to Save Your Hard Earned Money?
and to maintain all our requirements and needs, we need money. The paper
currency is of utmost importance in our life, you can’t buy any materialistic
things in the absence of money.
there are varied opinions and many disagree that Money is not everything and we
can live without money. This is an emotional outburst, far away from the facts.
fetch without Money…Only real happiness and contentment cannot be bought with
air, use water and buy greens for greenery around….the height is we have to
even buy soil for our garden…nothing comes without money.
unexpected situations, critical illness, child education and retirement
life…and even for beautiful experiences such as travelling to exotic places,
experiencing beautiful moments of life, buying expensive gifts for loved ones
and house renovations or getting a luxurious car.
your accidental and intentional goal, without being in debt.
Plan your monthly expenses before
venturing for shopping and allot a budget to meet your ends. Put a stop to
compulsive which most people indulge in due to shopping in malls and marts. The
display and attractive discounts lures the customers. Buy what you need and don’t
go after discounts for the articles that you can do without or you don’t need
other superfluous expenses can be curtailed to save for the future.
a fact that a fat bank balance boosts your confidence and you are ready to face
the reality of life or to enjoy in your leisure time.
in same way, we can save few for our regular savings.
Saving from Today
start SIP with your bank account and the amount can be from 500 to any amount
that you are comfortable to part with every month. The results are marvellous
if you go for long term investments. The amount is invested in Mutual Fund
units. There are different SIP’s of different companies and you can invest in
any of them. If you want to have an idea of the results, study historical data
or discuss with your financial planner.
to doctor for diagnosis and investigations subtracts good amount from our
purse. Go for a health insurance for the family which covers all the members of
the family. The health coverage is essential to meet the needs in urgency and
planned hospitalization. Compare different health insurance and invest in them
which has comprehensive coverage, reasonable premiums and no claim bonus.
working people irrespective of gender because it secures the future of your
family if you meet with an accidental death. The earlier you start, lower the
premiums. In case of adversity, your standing loans will be covered by the term
plan and your family and kids will get a sum to lead their life and continue
education. The limit of coverage is proportionate to your income and you
require to continue till full length of your service. It is renewed every year
and the premiums are annual.
that you don’t require in emergency, because share market is unpredictable, so
never put emergency funds into it. The same goes for bonds because bond
investment is for long run and the returns are low but the instrument is safe. Shares
are volatile, it can give good returns provided you have the patience not to
liquidate when market goes in bearish phase. Investment in shares and bonds are
attractive but you require patience to withstand the volatility of market.
funds for investment. Choose the one that suits your profile and be ready for
long term because gains can be enjoyed only in long term investments. Study historical
data and company information, before putting in the money. Take help of a
financial planner if you are not able to understand the strategy of investment.
money in bank accounts to meet your extra expenses or for use in distress. Park
the money in FD instrument, it gives good and certain returns on the investment
and you can choose any scheme with time span from 60 days to any length that
investment as dead investment but been an Indian, gold investment attracts and
you can invest some part in gold every year. Gold will accumulate to use in the
weddings of your children or if afflicted by bad times, you can get a loan on
the mortgage of gold. The practice of gold mortgage is not welcomed in Indian
society, but it saves you in hard times.
habits in kids, inculcate habit of investing in piggy banks.
MF and health and term plan are in force. Annually, I invest some extra amount
in gold. I run recurring deposit in bank to meet the renovation need of the
house or for going on a tour with family and friends. RD investment does not
make holes in my purse and it does not burden me with one time huge investment.
save your Money.
analyst and the information that I have shared is from my personal experience.