We certainly cannot deny the importance of money in our lives.It is very important to save part of your income .Saving is very essential in life and money saved is money earned.
We certainly cannot deny the importance of money in our lives. You need to exist and take care of personal needs, bring up a family and so on and of course all of this requires money.There are some people who are able to make money no matter what, they have a knack for making and more importantly preserving money. It goes a long way in making life comfortable and secure if you are able to make provisions for the future.
One needs to have a certain amount of dedication to plan out saving strategies and more importantly stick with it. I have seen some people who save month after month, may be a tiny amount of money, but over a period of time, it grows into a small fortune. One has to be steady in saving and not giving in to temptations on spending the money as and when you feel like it !
It is very important to save part of the income earned . The excuse that everyone typically has for not saving money is -
1, that they don’t have any money to save.
2,They are barely making enough money to pay their bills.
Here , one should remember that what we make is what we spend. The best thing about saving money is that the minute you make a decision to save a portion of your income , all of a sudden you find your income increasing because you become focused .
Just by setting aside an extra $50/ per month into a savings account as a starting point for your savings plan, you will either increase your income by 50 dollars or your expenses will drop by 50 doallrs , it is as simple as that . It really makes no difference whatsoever how much money you make in life, if you’re not saving a portion of it for your future needs. Some people are extremely careful with their money and they do all the right things and such people are able to stretch their money out to a great extent, save and own assets and live well !
There are many options for investing our income.
1,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 return, but the interest rate is very low.
2,The second option is to invest in bonds and Insurance policies which is again a slow process.
3, The better option is to invest in property.One can take a loan and buy a property .The prices are sure to rise many times over by the time the loan is repaid .
4, 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
Saving is essential in life and money saved is money earned. Making a list helps by making you spend less as we stick to what is essential and already there on the prepared list. No doubt that money is for spending but one can never predict an emergency in life ! 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.The other day I happened to read an article which was about an old woman who had never touched her posal savings account for nearly 28 years having forgotten all about it !.When an audit was conducted , the department wanted to find out why she was not using the account and managed to locate her . She was astounded when she heard that the money that she had kept in her account had grown to a substantial sum and which came in very handy , since she was in financial difficulties !