Posted in Community :
Banking & Insurance Professionals
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Activity:
47 views;
last activity : 02 16 2011 11:42:49 +0000
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Funelling more and more into savings
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By doing some compelsive savings that may autodeduct from salary before spending it.
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Keep a watch on Expenses
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keep watch on expenses
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Spend,save and invest WISELY
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Live As simple As you can
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KEEP WATCH ON YOUR EXPENSES....
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Record Everything
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If you are saving 20% of your income and spending the rest, it's not such a big issue, simply because there always has to be a fine line between spending and saving. So increase this 10% (saving) to 15% this year and target slightly higher next year. Also remember, as your income grows, keep on funnelling more and more into that savings. Use insurance very sensibly to build those nest eggs. Medical insurance will prevent a sudden want of cash in an emergency. Life insurance will prevent financial distress. |
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SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd
| 11 23 2010 05:20:21 +0000
Saving & saving & saving & saving . Yes, minimize your expenses & save it for your future.
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taxworry , Confidential
| 11 23 2010 04:10:21 +0000
Good article ! Refer Mahabharata- who is happiest person in world Sri Yudhister said " a person who is not a creditor "
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Babu Cherian, Accounts Executive/Accountant, xy
| 11 22 2010 15:48:05 +0000
You can add these points , if you like to do so. As our predecessors who were having no sophisticated financial plannings used to say : Don't spend beyond your means. However the time has changed, New financial instruments in the market has a direct impact on peoples savings and spending behaviours. Use credit cards wisely. Saving should be invested in different portfolios as the market fluctuations affect the value of investments. Investing only in one portfolio has great risks and ensure returns on investments. Review the expenses periodically (once in 2 or 3 months) and see which takes a higher share from your revenue. Try to optimize expenses which needs attention. Usage of vehicles is very important subject where several points are to be considered as in the case of credit card. Do no buy things just based on temptations, buy after weighing the utility. I am not an expert , but just put certain points which came to my mind. Babu Cherian.
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Leena i agreed with ur problem because in thesedays people raise their demands as luxuries have become the necessties, so to secure ur future one should have some compelsive savings.......
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mira , Freelancer, Insurance
| 11 28 2010 15:50:57 +0000
Save 40% of your income and then spend.
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Funneling more and more into the savings is not the only solution for financial distress. Also keep a watch on expenses and cut down unnecessary expenditure. As long as you follow both, financial distress may not dare to come nearer to you.
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keep watch on our expenses will restrict expenditues as well as keep our savings as required..
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Spend wisely and also save and invest wisely,give room for OCCASIONAL indulgences to spice up the life but keep a track of your expenses by noting it down - this will help u understand unnecessary expenses.Another option would be to move a part of your income to a bank account for which you do not have a an ATM card/an option to withdraw money as and when you think of withdrawing the money. |
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Live As simple As you can with basic & actual requirements
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Whatever u want in life just just have it but also make sure u have total control on your expenses and make proper financial plan to curtail unnecessary expenses.....
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In this age of Computers and Ipods etc., we should be able to record every Financial Transaction regardless of how small into certain categories : Essential - Necessary - Desirable - Unnecessary - Wasted - Do without. Total them up at the end of the Day or Week and see how much you could have saved by revisiting the Categories you assigned to each. You will be surprized at how an item can moved to another category - thus reassessing their importance.
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