Savings
“Do not save what is left after spending; instead spend what is left after saving".
We never satisfy with our income and always try to earn more but in my opinion it doesn't matter how much we earn, however what matters is how much we save from our earnings. Now a days everyone is saving money for their future needs but do they save money in proper plan?
Here I am going to tell my opinion about how we can plan saving according to our earnings and can make our future better.
According to me, two things are most important while we are planning for saving. First is your age and second is saving goal. By these two, we decide our saving platform and plans.
Age:- I categorize a person into 3 ages according to monetary risk bearing capacity. These ages are below:
18-30 age people
30-45 age people
45-58 age people
Before 18 and after 58, generally a person does not earn.
So, first of all talk about 18-30 age group.
This time your risk bearing capacity is very high and if any mishappening occurs in your life, so the chances of re-establish your life is probably very high.
Second age group which is 30-45, this time your risk bearing capacity is moderate. The time of any mishappening, your chances of re-establish your life is probably moderate.
Then come third age group, which is 45-58, where risk bearing capacity goes very low and chance to fight with any emergency also goes low.
Goal:- Everyone have their different goal and they save their money according to the goal.Without planning a set goal, a person cannot save money in proper manner.
So in my point of view, we can save money by combination of age and set goal. According to me saving is not just put the money in bank or use any traditional way of saving. It is something where we beat the inflation by our return.
For example, if we put our money into bank for saving and get 3% p.a. rate of interest on it. But our country's rate of inflation is 5% p.a., So it means we are not saving money because the value of our savings is decreasing by 2% p.a.
So until we get our return more than 5%, we cannot say it is saving. There are so many ways of getting more than inflation rate like Bank FD, NSC, KVC, Equities, Debts, Currency, Asset investment etc.
Thanks
Saurav..
“Do not save what is left after spending; instead spend what is left after saving".
We never satisfy with our income and always try to earn more but in my opinion it doesn't matter how much we earn, however what matters is how much we save from our earnings. Now a days everyone is saving money for their future needs but do they save money in proper plan?
Here I am going to tell my opinion about how we can plan saving according to our earnings and can make our future better.
According to me, two things are most important while we are planning for saving. First is your age and second is saving goal. By these two, we decide our saving platform and plans.
Age:- I categorize a person into 3 ages according to monetary risk bearing capacity. These ages are below:
18-30 age people
30-45 age people
45-58 age people
Before 18 and after 58, generally a person does not earn.
So, first of all talk about 18-30 age group.
This time your risk bearing capacity is very high and if any mishappening occurs in your life, so the chances of re-establish your life is probably very high.
Second age group which is 30-45, this time your risk bearing capacity is moderate. The time of any mishappening, your chances of re-establish your life is probably moderate.
Then come third age group, which is 45-58, where risk bearing capacity goes very low and chance to fight with any emergency also goes low.
Goal:- Everyone have their different goal and they save their money according to the goal.Without planning a set goal, a person cannot save money in proper manner.
So in my point of view, we can save money by combination of age and set goal. According to me saving is not just put the money in bank or use any traditional way of saving. It is something where we beat the inflation by our return.
For example, if we put our money into bank for saving and get 3% p.a. rate of interest on it. But our country's rate of inflation is 5% p.a., So it means we are not saving money because the value of our savings is decreasing by 2% p.a.
So until we get our return more than 5%, we cannot say it is saving. There are so many ways of getting more than inflation rate like Bank FD, NSC, KVC, Equities, Debts, Currency, Asset investment etc.
Thanks
Saurav..
Great post..😊
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