Can money make us happy? Well! Money may not be everything in life but the lack of it can definitely make us unhappy! Little do we realize that we are spending most of the waking hours of our life in pursuit of money.
The modern trend is to live for today however, it is foolish to consume what you have when you have it.
Saving should be inculcated as a habit from early on so that when you are no longer getting a fixed paycheck every month, you are not financially dependent on some one else.
It is important to start early so that you can build a sufficient corpus by the time you retire.
What do we need to save for? We need to save for emergencies like an unforeseen surgery.
At least, three to six months of salary should be kept aside to tackle contingencies.
We also need to save for our materialistic goals like a home theater or as the down payment for a loan we take when we are buying a car or a house.
We need to save for our children's education and also for out retirement.
We need to save for sinking funds like car maintenance or house repairs.
If we do not save, where would all the money required for things big and small in life, come from? So, how much should we save? Saving isn't easy.
We are not into the habit and also no one has ever taught us how to save! How much to save depends on our life style and our expenses or our financial obligations.
It will enforce your saving efforts if you decide on a time frame for your next goal which may well be purchasing a property or redoing your house.
To begin with one must put aside at least ten percent of one's monthly income away for a rainy day.
Then you can increase it to 20 % gradually.
But still, at the end of the year you will realize how little you have saved and that alone isn't enough to meet up with all your saving requirements! So, how do we save enough? One way to save is to curb our expenses.
Ask ourselves if what we are about to spend on is really necessary.
Then, if you have taken loans, try to become debt free as soon as possible.
You have no idea how much of your hard earned money is finding its way into the banks or rather down the drain, as an interest on those loans.
Consolidating your loans will leave you with more money for investing.
Remember the age old adage, money begets money.
Investing is what will make you wealthy.
Invest across the market in diversified funds.
Take the help of a financial manager or a portfolio manager.
You can buy shares, or put your money in mutual funds or buy market linked insurance policies.
You can invest periodically in a SIP.
Real estate is an excellent way to build massive wealth.
Money is synonymous with power.
It will grow quickly with systematic saving and prudent investing.
The time to act is now! Remember! Money saved is money earned!
The modern trend is to live for today however, it is foolish to consume what you have when you have it.
Saving should be inculcated as a habit from early on so that when you are no longer getting a fixed paycheck every month, you are not financially dependent on some one else.
It is important to start early so that you can build a sufficient corpus by the time you retire.
What do we need to save for? We need to save for emergencies like an unforeseen surgery.
At least, three to six months of salary should be kept aside to tackle contingencies.
We also need to save for our materialistic goals like a home theater or as the down payment for a loan we take when we are buying a car or a house.
We need to save for our children's education and also for out retirement.
We need to save for sinking funds like car maintenance or house repairs.
If we do not save, where would all the money required for things big and small in life, come from? So, how much should we save? Saving isn't easy.
We are not into the habit and also no one has ever taught us how to save! How much to save depends on our life style and our expenses or our financial obligations.
It will enforce your saving efforts if you decide on a time frame for your next goal which may well be purchasing a property or redoing your house.
To begin with one must put aside at least ten percent of one's monthly income away for a rainy day.
Then you can increase it to 20 % gradually.
But still, at the end of the year you will realize how little you have saved and that alone isn't enough to meet up with all your saving requirements! So, how do we save enough? One way to save is to curb our expenses.
Ask ourselves if what we are about to spend on is really necessary.
Then, if you have taken loans, try to become debt free as soon as possible.
You have no idea how much of your hard earned money is finding its way into the banks or rather down the drain, as an interest on those loans.
Consolidating your loans will leave you with more money for investing.
Remember the age old adage, money begets money.
Investing is what will make you wealthy.
Invest across the market in diversified funds.
Take the help of a financial manager or a portfolio manager.
You can buy shares, or put your money in mutual funds or buy market linked insurance policies.
You can invest periodically in a SIP.
Real estate is an excellent way to build massive wealth.
Money is synonymous with power.
It will grow quickly with systematic saving and prudent investing.
The time to act is now! Remember! Money saved is money earned!