I get some pocket money on a monthly basis but am not able to save it as some or other expense comes up so pls suggest some good saving solutions for a homemaker like me. Thanks!
2006-09-06 20:01:20 · 3 answers · asked by RaechelG 1 in Business & Finance ➔ Personal Finance
You have to plan ahead to see how much you NEED per month. Then you take the amount you GET per month. GET-NEED is the amount of money it's possible to save. Choose a monthly amount you allow yourself to use on luxuries you don't need but that makes life better, e.g. $200 per month. We call this LUX.
Now, go to the bank, and make them create a savings account for you. Also ask the bank to automatically transfer GET-NEED-LUX from your checking account to your savings account each month. Now you save money without even thinking about it!
2006-09-06 20:13:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Why don't you try saving in recurring deposits. You would need to invest a small amount every month with the interest getting compounded monthly. At the end of the term you will get quite a lump-sum. Loll !
Refer this site to see how much you can save and earn.
http://math.com/students/calculators/source/compound.htm
2006-09-06 20:09:19 · answer #2 · answered by Bachelor boy 2 · 0⤊ 0⤋
Just enjoy whatever you do...Spend only if it is needed...That's the best way..Cut down on going on outings...Be innovative and make your weekends special at home itself...You can save on eating outside also by this way...
2006-09-06 20:12:24 · answer #3 · answered by Ajit 2 · 0⤊ 0⤋