Job cuts all around, growing prices, slashed salaries and fiscal deficit; all these are killing people’s minds these days. In such a time when the world is reeling under the tentacles of recession, most of us can’t figure out a way to run our households. And then we sit and sigh, that we could have and should have saved more in the past.
Don’t just sit and brood over spoilt milk. There is still time to get up and walk. Start managing your finances from now on so that you don’t have to sit and sigh again. Here is a mantra to follow.
Whatever salary you get or whatever you earn in a month, keep 30% of it aside in a bank and forget it. Invest 20% on Insurance and pension policies of different financial and insurance institutions, to save taxes and for long term funds. Keep 10% in fixed deposits with different banks. Keep 30% with yourself to run the household for the month. Remaining 10% is for entertainment throughout the month.
In addition to the above, try and look for scopes of cost cutting. Don’t become a miser but become wiser. See that you do not waste electricity at your home or office. Switch of all lights and fans, ACs etc. when you are not using them. Do not keep the TV on if no one is watching it. Try this and your electricity bill will come down substantially. Each penny saved is a penny earned. Cut down your smokes if you are a smoker. This will not only save your wallet but also save you. Do not buy things that are not needed. We seldom realize that the smallest of useless things we buy burns a big hole in our pockets.
Follow these steps and you will find that you have become more confident than ever before because you have bank balance and a backup for the rainy days.
Linus Orakles
http://www.authorclub.info/
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