Money Tips: Memorize these 7 formulas, your income will increase manifold..

If you are not using your salary properly and ignoring financial planning, then this mistake can cost you heavily. Lack of money can create problems in your life at any time. Doing the right financial planning is not rocket science, you just have to start it at the right time. If you forgot to do this at the beginning of your career, then it is okay, but there is still time to adopt it.

Let's know those 7 easy formulas, which will help in increasing your income not only in savings but also manifold. After adopting these tips, people themselves will come and ask, "Bhai, how did you increase so much money?"

First savings, then expenses!

Whenever you get a salary, save first. Make it a rule. Don't just deposit the savings money, invest it, so that your money grows.

Put the money in the right place!

50% for expenses, 30% for savings, and 20% for fun and outings. This is the best formula to maintain a budget.

Want to buy a car? Know this!

20% down payment, 4 years loan tenure, and no more than 10% of your salary should go into EMIs. Buy a car wisely.

Security cover for your loved ones

Make sure to take life insurance and medical insurance of 10 times your salary. This will save you and your family from financial stress.

Avoid drowning in debt!

EMI should be up to 30% of your salary. Keep the tenure of a home loan short so that you have to pay less interest.

Don't put all your eggs in one basket.

If you invest in equity and mutual funds, don't invest more than 20-30%. Divide the investment into different places.

Keep money ready for a crisis.

Put 3-5% of your salary in an emergency fund every month. This will come in handy in times of crisis.