Attempts to Save Before You Spend
Saving for your future and urgent situations is never wrong. It’s not possible to become a millionaire in a day, thus counting up pennies regularly in your savings account can only give you a tenable future. Now a day, if you are a salaried person or else a genuine businessman it will be even difficult for you to meet your expenses in this rising financial system and at last you will be left with nothing. So, it’s better to think and start your savings before you spend. Some major wealth generating ways to bring up your thought into action are mentioned below- “Don’t put all your eggs in one basket” – An old saying but still very useful for your finances. Tax deducted at source is something you can evade if applied your intelligence. Significantly, almost 2.5 lakhs of investment is permissible according to IT Act in the current financial year. Hence, plan your investment for that reason and prefer going ahead of market risk options. Think of different investment plans rather than sticking on one. Choosing maximum ROI plans are an intelligent act. You can opt for auto debit facility directly into your salary account, so that your savings are fixed before your expenses. It’s intelligent to be on sure and secured sides of ventures, hire a CA and get better advice from him. Home loan is another mode to exempt tax and secure a property. Think of alternatives – When it comes to stake your sweetly earned money, you should at least give a thought over it. Try to re-utilize all your belongings and so forth with other items too rather than buying a new one. Plan according to your budget – Make different columns of expenses and fix up an amount for each and then follow your planned figures while spending. Lastly, never spend on anything unless you are in utter crisis of the product. Incorporate savings in your blood rather than in your...
Read MoreRetail banking and its products
Retail banking refers to that division of a bank which deals directly with retail customers. The term ‘retail’ is used owing to its almost storefront shopping nature of commercial banking services and products. It is also popularly known as consumer banking or personal banking. Retail banking is the evident features of banking sector or industry to the general public or the common man. Customer deposits garnered by retail banking represent an extremely important source of funding for most banks. Retail banking caters an array of useful financial products; a few of them are here: 1. Savings accounts Retail financial institutions provide savings accounts. They pay an interest on them but generally cannot have checks written on them. Retail banking also provides checking accounts to its customers for which they have to usually pay a monthly fee. 2. Mortgages Mortgage also known as mortgage loans are used in property transactions. They account for a substantial part of retail banking profits, as well as the prevalent portion of an XYZ bank’s exposure to its retail clientele. 3. Personal Loans These banks offer loans for personal loans to their consumers for various things like buying a car or a property or an educational loan for their children. 4. Debit and Credit Cards They offer their bank’s debit cards or credit cards to their consumers for shopping and purchase of goods. They usually offer lucrative schemes for card holders and attractive gifts on crossing a limit of certain amount. 5. Certificates of Deposits (CD’s) These are a popular investment product and are certificates which entitle the bearer to receive interest. They also act as important source of funds for bank since the funds in the CD’s are available to the banks for a definite period of...
Read MoreStart saving young
People should start saving from a very young age. There are many people who start putting aside a dollar or more from the pocket money that they are given. When they get employed, rather than spend all the money that they earn, they make it a point to make sure that their bank balance is healthy at the end of each month. It is a good habit that financial advisors say that all people should inculcate. After all, as it is commonly said, a penny saved is a penny earned. The sooner the pennies are saved, the more one can...
Read MoreFinding Success In Life The Logical Way
Life is one of the hardest things in the world to define, both from a scientific standpoint as well as from a philosophical one. It is, however, accepted that our lives are based on calculation and measurement, and unconscious to ourselves, we take logical rather than emotional steps. This concept is better known as a “Metered Life”. Understanding the concept of a Metered Life can help you reach greater success in life since your understanding of individuals, circumstances and reactions will improve. It will also help you manage your time better, and thereby get the best out of your life. At Metered Life, you can get to know more about this annum and how you can use it to greater...
Read MoreTips to save your hard earned money!
In today’s life emotion plays very little role in everyone’s life. People have become calculative and money centric. Here, everyone is just bothered about how to make more money. At times, making money might be easy but some might find it difficult to save it. Hence, they might feel that whatever they are earning is less. We at Metered Life will make you understand the correct calculation of your income against your expenses. Here, we give you some money saving tips which will help you from being bankrupt or serve as a relief during cashless situation. Make your Monthly Budget – The foremost things you need to do is to make your monthly budget. List down all the things you would require to spend in the month. This list should include your grocery bills, laundry bills, electricity bills and other bills like mobile phone, gas. Make a list of grocery you would require to buy every month. Read and re-read the list. Delete the excessive and unnecessary items. Do not overstock the items unless required. Fixed Savings – Once you know the amount you need to keep aside for your daily needs, calculate the remaining amount from your total income. Always keep aside, at least, ten to fifteen percent of the left out amount as your fixed savings. This saving can be a deposit in your bank or buying some funds. Pay your bills on time – Remember to, always, pay bills timely in order to avoid late payment charges. This includes your mobile, landline, electricity and credit card. House Parties – Instead of planning every weekend out you can call for a house party. This saves a lot of expense. Sell old stuff – Always follow a practice to remove the old and unwanted things from your house. This will not only keep your house clean but also help you to earn some extra cash from the unwanted things. Maintain your appliances – Repair cost of the appliances is always the highest in any household. Hence, maintain all your home and kitchen appliances well. If you notice any minor problem in the appliance, immediately call for a technician and get it repaired. The above mentioned basic money saving tips will help you to save a large sum of money in the entire...
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