Every employee works hard to get a good performance appraisal and get promoted. Similarly one must have an appraisal of their savings and spending.
You should know how much you have saved and how much money you can afford to spend. It is always necessary to analyse our savings and expenses by writing down, making calculations and coming to proper conclusion that would benefit us from handling our future financial stress.
One must also realise both long and short monetary goals that we desire to attain. With your promotion when you progress you should make sure that your savings also progresses. We must promote our savings to grow and multiply.
This can be done by many ways. The savings most of have is been kept in piggy banks or coffee mugs which is a good start to inculcate a habit of saving but might not have any value if demonetization takes place.
So the money saved need be promoted to next step. We can invest our savings in bank FD’s which remains unaffected with the fluctuations in the economy and also provides good returns.
Some part of our savings can also be promoted from bank accounts to equity markets. Many Indians feel this promotion is very risky as this is shown through the statistics that only 2% of our stocks are used by us whereas most out of this opportunity is made by foreigners.
Our lives and the environment we live is dynamic so one must realise that risks are part and parcel of our lives. If we take it positively we can make wonders out of the risks we face. If not equity markets there are diversified mutual funds that involve minimum risk with expected returns. The stock market goes up and down we face risks and great returns just like our good and bad performances on job.
There are many types of debt funds or mutual funds like ELSS or SIP’s that give huge returns in the long run and even with tax benefits up to certain limit.
Once our right objective or appraisal is determined we tend to save and grow our money to that extent of achieving life without financial stress.
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