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Making money |
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Making money is not an event or a particular action that happens or has to be done; making money is more of a process. It may appear slow and almost invisible but the process has to be religiously followed - The first step is to Save Saving results in accumulating capital for investing. With this acquired capital you can invest in other types of more profitable investments. You should be saving 10 to 15 percent of your earnings regularly every month. Some people even manage to save 20 percent of their income. Getting into the habit of saving is important. You and your family must save to have an emergency fund / secured future. People with fluctuating income, few job benefits, and little job security may need a larger emergency fund. Families with two wage earners may need a smaller emergency fund. As a rule it is best to have three to six months of take-home pay in a savings account, which has a good liquidity so that you can withdraw for emergencies. If you don't have an emergency fund you need to increase your savings. A payroll deduction plan into a Savings Account or a Recurring Deposit is often the most painless way to achieve the best results. On the other hand, if you have been saving a surplus, you may want to consider using these funds for investing in a Fixed Deposit. |
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Budget your expenses |
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Let us take an example to show how saving only the price of a cup of tea and compound interest can do wonders with your money. Say you save the price of a cup of tea at Rs 1.50 each day with a good financial institute. Assuming you religiously save it every day at 4% compound interest and you do not withdraw anything you will have saved by five years Rs 4040, by fifteen years Rs. 15369 and by thirty years Rs. 42338. Saving can be easier than you think. Streamline your financial expense and make your money work for you. |
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Identify how much you can save |
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Before you can save, calculate the amount of money that you can put to saving on a regular basis without putting stress on your financial situation. You have plenty of options. You can choose between Daily, Monthly Deposits. |
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Choose a convenient fixed Deposit Scheme |
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You can even invest a fixed amount in our Fixed Deposit saving scheme for a period ranging from One and half years to three years. |
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Get in touch with our experts to know more about how you can save and make your money work for you. |
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