Are You Saving in The Right Way?

Life is unpredictable, who knows what will happen in the next minute? Even though you can’t control inflation in our country, the one thing you can do is -“Savings”. It is in our hands to make savings to survive in this highly inflationary country.

Even though our “savings” won’t suffice to meet long-term goals, Developing “Savings Habit” is a primary aspect that every individual can do. People who keeps an emergency fund of 3-6 months of expenses are able to survive in covid times, but even today many people are neglecting “Savings” in their day-to-day life.

Even though every individual’s financial status differs, one should plan their finances in a diverse way. As the famous Quotes suggests-

  • A Penny Saved is a Penny Earned
  • Human Relations are all economical relations

These two Quotes implies the “Importance of Savings in our day-to-day life”.

To elaborate further we have framed the word “SAVINGS” as-

  • S- Spending(Which would be given least priority)
  • A- Academic Qualification( You should try to improve financial quotient day by day by learning new courses)
  • V- Very Important Needs (You should spend only on “Needs” which can’t be compromised of)
  • I- Investments (You should give utmost importance to “Investments” that too at an early age)
  • N- Noticing Poor( Spare some portion of your savings to Charities, Donations etc)
  • G- Golden Years(Retirement) Planning(Plan for your retirement from your initial career)
  • S- Succession Planning( Draft your will and don’t forget to disclose all your financial information to your better-half(spouse)

By following the above S-A-V-I-N-G-S concept you and your family would lead a peaceful life. Enjoy your golden years(Retirement) by following this “Savings” concept.

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