Proper Planning Brightens the Future of Personal Finance
Traditionally Indians are bound to the practice of Savings. There is a deep-rooted sense of managing the income by spending less and postponing the luxuries of life. But this ‘saving culture’ has come under threat. The change in mindset is very evident with the youth and the EMI fixated middle aged salary earners, who are impressed with the easy spending consumer culture of the west. But the recent global pandemic has exposed the virtues of savings. Even after pay cuts people have realised the power of saving money and planning for the future. Today, those who saved and invested wisely are secure in their lives and livelihood. Their past course of action brings to light the quintessential question running in everyone’s mind “How much to Save to plan a secure future”. The truth be told there is no one size fit all planning strategy for savings. But a general thumb rule to start saving is to start analysing spendings. Income - Expenses = Savings Spending before saving is a very wron...
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