Importance and ways of saving money

Money | April 24, 2013 at 12:00 am


Saving money is very essential for everybody for crisis management as well as for post retirement.  Saving can be done in different ways at different ages.

Develop the habit of savings right from your first earned income and continue the saving, which will help you as you keep growing older.  Every person has his own way of earning, either in form of business or through salary if one is doing a job.  One has to plan his household expenses as per his income and prepare a budget and also plan savings for secured future.

Money Saving TipsOne may have some money left every month or every few months after contributing to the household and other needs.  This money can be saved meaningfully for future needs.  Everybody has a bank account.  After contributing to the family, you may have surplus money left.  Though banks give timely interests on your saving, you should also plan of saving in other areas of investments.  You may invest in shares and receive regular dividends on your investment.  Many banking and financial institutions offer lucrative investment schemes through which one can put his money safe and secure and have a secured future for family.  It is said that money saved is money earned.  Though you may have a good business running or a stable salaried job, you should keep some percentage and be prepared for crisis also.  One can take financial advice from professionals and invest in trusted hands, like insurance, mutual funds, fixed deposit schemes.  Money is something which can be required any time.  Even, a medical emergency can come up in your family, so one should also take a medical insurance to cover the high hospital bills.

Also, teach your children the habit of saving.  Educate them about the importance of saving money.  Make them save a nominal amount of Rs. 5 per day or week for a period of time by promising some gift that they desire for.  This will make them feel happy that that has been bought for them from their own money.

Thus, saving money is very important in everybody’s life.


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