TOP 5 MONEY SAVING TIPS
The economic recession in America & Europe have led everyone right from middle income employee to top executives to save money. I think our careless spending and financial illiteracy have led to financial crises. It is essential for every earning individual to have the basic knowledge of how to save a part of their income. Saving money is all about controlling our spending habits and compelling ourselves to plan our finances well for the benefit of ourselves and our respective families who depend on us.
Here are some money saving tips which will definitely help you in savings.
TIP #1
Be economical & Pause for a thought
Always do CBA (Cost Benefit Analysis). Do not spend lavishly. Make a list of what you have to buy. Priorities the items mentioned in the list. The four-day wait works. If you are about to buy something which isn’t a necessity, and you have a little quiet voice somewhere whispering to you, listen to it, and wait four days before you make the purchase. It gives you time to compare prices elsewhere, or to come up with an alternative, or even to decide that you don’t need or want it.
TIP #2
Maintain Expense Register
Have Bulls eye. Always keep a close watch on your spending habits. By doing such will know you where you are spending your money. This will help in reducing your unnecessary spending. Try to cut your spending on luxuries. Drink coffee in home rather in a restaurant. A cup of coffee in a restaurant will be 5 times expensive than a normal cup of coffee at home Always maintain an expense register where you note down every single transaction you have made during the day. At least try for a month. You will notice that you can cut short various spending or postpone it.
Go through your bank statement. If you don’t already know how to do it, learn how to balance your bank statement. Work out how much money you have each month. It does NOT tell you how much money you have. A bank statement is just that: a statement from the bank telling you what has gone through your account at the bank so far that month.
TIP #3
Planning/ Budgeting
Make income/ expense register. Write all the sources of income on one side and
the expenses on the other side of register. This will help in to determine whether you are running out of deficit or you have surplus. Always plan before you go to supermarket. Make a budget for every month. Try to manage your expenses within the budgeted amount. This is essential for families and individuals and can be the fastest way to save money. You will instantly see your incomings and outgoings once you create your budget. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out. Once you have prepared a budget of incoming money and outgoing money, you WILL be able to identify areas where you can save.
TIP #4
Market Research
Beware that a sale is not always sale. Before buying any product do some homework. Visit various websites & store to know the true prices of the same products. Various stores offer various discounts. Choose the store which offers you the same product at lowest price. Once you have researched the true price of a product (any product) you are in a good position to take advantage of a sale, special offer or discount and really save money. “Buy one get one free”, “50% off”, and “Huge Discount” will only help you save money if the actual price you pay is lower than you would pay somewhere else for exactly the same product.
TIP #5
Grab Discounts/ Rewards
It is always preferable to buy goods for cash rather than buying in through credit cards. As credit cards seems to be very lucrative option but is costly affair if not used cautiously. Using your debit cards or cash cards will get you much more discount than credit cards offer. There are many reward cards that pay out in cash or points that can be redeemed for travel or products. Many of these cards don’t have an annual fee. Buy goods electronically & use ECS facility or net banking facility. Various banks provide discounts & rewards for using such facilities.
…..and the lists have no ending. There are various such small steps which we can do and it will definitely help in savings. It has rightly been said that “Penny saved is Penny Earned.”
DUE DATE OF FILING INCOME TAX RETURNS FOR A.Y. 2010-11 EXTENDED UP TO 15 OCT. 2010
F.No. 225/72/2010-ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated : September 27, 2010
Order under Section 119 of the Income Tax Act, 1961
On consideration of the reports of disturbance of general life caused due to floods and heavy rains, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of filing of returns of income for the Assessment Year 2010-11 from 30.09.2010 to 15th October 2010. Accordingly the due date for Tax Audit report u/s. 44AB of the Income Tax Act is also extended to 15th October, 2010.
(Ajay Goyal)
Director (ITA. II)
IDBI BANK WAIVES CHARGES ON SAVING A/C
It has been rightly said that in this world nothing is free. But their is one exception, that is IDBI Bank has decided to waive all charges on various services for its current account & saving bank accounts(CASA) from September 01,2010.
The customers will now have to pay no charges for using ATMs of other banks, cheque book, demand draft; electronic fund transfers, ECS, account statements and others are also waived.
The other charges that have been removed from CASA customers relate to new card fee, new card issue, cash service, pay order, stop payment, account closure, demand draft issue and cancellation and standing instruction.
The reason behind waving of these charges is to increase low cost CASA deposit base by 20% from existing 13% in the nest 6 months.
So, enjoy FREE BANKING!
PROFILE OF AN ENTREPRENEUR
In my last we have discussed about of being an entrepreneur. Now this article is deals with profile of an entrepreneur. You don’t necessarily be a family member of businessmen nor should possess a MBA degree. What matters is common sense i.e. business mindset. Even a school drop out can become a successful entrepreneur. We have the living examples right from Microsoft’s Bill Gates to Wall-Mart’s Sam Walton.
An entrepreneurs profile will not be complete unless until they possess the following qualities:
1. Self-confidence
It’s the #1 attribute. Its confidence, confidence & confidence. There is no exception 
to this rule.
2. Risk Taker
Entrepreneurship is about taking risks. It’s about reaping the risks and the reward that comes from all this, but within the articulated guidelines of a business.
3. Scarifies
Scarifies is the hardest part to par with it for an entrepreneur. Many businessmen start their business in the prime of their careers after being recognized as great managers. A great manager means bulky salaries, perks & luxurious life. But for an entrepreneur it’s applying CBA (Cost Benefit Analysis) theorem. It’s flying in an economical class, living in a hotel which is economical sometimes even less than $50. Its all about sacrificing luxury lifestyle, being economical with your expenses which lead to success. Do not compare with what you have left behind.
4. Freedom & Discipline
Entrepreneurs love freedom but are also much disciplined. They like taking instructions from more competent people & customers. Freedom however comes with great responsibility and accountability.
A good entrepreneur is an highly disciplined person.
Freedom to an entrepreneur means the ability to choose a life of business & goals consistent with stake holder ambition.
5. Money
Its always been said & is correct that money matters. Same is the case with entrepreneurs. They just love money. Entrepreneurship is generating more wealth from wealth. Its about creating legacies in many walk of lives.
A lesser fact is that 65.8% of the empire is owned by charitable trust. The Bill & Melinda Gates foundation is arguably the world’s second richest charitable organization with assets that stood at $26.9 billion in 2006. Without affection for wealth it wouldn’t be possible.