If you are an NRI, we do understand that you have been toiling hard to make those extra bucks that you wouldn’t have made otherwise in India. But by the end of the month you see all that disappears. So most likely chances are that there is a money leakage some where. Here are some tips for you that would help you fix this leakage issue, and manage your income in a better fashion.
Compute your total actual income – Pen down all the sources from where you have a regular income. Apart from your job, such incomes should include your income from the part time jobs, interests, dividends etc.
Create mandatory savings – It’s really important that you should set aside 20 to 30% of your total income aside, as mandatory savings. Apart from that you should also consider investing in mutual funds and SIP.
Buy Properties – While staying abroad try and avoid staying on rent. This is a common mistake that almost everybody does and when finally they realize the same it goes beyond reach of the person. Also in case you have plans to come back to India still it’s a good idea to have some investments in real estate.
Spend only where it’s required – It’s a good idea to avoid all kinds of spendings on want. Rather concentrate on the need part and spend on them. That would help you save a lot of money for your self. Try to stay away from the luring malls etc as they would only help you drain out your money.
Put off impulse purchases – Impulse purchases is another thing that aids in draining off your money. If you hear of a buy one and get one offer just don’t start buying without thinking or considering the fact if you really need that stuff on the offer right now. Besides all the stores out side India have some or the other offer going on all the year round and every holiday is followed by a discount and stock clearance sell so, if you don’t need the stuff right now defer the purchase for the next sale season.
Contingency fund creation – Do not absolutely compromise on the contingency fund creation for yourself and your family. There could be situations like illness or job loss which do not come with a prior notice. Thus chances are they would hit you when you are least prepared for the same.
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