Life's lessons Where does all the money go ?

HOW often have we sat down to dinner and wondered, "But where does allthe money go?" A million dollar question, indeed! These days the younger generation by virtue of their qualifications is paid quite decently.Shopping is one thing that few can resist. With the buying power having increased greatly, and the market flooded with in numerable products and brands, it is natural that people should be tempted to possess more. Be it gadgets or consumables that promise to make life easy.

Whether you earn ten thousand or forty make it a habit to save every month. It should be part of your monthly plan and not just a new year's resolution. Start early and save for tomorrow! How does one do this? A few tips: Remember the mud pots and piggy banks?

* Draw up a budget and stick to it

* Set up an exigency fund

* Never draw out your complete salary if it is paid directly into the bank

* If both you and your spouse are earning, use only one salary to live on and save the other

* Do not be a compulsive shopper. Buy only what you need, and window-shop with an empty wallet

* Survey the market. Buy from reliable, low-priced hypermarts

* Treat yourself once in a while but don't make a habit of eatingout. It's not good for your wallet or your health

* Jobbing on the side? Keep the income aside for rainy day blues

* VPP, increments or a bonus can be cached in a special term

deposit account

* Reinvest returns from investments and keep all your documents safely

Banks and financial institutions provide loans in 'easy' schemes andpeople often fall for them. Think twice before you commit yourself to aloan. What do you plan to do with the money? Do you plan to buy something that can bring comfort like a vehicle or a refrigerator? Or are you looking at fripperies like jewelry or furniture and clothes.The best is a house loan, which, if taken early in your career can lead to a happy and secure future and no need to pay a rent!. The implication of money sense is: Enjoy life but be judicious in yourspending. Review your financial position regularly.

You needn't curtail your joys but keep them within limits. There's life after 40s too; unless you start saving now you will never be able to,for as you grow older so will your commitments and expenses increase. Saving is like any other skill. Acquire it when you are young. Start early so you can live a planned and comfortable life all through. For a happy balance be thrifty not stingy.

C LALITHA

lalitha.hyd@cxknetworks.com