Posted in Community :
Banking & Insurance Professionals
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Activity:
37 views;
last activity : 03 01 2011 17:19:23 +0000
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everything after every expenditure and insurance(s)-~15%-compounding factor works here
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Plan ones savings
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Depends on resources and requirements
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Calculate your daily expenditure and calculate a corpus required for future
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Plans may not work always but they protect
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Monthly,Quarterly or annually...
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Should save arounnd 20% of earnings or 1/3rd of earning to go ahead...
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Your Life, your ambition, your dreams and how to get there
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I am not able to save single Rupee.
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Atleast 20% of income
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One Third
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everything after every expenditure and insurance(s)-~15%-compounding factor works here
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No supporting Arguments for this idea
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The real use of money falls into three categories, 1)transaction motive 2)precautionary motive and 3) speculative motives.
One will need some money for transactions like bill payments, some for meeting contingencies and some for investments for future contingencies like education of kids, retirement etc;.
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Savings is determined by three factors - future requirements, time horizon for fulfilling those requirements and the present earnings. If the present earnings is not sufficient for the other two factors, steps should be taken to increase it.
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One's daily expenses are the things that would in all probability continue even in future. So calculate how much it totals per month. Double the amount for every ten years that you choose as the time to get a corpus (ideally @ retirement age) whose monthly returns when deposited will provide financial support for at least your present lifestyle. To achieve that corpus amount in the said time, plan and invest accordingly. |
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However good you may plan for the future it may not works all the time. But certainly they can protect you to an extent. If you could save a 1/3 of your present income for future requirement may put you at a safe bay only when there is no big changes in the situations in future as assessed by you today.
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Thanks Rashmi 4 invite
People shd be start from monthly saving.If it doesnot seem possible every month then one shd concentrate on quarterly savings....if not ..then annually is a must because value of money goes on reducing day by day.
If you save thousand rupees today it will be less worth 5 yrs down the line than what 100 Rs.costs us today.
ie if you save thousand Rs. today , it will be much lesser when the investment matures.
But it doesnot mean one shd not save money.In fact one should save more money for the lifestyle in which s/he lives today...
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necessary for future expenses.
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Savings is misconstrued as only in monetary terms but it is much more diverse than that.
This is the way it worked for me:
a. What are your priorities immediately and for the next 5 years(short-term)? After allowing for your immediate priorities how do you plan to generate funds for your short-term priorities? When will you need the funds? Then decide whether you are going in for low-return areas like FDs in banks. If you definitively have 5 years then invest in mid-cap funds and the like. Then plan a long-term returns strategy for the future. For this you need a very good CA and/or portfolio manager
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I tried lot but always due some circumstances,not able to save money.Can somebody give best way to keep expenses limited.
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Atleast 20% of income should go towards investment...yes there will be a risk attached and if carefully invested, long term returns are really good and one can easily for securities, bonds, stocks, bluchips and Mutual funds, and many traditional way of savings will also help, but when there are many good financial products which gives excellent returns in future it will help a lot. |
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Ideally, one third each for Savings, House Maintenance (including provisions, rent, milk etc) and Children & parents (includes education exps),
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