While managing one's finances is a Hercules job for all, it is tiresome job for middle class family. For a higher income group , as they are having plenty in their hands, it is not a strenuous job for them. As there will be no disposable money available in the hands of lower income group, their priority will be to manage both the ends. Problem is for middle class only.
If you think wisely you can have plenty of ways to manage your funds. Let us see how we can manage our expendable income and multiply our funds :-
1. First thing one should do while started earning is to divide one's income in 2 parts. One part is for their day today expenses and the other one is for savings. Depending upon the expenses the ratio will change from person to person.
2. From the available money you have for saving, according to growth and interest rate you can put the money in Fixed Deposits, Mutual Funds and Real estate.
3. You should have a definite long term financial plans in your life for success, like buying a house, buying a car bike or for any unexpected crises.
4. Managing fund is not only related to saving, it is also directly connected to your spending. Make it a point to never enter a supermarket or mall without any definite plan to buy something.
5. As for as possible avoid buying any goods or things with EMI s , unless there is no other alternative.
6. Start a Recurring Deposit in the month of May every year to pay the school fees of your children for the following year. It will not be burden while paying.
So gear up today for the secured future tomorrow.