Personal Finance Tips

Savings

There are different reasons to save, and different approaches depending on what you are trying to achieve. One overall savings goal is to put money away for a rainy day; anything from health related problems, for repairs to a house or car, or an interruption to employment. Most experts say to put three months salary away to cushion life's little emergencies.

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GOLDEN RULES OF MONEY MANAGEMENT

> Put a broad limit to regular expenses so that they do not go out of control.
> Look at various payment options such as zero-interest EMI while buying a valuable item.
> Do not hesitate to ask for discounts and complementary services.

Most Common Money Mistakes

Passing Up Tax Breaks

Small investors often look only at the return an instrument is giving them, and overlook how taxes take a bite out of those returns. Morningstar figures that over the 74-year period ending in 2010, investors who did not manage investments in a tax-sensitive manner gave up between one and two percentage points of their annual returns to taxes.

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