Embellish your life with saving


Typically , young accountants don't reckon for saving because they do not know its importance . They have not enough responsibilities . So , they do not care for this . They think to enjoy today but this rule is most suitable for Western and it does apply on Indians . But young accountants and all other youths should understand the importance of saving . For rainy days like leaving of jobs and not finding good jobs , accident , diseases and for solving other financial problems , it is very essential to save some money separately from your family expenses . I am giving some tips which I also act upon and advice you to use them for happy life .

Tip # 1


Save by Setting your own target


First of all make your family budget and after spending all necessary expenses , calculate the value of saving and determine it for investing it saving separately bank's saving account . Control on your expenses and never use your set saving for expenses . This will increase your habit to save some earning every month . Suppose , you can start saving from Rs. 500 to Rs. 1000 per month and this saving must be keep separately and apply this rule tightly .



Tip # 2


How much do you save ?


If you starts to save money , then next question will arise how much do you save ? Saving must be according to your earning capability and responsibility of family nurture . I can divide it with following way



Status -------------------- Earning -------------------------------- Saving


1. Unmarried between Rs. 5000 to Rs. 10000 per month ---------- 20 % to 30% of income


2. Married between Rs. 10000 to Rs. 20000 per month ---------- 15 % to 20% of income




3. Married between Rs. 20000 to Rs. 40000 per month ---------- 20 % to 25% of income



4. Married more than Rs. 40000 per month --------- -- 30 % to 40 % of income

Tip # 3

Convert Saving into Investment

According to financial Technicians ," Saving should not keep in bank's saving account or current account because because bank gives 3.5% interest on saving account and 0% on current account so for getting earning it is very necessary for you to convert saving into investment . For investing , you can buy equity shares or bonds . You can also invest money in secure fixed deposit account of government bank .

Tip # 4

Ploughing back of Profit

If you belong to middle family and your earning is limited then , you can use the finance technique which are using big companies . Ploughing back of profit means . First you have to earn profit from your saving , then reinvest this profit in different investment projects . With this you can increase your earning with multiple way .

Tip # 5

Compare risk of investment and return on investment

Before invest your money , you must see what is the risk of your money and what is the return on investment . It is general rule that high risk and high profit but you must not take high risk , if you are Incognizant or ignorant in the field of finance . If you are interested to take risk , the first of all consult your C.A. or finance consultant .

COMMENTS

Comments on this Website
.
Share above Content to Your Friends



Name

access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
false
ltr
item
Accounting Education: Embellish your life with saving
Embellish your life with saving
http://svtuition.googlepages.com/saving.PNG
Accounting Education
http://www.svtuition.org/2009/07/embellish-your-life-with-saving.html
http://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2009/07/embellish-your-life-with-saving.html
true
2410664366776677676
UTF-8
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at vinod@svtuition.org for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock