Hi, In this PodCast I will be answering one of the most common question i.e How do I save large amount of money?. Keep listening to this PodCast till the end. If you are someone who don’t save money, then it could be because of following reasons: 1. You don’t have a budget or plan. Without a budget, you’re apt to have a hard time determining where your money goes month after month. 2. You’re not automating your savings. 3. You’re giving into impulse buys. 4. You haven’t mapped out your goals. 5. Saving money takes discipline and certain amount of sacrifice. Let us look at benefits of saving money: 1. Saving can give you freedom. It can be tough to allocate some of your cash to a savings account if you don’t have a set goal for that money. 2. Saving provides financial security. 3. Saving means you can take calculated risks. 4. You can become rich by saving and investing money. 5. You will be financially independent sooner. 6. You won’t have to worry if you’re hit with any unforeseen expenses. 7. You’ll have financial back-up in case you lose your job. 8. You’ll be prepared if your circumstances change. 9. You’ll be more comfortable in retirement. Now the burning question is how you can save large amount of money. I am now going to reveal a very powerful money management principle i.e WISDOM and it stands for: W = Wealth Allocation I = Incidental/Emergency Allocation S = Self Education D = Donation or Charity O = Obligation or Monthly expenses M = Monetary Self Reward Let me explain this principle by taking an example. i.e Let take salary of Rahul is Rs.1L i.e take home salary after taxes. Now let me use the WISDOM Principle and do the budgeting or planning: 1. Wealth Account = 10% = Rs.10000/- 2. Incidental/Emergency Fund = 15% = Rs.15000/- 3. Self Education = 10% = Rs.10000/- 4. Donation = 5% = Rs.5000/- 5. Obligation or Monthly expenses = 55% = Rs.55000/- 6. Monetary Self Reward = 5% = Rs.5000/- --- Send in a voice message: https://anchor.fm/dineshforfreedom/message