So what factors contribute to our Income, Expense and Saving?
- Salary or business income
- Interest earned on Savings and Investments (Including Bonus)
- Other Resources
$ Expense :
- Loans: Home, Personal, Car, Education
- House Rent
- Monthly Expense (Shopping, Glossary, Travel, Phone, internet & Light Bills , etc)
- Medical Expenses
- Emergency Expenses
- Repay Principle of Loan as fast as you can.
- Clear old loans and debts.
- Don’t Use credit card but if you need then use it upto 40% of your monthly Take Home Salary.
$ Saving & Investing:
– Saving to earn interest and Tax Saving.
- Term Insurance
- Mutual Funds
- Bank Accounts
- Go for Compounding Interest rates monthly than annually.
- Have only 1 or 2 Term insurance policy.