You should have a savings account to meet your needs. Save at least 10% of income in your saving account. It will be very helpful to your in case of an emergency. You can also spend this money on higher studies of your children.
Always save some money for emergencies. Keep this money in a separate bank account and don’t touch this money unless there is an emergency. This money will help you in emergencies like loss of job, sudden injury or medical emergency.
In some departments, a fixed part of salary of employees is automatically deducted to the retirement fund. This deduction plan is beneficial. Contribute as much as you can to your retirement fund and don’t touch this money because it is for your future. If you withdraw some money from this fund before retirement then various tax implications and early withdrawal penalties will reduce the principal amount.
If you have two credit cards then you should make all payments with that credit card which has higher interest rate. Suppose rate of interest on one card is 12 percent and on another card is 15 percent then you should make all the payments with credit card which has 15 percent interest before using the second card.
Make a list of your monthly expenses and make this list according to your salary. Use your salary in such a way so that you can save some dollars for your saving account every month.
Use the services of best credit card and banking programs. It will help you to avoid some percentage points on your credit card and bank fee and you can save hundreds of dollars in a year.
Always do shopping according to your budget. Suppose you go to buy shirts with a friend and your friend has bought 6 shirts. Stick to your budget and always do shopping according to your need.
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Submitted by admin on Fri, 2006-11-24 05:34.
People invest their savings in real estate, share market, mutual funds, bonds etc to secure their future. You should invest your money in that field where there is minimum risk. “Don’t put all eggs in same basket” means do not invest your whole money in one field. Invest your money in different saving schemes so that if you suffer any loss then you can easily recover from that loss. Here are some tips for wealth building are:
Goal setting: For wealth building, proper financial planning is necessary. For proper financial planning you should set some goals for future and set priority for each goal. You can easily achieve your goals by developing a plan and sticking to it.
Retirement fund: You should save some part of your salary in your retirement fund before paying your monthly bills. In some departments, some part of employee’s salary is automatically deducted into their retirement fund. Save as much money as you can in your retirement fund. In your old age, you will not be dependent on anyone. This fund will also help you to meet your future liabilities like higher study or marriage of children.
Pick the right mortgage: If you are planning to take a home loan for buying a new house then you should choose that bank which offers home loan at low interest rate. If the rate of interest is low then it will not put any burden on your salary and you can also save some money for your future.
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Submitted by admin on Fri, 2006-11-24 05:31.
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Investing is putting your money or capital in an enterprise with the expectation of profit. It’s a great way to grow your money. You invest your money in stock market, bonds, shares or real estate to multiply your money. You invest your money for a bright future and you prefer the field that fetches you maximum profits. If you are interested to earn handsome profits, here are some valuable investment tips for you.
Diversify: Remember one thing before investing “don’t put all your eggs in the same basket”. This means that do not invest all of your money in the same stock. Invest your money in different schemes so that if you suffer any loss then you can recover from that loss. So, don’t pick only one type of investment and invest your money in different fields like real estate, bonds, shares etc.
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Submitted by admin on Fri, 2006-11-24 04:16.