Why to Save ?

Reasons to Save Save for Emergency Funds Life is uncertain. You may lose your job and not have any source of income

to pay your bills. There is also a chance of theft or fire destroying your property & assets. You may have an insurance to cover the losses but you still need cash to pay deductibles.

Save for Retirement The sooner your start saving for your retirement, the lesser you have to save

in the future. In this way you can put your own money to work for you.

Save for down payment for a house You may need to save money for making down payment of the house. When

you pay considerate amount on the property upfront you will manage to get loan at a lower interest rate.

Ideal Emergency Fund = 3 - 6 Months of your Expenses

Reasons to Save Save for Education One very important reason to save money is for your or your children’s

future education. Save for Car, Vacations & other Luxuries Another reason to save money is to have fun. You can save for a new car,

bike, LED TV or other luxuries. While you can just pay for these with loans and credit cards, it is better to pay the entire amount upfront so that you don’t end up paying interest on your dues.

Save for Sinking Funds A sinking fund is money that you set aside for future repairs or improvements

required for your house or other possessions. Grow your Wealth The amount of money you save will earn interest and the savings can work

for you. You can then put this money into stable investments to generate more money.

What Industry stalwarts Quote -

Benjamin Franklin

“A penny saved Is a penny earned.”

Dr. John F Demartini

“Don’t spend your life working for money, save money and hire it to work for you.” Warren

Buffet

“Do not save what is left after spending, but spend what is left after saving.”

Stages of Financial ManagementBasic Level

Create a budget, keep records and make necessary adjustments in your spending and saving plan.

Increase savings to permit investments for long term needs and other goals.

Increase savings & insurance protection

Continue with more savings & insurance

Intermediate Level

Continue Budgeting, keeping records and adjusting plans

Comprehensive Level

Continue budgeting, Keeping records & adjusting plans

Ways to start saving

1. The next time your salary increases (or you get a bonus) consider setting aside some or all of it before you get used to having the extra money.

2. If your expenses decreases, like when you pay off your car loan, try to set entire amount aside for savings.

3. Pick a regular expense that you can reduce such as dinner outings etc. and save the money instead.

4. Take advantage of payroll deductions like PPF funds, direct deposit etc. This way your money is automatically saved before you spend it.

Start Small but start Now..!!

Thank You

Share your thoughts with us on Social Media