Many times people are not able to save money despite earning a good amount and some people create a big bank balance even with a small salary. Have you ever wondered why this happens? All this is money management. How much you save and how much you spend from what you earn is a big factor. Even your small savings can help a lot in filling your account with money. You just have to do your financial planning very thoughtfully. Here know those 5 ways which especially the youth must understand. With their help, you can create a big bank balance even with a small salary.

Savings
Many people have the habit of squandering whatever they earn. But Chanakya Niti also says that money is man's biggest friend because, in times of trouble, it stays with him as a true companion. Therefore, every person must develop the habit of saving. Now how much savings should be made is the big question. In such a situation, the financial rule says that you should save 20 percent of your income in any case. With time, as your income increases, the amount coming in the 20 percent share will also keep increasing and this will help you accumulate money faster.

Investment
Just saving is not enough. What you have saved can be increased only through investment. In today's time, there are many such plans, which can turn your investment into a big capital in a few years. If you are saving and investing 20 percent of your income every month, then you can also become a millionaire in the coming time. However, it depends on where you have invested. You can look at all kinds of options like SIP, PPF, FD, etc. You can also take advice from a financial advisor before investing. He can help you a lot in reaching your financial goal.

Job
People look for a better job for a better salary. But it is also not good to change jobs frequently. This can spoil your profile. Take this decision very wisely. While changing jobs, you should consider things like job location, profile, tax impact, facilities, and flexibility, only after that take any decision.

Loan
In today's time, there are facilities like credit cards. Youngsters use them without thinking and sometimes unnecessarily increase the load on themselves. So make a promise to yourself that you will use credit cards according to your situation. Apart from this, many types of loans are offered in banks nowadays. You will take any kind of loan only when it is very necessary. Apart from this, you will not borrow from anyone.

IT
ITR filing is an important responsibility that every person should complete within the stipulated time limit. You will have to pay a penalty for filing late. So take a pledge to file ITR on time.

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