6. Learn the difference between needs and wants: The first step of effectively saving money is learning the difference between needs and wants. Needs are things that you need to survive, whereas wants are things that are nice to have. You can survive without your favourite coffee from Starbucks every now and then. We won’t ask you to stay away from the things you love, but try to frame a boundary.
7. Get medical insurance: Believe it or not, a medical bill can suck up your bank balance. Your financial condition can be changed overnight if you get stuck in a medical emergency. But, having medical insurance can save you and your hard-earned money in every way possible. However, pay for insurance that has a higher claim settlement ratio and good network hospital coverage.
8. Invest: While you’re planning to save money, you should also plan to multiply that money and this can be done by the art of investing. You can buy mutual funds, stocks, gold or anything that pays a better profit over time. However, before investing, you should have complete knowledge because having no proper information can lead to big losses.