Explore actionable strategies for effective money management, empowering you to achieve financial goals. From budgeting insights to investment tips, this comprehensive guide navigates the financial landscape, helping you make informed decisions and embrace positive fiscal habits. Kickstart the year with confidence, taking control of your finances and setting the stage for long-term success.
Here are some good savings schemes you can avail.
In our culture and social upbringing, we tend not to talk about finances, especially between spouses.
The debt trap is a serious issue and has a lot of relevance to our current financial situation. Even after three or so tumultuous years, both in terms of COVID-19 and an economic slowdown, we feel it is not over yet.
Ramadan Mubarak to all my readers. I apologise for not writing for a long time. It has been a couple of years of distress for many of us, having lost loved ones during the COVID pandemic. May all of us see a glowing light at the end of a dark tunnel.
Cash gifts are still considered tacky, but many nowadays opt for that than a piece of jewellery, or any other material item. Historically in our subcontinent, wealth was measured by gold or land. Money had no fixed value, and therefore, not considered a good gift.
I was recently in the US visiting our daughters and their families. Our four-year-old granddaughter insisted that I bring her a gift every single day. She did not mind how small it was or what it was, but she wanted one.
In our culture and social upbringing, we tend not to talk about finances, especially between spouses.
Sometimes, you can be in debt because you have spent too much money on a holiday, buying expensive things or living beyond your means.
If you need to save money, you need to create a 'Spending Plan' or a budget. With a budget you can find out what your income is and what your expenses are. Once you know these two things, you can find ways to reduce your expenses or increase your income to allocate an amount of money that you can afford to save.
I am often asked by friends and relatives for financial advice prior to their retirement from their jobs. Most of them get impressive gratuity and a substantial amount of Provident Fund and other retiring benefits.
None of us know what the future holds for us and being prepared for any eventualities should be a part of our lives. The world has changed and so have people's mindsets.
Travelling overseas has become a norm for most Bangladeshis, be it for a vacation, a business meeting or a medical check up.
Sooner or later everyone with jobs and self-employed professionals, will retire so it is best to start preparing for that day from early on.
We do not realise how important it is to keep our credit cards, chequebooks, and ATM cards secure and in a safe place until something happens!
I keep hearing from friends and family regarding receiving letters from their banks about providing documents for particular accounts with threats that otherwise 'restrictions on withdrawals' will be imposed on the 'said accounts'!
