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Awareness Tips For Effective Financial Management

INVESTMENTS AWARENESS TIPS: Wise investment with safety is the key for multiplying your wealth

. Do not keep all eggs in one basket. Therefore, try to invest in different investment schemes, for safety. Plan maturing investments periodically, depending upon your periodical needs, like house construction, sons education, daughters marriage etc. Investments with high returns will have high risks. Always calculate the risk before any investment. Any investment in any field suddenly or sometimes appreciates to peak. Then wisely dispose that investment and book the profit. Any investment needs thorough research. So, one must analyze thorough data, trends prospectus etc.

OTHER WEALTH AWARENESS TIPS: Invest in multiple benefit schemes (ex: UTI mutual fund enjoys investment exemption under IT, dividend exempted under IT + possible growth appreciation; Insurance policies: by paying little rider- you can cover the life risk of spouse + family member/s).Employees: review time to time and effectively utilize medical, leave travel, educational, vehicle, computer, HB loan facilities. Become reputed co-op. society member and avail low interest loan facility. While buying/depositing, thoroughly be aware of culprits of small print instructions. On journeys instead of carrying huge cash, use petrol and debit cards etc.

SAVINGS AWARENESS TIPS: Savings are the greater source of income. So try to save more. Simple living practice is the best option to enjoy life, as well as, to save also. Start savings early to get returns early. Savings/investments can be more at early age and less during age progresses. Utilize the discount benefit able options available to you/as students to your children - wherever available. Take the advantage of discount purchases during New Year, Diwali, Companys anniversaries, and special occasions like silver jubilees / golden jubilees. Recurring deposits and pre fixed periodical payout insurance schemes (money back policies) will secure your plans of sons education, daughters marriage or construction of house etc. Do not ignore/neglect even a small amount. Drops of water makes mighty ocean, so any amount due to you anywhere, try to recover it. Compulsorily make an account of your income/expenditure periodically (say monthly). It will give you clear picture, where leaks are there in your financial management.

Dont invest in highly lucrative offer schemes.Highly lucrative schemes are meant to cheat gullible public. Employees- explain your spouse about your PF, insurance, cooperative society, group insurance investments etc. periodically. Dont keep any little amount idle. Invest or deposit even for small period so as to earn something. Invest in automatic re-depositing schemes. Invest in compound interest paying scheme. Make investments/deposits/shares/bonds in your spouse + child (single child family benefits the most), so that even on any eventuality to the first depositor, surviving family members can enjoy the investment benefits without any cumbersome, expenditure involved legal battle. Plan all the payments like school/college fee, electricity, water, phone, insurance premiums, vehicle tax payments, periodical payments of recurring deposits, and enjoy the continuous plan benefits. Dont invest huge savings in stocks, unless some of your family members can follow and cope up with the risky, tricky, speedily changing trends of stock market. Otherwise it will be only more risk than returns.

ALL-ROUND AWARENESS TIPS: Srimission is meant to make you all round rich, following Srimissions objectives will make you all-round rich. Teach and train all your family members how to deal with financial matters. Inform all your financial transactions time to time to your spouse. Giving personal loan is nothing but losing money and buying an enemy. Who wants to make wealth also must know how to protect wealth and avoid losses. So, one must know the calamities management (read Struggle against Calamities objective in the website: www.srimission.org). Avoid unexpected financial traps like giving personal finance/ avoid unnecessary credit card usage/ giving guarantee and security to others. When you carry ATM cards during journey, see that minimum amount is available in your account for withdrawal. On your instructions only required amount to be periodically deposited by your family into your account, for safety. If you are a regular traveler, become a member of youth hostels chains/holiday resort chains and avail strain free, low rent accommodations, at different places.

HEALTH AWARENESS TIPS: Health is prime wealth. If you have sound health then only you can make wealth. So , always try to maintain sound health.

SAFETY AWARENESS TIPS: While trying to multiplying wealth, do not ignore safety and security measure.

ADVERSITIES TO ADVANTAGES AWARENESS TIPS: Utilizing tax concessions is an advantageous wealth making option. Taking housing loan, educational loan etc are advantageous, because you take more value of money and pay less value of money (because of high inflation).

INSURANCE AWARENESS TIPS: Insurance is a wise investment, which covers lifes risk and gives returns. Take medical insurance for health risks. Insure household articles with insurance. Opt for Insurance linked saving bank account savings schemes.

SENIOR CITIZENS AWARENESS TIPS: As far as possible avoid joint purchase of properties with other than family members, to avoid disputes, court cases. After 50 years, write a will to avoid property disputes of your children (if more than one child). Senior citizens must utilize all the facilities/concessions/provisions made to them like bus/ rail/air travel concessions; pensions by different governments, extra interest paid by banks or senior citizen saving schemes by government etc.

VARIOUS INCOME AWARENESS TIPS: Part time Job earning opportunities. Investments in equities, mutual funds, insurance, gold, real estate, hobby items will fetch you multiple income.

INCOME TAX AWARENESS TIPS: Try to obtain good job/start a business/industry as per your knowledge, specialization, skills, merits to fetch you good income. Take the advantage of utilizing all tax rebates, exemptions.

by: srimission

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