- Category: Miscellaneous
- #600053Do not save what is left after spending but spend what is left after saving. Work hard until what is expensive to you at one stage becomes cheap compared to your earnings. Always maintain accounts and periodically check which expenses can be avoided. One may not become rich in a short period but certainly become one in the course of time.
" Be Good and Do Good "
- #600058Never purchase a article or thing, when it is not required or just for the sake of your competitor does it. This is the frequent and regular mistake everyone does and repents for having spent money for no use. Never rush for any purchases during festive offers. Often it is found that inferior quality materials are offered at the discount prices and we are not even allowed to check the credibility of the articles or things. Never purchase a material or article from those shop which wont accept exchange facilities. That means they are fooling you with inferior quality to which you cannot exchange later.
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
- #600072Managing ones finance requires prudent planning and keeping a control on unnecessary expenditures.
As the income is limited one has to be meticulous in household expenditure also. Whatever is the income a good part say 20% should go for savings for a rainy day. Enjoy today and suffer tomorrow is not a healthy doctrine.
Children should be inspired to have their own piggy bank by saving small amounts over a period so that they can purchase some interesting thing with that.
If you are using credit cards remember to pay dues in time otherwise you will incur unnecessary late payment charges which are very high.
When you purchase an item from market just do not purchase on a hunch but first find out it's cost in different places and whether you are getting some discount at a particular outlet.
One interesting thing is if you want to purchase something have a thought yourself whether you really require that item or it is only because people are having it so I should also have type of feeling.
Knowledge is power.
- #600075Every one has to save some money monthly by making fixed deposits, mutual funds etc. One has to decide how much money should be spent for month before it self, and should take a strong decision not to spend more than that. Like this some money can be saved. And some money should be kept side for your kids if their any.
And one has to try to buy groceries or other home needs once per month. And some malls, shops increase the prices and keep discount rates, with out knowing this ordinary people will get attracted to those discounts and buy those items. Instead one has to check multiple shops, websites before buying any huge or costly items, so that we can select cheaper and best thing.
And try not to eat outside fast foods unnecessarily, which in turn makes our health unhealthy and again we have to pay for medication. Try to eat food which is prepared at home. The more you eat outside food, the more you become unhealthy.
- #600084Saving up to at least 20% of earnings should be there. Especially for a private employee after retirement there is no pension. He may get 2000 to 3000 from PF as pension. So while in job and earning only we must save for the future.
Many times if we review our old accounts we can understand where we are spending unnecessarily. Some time we purchase 3 or 4 news papers daily. Is it required. Only one may be sufficient.
We put on fans and lights in the house during day time and when we go to another place we will not switch off this fan and light. Here wastage of money and electricity also. We should be always careful and see that when ever necessary only we will switch off and switch on electrical appliances.
Another point is we put lot of money on clothes. Everybody wants to go for branded items only. Keep a budget for this expenses and never go above the budget.
I have seen in many houses now a days, each member will have 4 or 5 types of chappals. Why so many?
Our monthly requirements of food grains and other items to be purchased only once and that to from a whole shop so that we can save some money. Many people go for purchase very frequently and they purchase very nearby shops where they charge more. I practically observed that you can save up to minimum Rs. 800/- if you purchase at a time from a wholesale shop.
The same way if we purchase fruits and vegetables from Rytubazaar it will be a saving for us.
We should inculcate the habit of saving to our children. In our childhood we used to have kiddy banks. My sons also used to have this account. But present generation whether this system is there or not, I don't know. During Childhood itself we should teach them the importance of savings.
Another important point is insurance. One should have sufficient insurance so that even something happens to chief earner the family will not suffer.