community means mostly online groups where you can connect with people of similar interests. Which also includes referring communities, and barter communities. You see, when you are part of a good community you get access to discounts, references for premium services at the right cost and many more benefits. Why it is called as a long-term step is that you should be a valued part of a community to take such benefits. Making yourself valuable, takes time.
  • Join our newsletter: Yes, join it now. I am part of several specialized groups that are masters in finding good deals. You can take benefit by receiving the newsletter with such tips. Which is sent either when there is something big and urgent or once in a while. Sign Up here>>

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