Managing Money

Managing Money

Managing Money - Tips for Managing Money - How to Manage your Money During Recession | Tips on - Find TipsManaging money is an art and everybody does not understand this. So here are some tips for managing money optimally in good times. Though this article tells you how to manage your money you will need a financial advisor before you take any steps on this.

If you have home loans, car loans and other loans it is always advisable to pay these loans monthly instead of paying it yearly. The pressure on you at the year end is automatically reduced.

Generally when you have credit card payments you have a clause that if you pay within 45 days you don’t have to pay anything extra on the money you have spent. Make maximum advantage of this clause and give back all the money you have taken in your credit card within the prescribed time itself.

When you have to invest money in a bank, check with 10 banks and find out which banks pays the maximum returns and which is the safest bank to invest. Instead of putting it in one single bank, spread your money in various banks so that if one bank shuts down then you don’t lose everything you have saved.

You can plan this in a better way. Generally when banks give their interests they charge the TDS. They give more interest but charge more TDS also. By this the bank will end up making more money and you will be losing money. So search for banks which give more interest and charge less TDS.

Generally it is advisable that you spread your money across sections. It can be divided something like this. Generally 35% of your salary goes out as tax. You should keep only 20% of your salary for monthly expenditures. 10% of your salary should be in the form of gold either as ornaments or biscuits. Buying gold biscuits is highly recommended. 10 to 15% of your savings should be in mutual funds and shares (This is not advisable during recession time). 20% of your salary should be in the form of assets either flat, house or site.

The key for success is save more spend less.

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