Money Management Process

The Savings Mantra - Start NOW! Save First! Save Regularly!

Start saving NOW: There is no better time to start saving (if you are not already saving) than NOW. ‘Time is Money’ and certainly so. The earlier you start saving and get into the habit of saving, the stronger your chances are to face uncertainties and the changing demands of life.

Save First: The surest way to save is to make ‘saving’ your first and most important expense. Set aside a portion of your income as soon as you get your paycheck.

Save Regularly: The commitment of saving regularly, month after month, would enable building a healthy savings from smaller incomes as well.

An up to date record keeping will enable you to:

1.   Track your money— income (where it comes from) and expenses (where it goes)

2.   Provide you an easy reference of your wealth—assets (savings, investment, insurance etc) and liabilities (credit card debt, home loan, educational/ vehicle loan).

3.   Organize financial activities like budgeting, saving/investment, tax-paying.

4.   Provide an evidence of a financial transaction—repayment of loan, depositing money in bank account, purchase of an asset, etc. This is especially important in case any discrepancy arises over it.

5.   Simplify the claim process in case of an emergency (insurance) or damaged good (warranty card).

6.  Provide evidence for your entitlement to an after-sales service or other benefits.

7.   Keep some faithful person informed about your financial transactions