How to live with melting economy
The Global melting down of economy is of great concern to the generation of “earn and burn” Indians. Tension is growing among youngsters, particularly in the Software Industry, imagining the worst - the job cuts.
There is no need to be panicky. Indian economy is better placed. Our Banks are controlled by the Reserve Bank of India and strict financial discipline is maintained.
However, one has to plan and live with possible spreading of the economic crisis to India.
Steps
Bid Goodbye to credit cards. We are more conscious and careful when we pay cash from the pocket. But with credit cards the spending is limitless.
Plan your budget and trim your expenditure to save for the future emergencies.
Loan on flat or car may be rescheduled to lesser EMI
Postpone all major purchases such as TV, fridge etc for upgrading, by one year as most of them will be cheaper at a later date.
Visits to the Malls or Super Markets may be restricted to once or twice a month. Strictly adhere to your list.
Try to reduce the expenditure on electricity and telephone by 25%
Use only one vehicle, even if you have two, and cut down the fuel expense by 25%
The cocktail parties or family get-togethers may be avoided.
Invest the surplus amount in fixed deposit in any Nationalized Bank, instead of keeping it idle in Savings account. This is the safest and beneficial investment as on today.
Caution
- Say NO to trading in shares.
- Postpone buying of properties for two years.
- Investing in any financial company is not advised.
- Beware of offers of Real estate, Consumer goods, Credit card companies and Share Brokers. ‘Keep them away’
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