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Simple steps to save money - cultivate the saving habit !

March 05, 2012  by: ushakiran  Points: 12   Category: Investment  Earning $0.45   Views: 800

We dont realise how time flies and before we know we find that we have actually done nothing regarding securing our future finacially ..So it is better to start right away and start putting away even a small amount of your income each month.

         

Money is no doubt meant to be spent and enjoyed. One can ofcourse do that but, by being a little cautious also take care of the future needs. Suppose, one were to lose one's job or have an accident and have no steady income then one needs to have some money to to spend in such an emergency and it is precisely for that purpose that we need to save, so that we are able to continue living in the same style as we have been.

Saving as a habit does not come naturally or automatically to most of us . It is a developed or cultivated habit that has far reaching benefits for the individual in his/her later life and of course , there is no need to tell that it is very important to save part of your income . The excuse that most people have for not saving part of their income is that they are not left with any money to save or that they are barely making enough money to pay their bills and so on...But, Saving money in any form is absolutely essential in life and money saved is money earned. By being careful, like cutting down on eating out and splurging on things one may not need one can save a lot of money ..

One has to bear certain things in mind - one should remember that what we earn is what we spend. And once you make up your mind to manage within a certain amount of money you will do it and the minute you make a decision to save a portion of your income ,no matter what , all of a sudden you find your income increasing because you become focused and think of ways to supplement your income or cut corners !




If ,we were to decide and set aside an extra RS 1000/ each month into a savings account as a starting point for one’s savings plan, the chances are that one would make the effort to either increase the income Rs 1000 or cut down the expenditure by 1000 Rupees. It really makes no difference , how much money you make in life, if you’re not saving a portion of it for your future needs.

There are many options for investing our income. The most obvious one is to put away part of one's savings in a fixed deposit in a bank, which does give a steady monthly, quarterly, half yearly or annual return. Now with the Indian banks hiking the interest rates it is very attractive to start a Fixed deposit account with any spare cash you have with you.When people are extremely careful with their money and they do all the right things about spending and saving they are able to stretch their money out to a great extent,. They are not only able to save money , but also manage to own other assets like property and live well !

One also needs to have a certain amount of dedication to plan out saving strategies and more importantly stick with it. One can see that, those people who save month after month, may be a tiny amount of money, but steadily over a period of time,are able to really multiply their savings into a considerable amount.All that is required is to be careful not to give into temptations and carry on with one's saving habit.

One of the best option is to invest one's money in property.If you are short of funds , it may be a good idea to take a loan and buy a property . This way, the amount you pay for rent will be paid towards your monthly mortgage or loan interest ! And the property prices are sure to rise many times over by the time the loan is repaid . Investing in stocks and shares is another option in which the returns are very high, but if one is not careful one can also lose money. One has to take care while investing in shares since the sudden fluctuation can shock you and the chances are that one may either sell or buy in panic and incur losses ,which has to be avoided while dealing with shares.

We dont realize how time flies and before we know we find that we have actually done nothing regarding securing our future financially ..So it is better to start right away and start putting away even a small amount of your income each month.. Making a list also makes one spend less if one is able to stick to what is essential and put down on the list. And the money saved and invested is money earned.




Comment(s)
Author: Joina        
Posted Date: 03/07/2012    Points:3    

Saving money is a good habit. We should save money for future. We have no guarantee about our health. So work hard and save money when we are in healthy condition. We can spend this money when we reach in unhealthy condition. Otherwise we will fall in debt. Then we will be a burden for our future generations.
Author: ushakiran        
Posted Date: 03/07/2012    Points:2    

Yes joina, that too and also to have a relatively good life we need to plan our finances in such a way that we are able to put it into maximum use.With proper planning and investing one can do a lot in the way of having a good life at present and also have a secure future !

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