hi all,
Life has taught us lot of things...we have been shocked, had our quota of fun, and also impressed and impacted from the everyday news...The panchantra stories to the chicken soup to the today's real life stories...
This is from our desk...shanvy and vysan
Life has taught us lot of things...we have been shocked, had our quota of fun, and also impressed and impacted from the everyday news...The panchantra stories to the chicken soup to the today's real life stories...
This is from our desk...shanvy and vysan
My thoughts on tackling the personal financial crisis
Tags personal finance, savings
Well when I told DH that I was writing something, on how to tackle the financial crisis, he told me there are so many power points doing the rounds in the net, and why do you want to irk people by blogging on the same..
Well friends, I am not sure, if I should or not, but since I have already gone ahead and written the whole, I am not going to lose much if somebody is benefited because of this..
With many of us praying to hold on to that job, with people dependent on the salary that comes at the end of the month, tough times have just started. With more talk of pay cuts, benefit cuts, there is more distance to travel to see the light, let us be strong and tide this away. Well I think i am still on the adaptability thought process...
The other day during a conversation I was told that a person who was working for a good IT company, used to pick up sugar cubes for his cuppa, but has switched over to the ration shop sugar. This made me ponder. (Well I can hear my friends say “what is new, you are always in a pondering or thinking frame…)
With a little adjustment, planning, this may not hit us so badly. So what will I do…
All the big issues that I could think off tackled hmm..coming to day to day..
Every month start setting aside an amount that would come in handy later.each tiny drop compounds to form a bigger puddle at the end.
Well friends, I am not sure, if I should or not, but since I have already gone ahead and written the whole, I am not going to lose much if somebody is benefited because of this..
With many of us praying to hold on to that job, with people dependent on the salary that comes at the end of the month, tough times have just started. With more talk of pay cuts, benefit cuts, there is more distance to travel to see the light, let us be strong and tide this away. Well I think i am still on the adaptability thought process...
The other day during a conversation I was told that a person who was working for a good IT company, used to pick up sugar cubes for his cuppa, but has switched over to the ration shop sugar. This made me ponder. (Well I can hear my friends say “what is new, you are always in a pondering or thinking frame…)
With a little adjustment, planning, this may not hit us so badly. So what will I do…
- If you are not having any health insurance do it now. Sickness is an unwanted visitor that knocks without any timetable. You need to be prepared.
- Taking insurance for your home/and other household items against theft,natural calamities and such.
- Postponing investing huge into any unnecessary purchases (like a new TV or so)
- If you have kids, and the new academic year is round the corner, I will first ensure the fees, the cost of the books and everything is kept aside and not touched.
- If I were to travel for vacation, I will go in for a domestic one instead of a international one. Plan and Book them beforehand, ensuring that I get a better package.
- I would stop swiping any credit cards if I have (personally I don’t use any of them.) and If I do, I will pay the outstanding avoiding any interest.
- I will hang on to the housing loan. Try to pay them in time, as most of the companies have a defaulters clause where in the house reverts back to the bank after a certain numbers of non-payments of emi.
- Never go borrowing on tomorrow's salary.
- Don’t stop your premiums if you are having policies and find it difficult. These days you get loans on your policies to pay your premium from LIC, if you finished the intial premium paying year. Check with your agent.
All the big issues that I could think off tackled hmm..coming to day to day..
- Reduce eating out.
- save your electricity bill. Switch of the lights,fans,Ac when not using. Don’t run the washing machine without the full load..(you save on water and electricity both)
- don’t switch from your regular store for want of offers. All offers will be a less in one and a hike in another item. But your loyalty could help you tide away and also he is going to give you all the possible benefits he can give you. (I follow it, and I get almost all the discounts that I come across )
- Check your pantry/storage area, before making a list. I know a friend, who had 4 packs of maggi, and many other item lying inside the cupboard when I was helping her and she just gave a sheepish grin.
- The same check goes for the fridge. Do check for the veggies before refilling.If you have the facility to buy every day, then don’t stock unnecessarily.
- Go for healthy alternatives. Never compromise on food if you have growing up kids.
- try to pool your resources for commuting. Plan well and do with a single trip.better walk, if it is accessible/walkable distance.
- borrow from the library, instead of buying. If there is no library, go around swapping the books you have with your friends (a word of caution, ensure you get back the books from them.Big Laugh.)
Every month start setting aside an amount that would come in handy later.each tiny drop compounds to form a bigger puddle at the end.
Total Comments 28
Comments
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Dear Shanvy,
It is really good suggestions whether for downturn or ordinary time.
1) We can cut on branded clothes, branded stuff or if you have the habit of indulging in clothes, we can reduce.
2) Agree eating out is expensive so home made dinners are better even if we want to entertain
3) Can give up luxury items
4) If you are investor on stocks , best time to buy after checking on the fundamentals of the options.
Bottom line is we shd cut all unnecessary expenses. You had rightly elaborated .Thanks for making it easier to read
JayaPosted 5th March 2009 at 01:56 AM by Jpatma
- another trend i have seen is eating lot of non-veg, drinks and smoking.
I am not against any of these its each to his own...but then instead of having these daily or for both the meals, cut down and try to indulge in more of veg food, less of cigarettes and ofcourse alcohol.
One of my colleage gives the excuse that its tension that makes him smoke more. So i tell him the no. of cigarettes you smoke everyday equal amt. you will put in your daughters name. They were blessed with a daughter a couple of months ago.Posted 5th March 2009 at 05:54 AM by roopadadia -
Shanthi, on the dot! Well drafted blog.And ....BIG THANKS for putting this words of caution
Posted 5th March 2009 at 06:42 AM by aishu22 - Dear Shanvy,
That is a clear and concise reminder to every household. Every member of the family must evaluate options before plunging to spend money. Thanks for putting it together.
Love,
AshwiniPosted 5th March 2009 at 10:33 AM by Ashwini007 -
dear shan
very valid and simple steps that each one of us can follow and do our bit ..
love
MindiPosted 5th March 2009 at 11:41 PM by Mindian
