Saving before Expense - Money Management


Dear Fellas,

You heard right !!

Saving before Expense.
Saving is what you do generally after your monthly expense. But real definition and fundamental principle is save first from your earning then expend for your requirements.

Why it is important to save from earning?

Because for your emergency health critics
Because for your future goals
Because for your family (children education, marriage everything comes in this point)
Because for Touring
Because for your own retirement life
Because for helping hands for someone's emergency
Because for social work
Because for donating to nation

e.g. If you are a salaried person in family and not having any major responsibility (If you are unmarried or minor wage earner) then your saving equation should be below as per my view.

Earning - 25,000/- INR on hand(For Example)

Saving Equation - 35% of on hand earning - 35% x 25,000 = 8,750/-
So, you should save first 8,750/- per month on 35% scale. If salary increase next year then amount will be change but percentage will be fix.

Now, let say if you are sole wage earner for family of 2-3 people. Then your saving equation will be change to 25%.
You must save 25% of 25,000 = 6,250/- for savings.

Now, if you can manage to save further from 16,250/- (25,000/- minus 8,750/-), Then name it saving plan no 2 ("emersplan" - emergency saving plan). This amount will depend on your living style, habits. This amount you can invest in Recurring Account or Post Office Schemes.
Older Option without any risk : Your Savings Piggy Bank will help you in your tough times πŸ˜‡

(A) Safe & Secure Ways
  1. Fixed Deposit in Public Sector, Private Sector, Co-Operative Banks, Post-Office (5.9%-7% Interst Schemes)
  2. Kisan Vikas Patra (KVP - Post Office) (113 Months - Money Double)
  3. Public Provident Fund (7.10% Interest)
  4. Life Insurance Corporation of India (Insurance Plans - Must Necessary)
(B) Risky & Attractive Ways
  1. Invest in Stock Market (Depends on Market)
  2. Invest in Mutual Funds (Depends on Market)
  3. Invest in Precious Metal like Gold, Platinum, Silver etc (Invest at every deep price falls)
  4. Invest in Real Estate (Not Preferable for salaried person)
Link for Post Office Schemes

Mutual Fund Information Link

Postal Life Insurance

Life Insurance Corporation of India

Study about each thing and invest your earned money.

We have talked about investing / saving of Money. 

But investing in yourself is also important. So, learn new things, try new skills, gain new virtues, experience new challenges.

Create your emotional bank balance full of good works. 😊
"The Best Investment you will ever make is in yourself" - Warren Buffet

Questions are most welcome in comments. 

Happy Investing !

Wish you all the best. ✌


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