A lot of times during the course of this blog i have spoken about the Contingency fund and even if you see my New Year Resolutions i have planned to start one, but frankly i haven't been able to get myself to start one yet but now i have laid out a plan for myself and i don't know if it could be useful to anyone of you but its certainly workable for me as far as i can see......
1. Small Starting : I am going to put aside small amounts as soon as possible. Anytime i have any change left over in my pocket even if it is just Rs. 10/-, I am going to put it in my piggy bank.
2. Auto Deduction : From hereon i am going to request my bank to deduct a small amount from my account as soon as the salary is transferred to my account on a monthly basis. Maybe open a recurring deposit account.
3. Fund to be treated as a bill : This Contingency fund that i plan to make will be treated as a bill to which come what may i have to make a payment just like any other bill eg. Credit Card, Electricity, telephone. This will make me spend only what is left over for other expenses.
4. Reduce an Expense : I plan to reduce my personal telephone bill, and put that amount into my savings, this way i will not have to put in an extra amount and i can make a saving.
5. Reduce outings : I plan to reduce my weekend trips out for lunch or dinner to only twice monthly instead of every weekend and save that amount.
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1. Small Starting : I am going to put aside small amounts as soon as possible. Anytime i have any change left over in my pocket even if it is just Rs. 10/-, I am going to put it in my piggy bank.
2. Auto Deduction : From hereon i am going to request my bank to deduct a small amount from my account as soon as the salary is transferred to my account on a monthly basis. Maybe open a recurring deposit account.
3. Fund to be treated as a bill : This Contingency fund that i plan to make will be treated as a bill to which come what may i have to make a payment just like any other bill eg. Credit Card, Electricity, telephone. This will make me spend only what is left over for other expenses.
4. Reduce an Expense : I plan to reduce my personal telephone bill, and put that amount into my savings, this way i will not have to put in an extra amount and i can make a saving.
5. Reduce outings : I plan to reduce my weekend trips out for lunch or dinner to only twice monthly instead of every weekend and save that amount.
Related Articles
Doubling Your Money
New Year Resolutions
How to Retire a Millionaire
Budgeting for you
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