Often youngsters find themselves in dire straits in spite of earning a handsome amount as salary. Young men habitually live in today and find that there are no means for tomorrow. Following some basic tips would make life both enjoyable and accountable.

Keep a monthly tab on the bank statements. Always ensure that you don't spend more than you earn. Use an online budget calculator for the ease of use. Use online banking facilities to keep an eye on the income and the expenditure.

Organize your payments such that all debits like rent or EMI are paid in the first week of the month to ensure a risk-free month. Transfer the rest to a savings account which gives higher rate of interest than current accounts. The amount can be re-transferred as a need arises.

Try to pay the full amount upfront as much as possible as it is cheaper and doesn't include additional taxes. Wait till you have enough money to pay the full amount rather than buy something on a monthly debit basis. Try to avoid using the credit card as much as possible.

Try to put aside a small amount to be deposited every month to a high-interest rate account. But if you have loans to return, pay off the more expensive debts first and then try to save the extra money.

While buying a new mobile connection or television cable connection, check all the available schemes before selecting one. Go for cheaper schemes or those which come with special offers.

I think money is not great issue for men.they dont know about budget that what it is.they spend money not according to their earning or slry

The business should not be run through the lot of money but the great idea beyond them is important.

I have rated this thread as 5 Star and I agree with your points isapien.

Thanks for sharing

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Aditya Rana
India BPO Forum

ya admin i am also agree with you..

According to me: Never look for any loan for luxury or to buy any consumable like car, bike, trips anything similar. Loans can be invested for buying land, house or jewellery (things which appreciate).

If you want to use a credit card then make sure the credit limit is in your limits only and you are paying off the bills on time otherwise the interest rate on credit card is higher than loans.

Try to make a monthly planner and divide your expenses in a way by which even after putting up some amount in savings you have some cash in hand for any emergency situation.

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Aditya Rana
India BPO Forum