Saving and Spending Habits

 

No matter how much people deny the importance of money, it is surely the strongest resource to survive in today’s world. This is the age where money decides how well you live and how efficiently you avail the amenities of daily life. You can understand how difficult it is to survive when you have less or no money in your name. Therefore it is of utmost importance to realize the value of money. Most people earn a formidable amount of money, but yet end up in debt or financial crisis. It is due to the lack of knowledge on money management. Money management involves the idea of saving consistently and spending wisely. This is the habit that you need to cultivate as soon as you start earning money. Today I’ll share some tricks and tips which will help you to manage your money more efficiently.


General rule of saving and spending:


Your saving initiative and spending habit should be according to a plan. The general rule of thumb states that you should allocate 50 percent of your income to fixed expenses such as rent, mortgages, utility bills, or educational expenses. Then save 20 percent for future or emergencies. The remaining 30 percent you can spend on things you like. Still, this spending should be carefully thought and well planned. It’s always a blessing if you can reduce this spending amount more.


Bank and savings account:


A good idea is to opt for an automatic transfer of a portion of your salary account to your savings account. This way your saving remains constant before your hand takes them on for unnecessary expenditures. Moreover you can open fixed deposits and retirement plans with the help of your bank. Such a habit amplifies your financial security more.



Comments

Post a Comment

Popular posts from this blog

Weird Food Combinations that Taste Delicious

Image
Interestingly, food combining has been coined as a term and is known to have been promoted originally by an American food expert and writer. Herbert Sheldon, in his book ‘Food Combining , Made Easy’ published in 1951 had written memoirs of various do and don’t for the art. For example, the best-known food combining for diet is called ‘Hay Diet’ named after William Hay who is said to have lost 30 pounds less than 3 months following ‘Hay Diet’. The Earliest Records A combination meal today can comprise of a starter, main course, and dessert or the different items mixed in the main course itself. For example, in fast food combos, a hamburger is combined with French fries, a beverage or soft drink and perhaps a cookie at the end. Somewhere around 100AD physicians compiled the earliest records of food combinations known to this date. The branch of science was called ‘Ayurveda’ instead of food science or MasterChef in today’s jargon. ‘ Ayurveda ’ is a science that has been around ...
Read more

Managing Capacity for COVID-19 at Your Fitness Business (While Protecting Revenue)

Capacity. It’s the topic all fitness studios and gyms are thinking about. Long gone are the days of packed fitness classes and gym floors. Instead, we need to rethink our spaces and adjust to a new normal of less staff, smaller class sizes, and unoccupied treadmills. Our members will have to do the same. As the co-owner of a studio myself, I’ve had a variety of questions spinning around in my head. I’ve asked: How many clients will we allow in our space at any given time? How can we ensure six feet of distance (or more) between each client  and  staff member? Will we need to reorganize our space and equipment? Will we need to restructure our fitness classes? How will this impact our revenue? Is there some sort of calculation for this? (Help!) As we think through these types of questions, we’ll need to research government guidelines for occupancy. Keep in mind some state and local guidelines may require certain amenities remain closed (e.g., pools, saunas, s...
Read more

small business administration

Starting a small business and ensuring its survival is not an easy task. Most new businesses close before their fifth birthday. But don't despair. There are techniques to improve the odds of your business succeeding, and almost all of them involve applying proven methods that are easy to learn. It all comes down to doing the right thing, when it is right. The small business administration business plans of OGScapital comply completely with all requirements of the investor / bank. We seek to give our customers even more than the writer expected. The advantages and appeal of your business concept and value ideas is emphasized by our committed team, who emphasizes future demand, investment returns and competitiveness. By applying solid fundamentals, you greatly increase your chances of success. Here are 7 steps to get your new business on the road to success. Plan effectively Every effort you put into planning exponentially increases your success at the execution stage. For a new busi...
Read more