The Art of Money by KG

Dear Friend, After successfully creating a corpus of your Emergency fund, it’s a good time to move your focus to the next step. That is, starting to invest a small portion of your money to create a big corpus for your goals. Everyone has different income, expenditure patterns and saving goals. But one thing is constant:   SAVING . In order to achieve your goal, you need to start saving today. Some easiest options to save money for a beginner are: Recurring deposit and Fixed deposits . 1.      Recurring deposits : Popularly known as RD, are the simplest option to start saving a small sum of money today. All the Nationalized or other banks provide this facility to start RD either online or through personally visiting the bank branch. In RD, you give an instruction to the bank to deduct a particular amount of money every month on a chosen date for a chosen period of time. Example to make it more clear: Suppose, Gaurav will need Rs. 20,000/- in next year April for pur

Dear Friend, Congratulations on your first job. Now, You are earning decent amount of money to live a lavish life and splurge as per your wish. This is one of the best phases of life. Enjoy it without any doubt. Now, comes the first step that you are looking to take to move from a carefree spender to a wise saving guy. I would suggest creating an " Emergency fund ". What is Emergency in real life? (God forbid any of these happen with anyone) It can be a Medical illness, Job termination, Vehicle repair, House repair, or any unforeseen circumstances which need urgent attention. Emergency fund is the sum of amount that you need to live with your normal expenses for 3 to 6 months. Image courtesy: Google I am providing you one example to make it clear. Suppose a guy , Gaurav, joins a company with a starting salary of Rs. 30,000/- per month. The basic expenses of Gaurav for a month is Rs. 20,000/- . This includes House rent, Grocery e