BANGALORE: It’s high time to realize that money really doesn’t grow on trees.  It takes long hours of hard work to earn every rupee, but it can also disappear in no time if not saved properly. But whenever it comes to saving money, the first step seems often hard. Most of us sometimes have no money left out at the end of the month, thus making setting up a savings account or emergency fund seems almost impossible. There is no need to worry if you have some careful planning and clever strategies, in this way you can start saving for the future and free yourself from huge debt in future.

Let’s have a look at different types of savings:

1. Retirement plans given by your employer: To start off with your savings it is better to have access to an employer-based retirement plan like a 401k or 403b, so that you can start with your retirement savings as early as possible. Employer-based retirement plans are considered as one of the best savings methods, as the money comes off your income on a pre-tax basis. Every rupee you contribute to a 401k or 403b is deducted from your taxable income. These tax savings alone will provide you with a strong encouragement to save. To kick start you can start your 401k or 403b contribution with as little as 1 percent of your pay, and then slowly increase it as time goes by.