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  • Category: Miscellaneous

    What are your good financial tips for middle class people?

    In the present condition in India, rich people can happily carry their life in any situation and so there is no worry about them. Poor and very poor people have many welfare schemes and pension schemes that make them more confident. But middle-class people neither possess money like rich nor do they get support from the government in the form of welfare schemes and thus they suffer or struggle a lot in life. So in this contest, I request members to suggest some unique financial tips that may be helpful to guide in their life.
  • #726881
    Middle-class people are the real sufferers. They have to make a decent living, they have to pay all the taxes and there is no support from the government. During COVID time also these people suffered a lot. Many of them lost their jobs also.
    These people should plan their living based on their income. They can't get into false prestige. They have to keep some percentage of their money for savings and they should plan their expenses from the remaining money only. The saved money only will come to use when they are in a problem. They should take medical insurance policy so that they need not worry about huge medical expenses.
    They should not hesitate to take up any job that they will get instead of waiting for a specific job. If there is no job they should go for temporary or daily wage jobs also. In our village, a boy did his B.Tech. His father is having a saloon. No persons were going to the saloon due to COVID. Then this boy started going to the residences of the people and do shaving and cutting there without thinking about his education. After the saloons reopened he started helping his father there. That should be the attitude for all middle-class persons.

    drrao
    always confident

  • #726898
    My simple advice to the middle class:
    Spend less - Save more for the future - Enjoy life with whatever you have - Don't borrow and don't lend.

    No life without Sun

  • #726902
    The middle class is between the upper and lower class and one who is between is sandwiched between the two.
    - If you have a sufficient amount to invest in a business you may choose as per your affordability.
    - Get your Society registered in the office of Sub Registrar Societies and Chits of your city and open a coaching centre for students. Hire teachers of different subjects like Physics, Chemistry, Mathematics, Commerce and English.
    - Unnecessary expenditure creates unnecessary problems so, it should be controlled.

    Be indian and buy Indian.

  • #726908
    It is the fact that the middle class are most battered in the past , present and in future also because we have fixed income, more escalating expenses and the re is no additional income. The best way to pull on the life as to not to go for any extravagant expenses. No loans should be taken either as short term or long term. Have austerity on spending and control the things of purchase which are not required for now. Even for daily expenses instead of going for vegetables, go for the leafy ones so that some amount is saved. Even the daily food preparation should be simple and not that grand. Do not spend on hotels and parties during week ends. The members must be fuming on this strict control suggested by me, and this is the way we can live within our given salary and income and if we venture out then there is no respite for problems galore.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #726909
    Though we are using the term middle class left and right in our discussions and narrations but it is not one simple band that we attribute anything to all the people belonging to middle class. I will prefer to subdivide it in three conspicuous parts that is upper middle class, middle middle class, and lower middle class. This is simply based on the aspect of paternal property, real estate or business in the family and all the earning criterion (including money from gifts, bribes, favours etc) like salary, bonus, and part time work. So, out of these three sub groups only the third is the sufferer in real sense and the first two groups are simply shedding the crocodile tears.

    Anyway, as regards the financial tips, which are beneficial to everyone in this world I can simply say that spend on routine expenses only to the tune of 50-60% of earning and try to save the rest. One should inculcate saving habits early in life not to repent in later stage. Avoid unnecessary social and other expenditures like most of us do in a pompous marriage function. Respect the money and it will cling to you. All the best.

    Knowledge is power.

  • #726935
    In general middle class people specially lower middle class people expended more of their earnings on consumption purpose. Hence it is essential to control expenditure on consumption and try to make a habit on saving. For the purpose they can start recurring deposits accounts with the post office or banks and start savings on monthly, weekly or daily basis. I think under pandemic situation many good habits already grown among such family. If they save the reduced consumption expenditure portion only that will be a big start.
    Believe in the existence of God the super power.


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