I want to know if contacts will automatically come again after formatting my phone if I use same "@live.com" id which im using right now or not. Are there any other ways also to save contacts?
Yes. They are automatically saved in your live account. You can check that, and more, if you go to http://outlook.com click on People here and you'll see what contacts are stored online.
Same applies to agenda/calendar and a few other things. If you have WP8.1 Update, then after a hard reset even the live tile configuration on your start screen is saved in the backup.