Friday, October 20, 2017

Money Management - Let the Money Work for You

Money Management - Make Money Work For You

I am a normal guy who works in a IT company. I get my salary on the last working day. As usual, I pay the rent, pay back the loans, spend some for myself, send some money to parents and I did not bother much about the excess money I had in the savings account every month. I just got a notification stating that Rs.308 has been credited as Interest for the savings account I had. I just asked my two roommates about this and it was shocking to know that, one got Rs.54 and another got a little more than Rs.500.  When checked, he used to spend less and had more money in his savings account which led to such higher interest.

I just started thinking thereafter, how can we make money which would provide me a decent income like the above Interest payments. I will be discussing this via the following upcoming series of blogpost.

My grandmother used to keep all the money in the locker instead of keeping it in the bank. The reason she tells is that, it is easy for her to take money and spend whenever she wanted. She was potentially missing something. Yeah, the interest which she gets every quarter.

Like my grandmother, there are more people who are not sure on what to do with money, they put in bank fixed deposits and expect a large returns, but finally pay taxes for the interest they get, or invest in share markets without knowing how it works and get lost in it, and some invest in some scam schemes and get lost with all the money.

The only reason why we hear about such scenarios is Poor Money Management by them.

We are working very hard to earn money and we don't enjoy with the money we get due to poor management of the money. Once we get to know how to manage the Money, then, with us, money will also start work to reap more money.

Next Blog Post: Why Is A Savings Bank Account Necessary?

Please comment if you/your friends had any of such poor money management before which resulted in depreciation of money. 

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