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#FinancialLiteracyMonth #SinkingFund - This is an account containing money set aside for specific future expenses that may be irregular or lump sum but Planned or Known. Some of these expenses include; school fees, car insurance, household appliances, vacation or birthday party, projects such as farm inputs, purchase of land, investing, and paying of debt among other things. Advantages include; Saving for infrequent expenses and plan for large expenses over time hence reducing pressure on your regular disposable incomes. Avoiding or reducing the chances of withdrawing from your emergency account or liquidating your assets. Your typical sinking fund could be a MMF- Money Market Fund, Fixed Income Fund, treasury bills and short-term bonds. Photo source: financefuturists

#finance #lesson #knowledge 1. Must have EMERGENCY FUND - enough for 6 months of expenses/current lifestyle. 2. SAVE MONEY and MONEY WILL SAVE YOU. Don't save what is left after spending. Only spend what is left after saving. 3. Best to have ZERO DEBT, if you can't pay cash, you CAN'T AFFORD it, nothing beats PEACE OF MIND. 4. Avoid unnecessary spendings, forget sale price, everything is 100% off when you don't buy it. Don't waste your money on things that you don't need, even if they are cheap. 5. Learn to BUDGET - it is telling your money where to go instead of wondering where it went. 6. If we buy things that we don't need, we will have to SELL THINGS THAT WE NEED. 7. PRETENDING TO BE RICH can make us poor. Must learn to live BELOW MEANS. Don't go broke trying to look rich. 8. MONEY IS NOT EVERYTHING, but we cannot deny the fact that we NEED money for our FAMILY. 9. Always have a BACK-UP PLAN for life's uncertainties.

A mantra in personal finance is “pay yourself first,” which means saving money for emergencies and your future. This simple practice can keep you out of trouble financially and help you sleep better at night. Even those on the tightest budget should put some money into an emergency fund every month. Once you get into the habit of saving money, you will stop treating savings as optional and start treating it as a required monthly expense. Many accounts offer the power of compound interest, such as a high-yield savings account, a short-term certificate of deposit (CD), or a money market account. #YogeshBansal#FinancialPlanning#SaveMoney#Canada#Finances

Saving money doesn't have to be hard. Instead of forcing yourself to skip your favorite coffee order to save $4 a day, automate your savings. You can't spend what you never see. If saving isn't an option yet, try to build at least one month's expenses of savings and then focus on paying off high-interest debt. #savingstip

You are Rich!Believe me.You don't know how rich you are until you print your bank statement.You did find out something...You unconsciously spent your millions on:📌Food📌Data📌Clothing📌Giveaway/giftThis is what you should take serious in 2025.Track your expenditure on the above and see how investing will be easier for you.For those who claimed that life is all about enjoyment actually, life is in phases. There is time for everything.Don't consume your future finances just to satisfy today's pleasure.Again!! Track your expenses.✍MadamSureland#madamsureland#realestate#landbankinginvestment#investment#lifestyle

Before you make that next big purchase, here’s a cool tip: pay yourself first. 🙌 Take a portion of your income and stash it in your savings or emergency fund before you spend. Save first, then spend later — it’s a smart way to be a great steward of your money! 💼💸 #NFA #NationalFinancialAlliance #PayYourselfFirst #SmartSpending #FinancialStewardship #NFAWealthManagement #SaveAndThrive

Scenario: Imagine you're planning to buy a car worth ₹10,00,000. You have two options: 1. Pay in Full: Use your savings and buy it outright. 2. Take a Loan: Pay ₹2,00,000 upfront and finance the rest at an interest rate of 8% over 5 years. What Should You Do? 🤔 Let’s break it down: 1.Paying in full means zero debt but leaves you with no savings for emergencies. 2.Financing spreads the cost but adds interest. However, if you invest the ₹8,00,000 you save at 10% annual returns, you’ll earn more than you pay in interest! Key Takeaway: Finance isn’t about avoiding debt—it’s about managing your money wisely to create more value over time. What would you choose in this situation? Let me know in the comments! #FinanceTips #PersonalFinance #MoneyManagement #FinancialPlanning #Investment #WealthManagement #LinkedInLearning #FinanceGoals #Akshaykumawat

3 Finance Guidelines: 50/30/20 Rule: Allocate 50% to needs, 30% to wants, and 20% to savings and debts. Sinking Fund: Set aside money regularly for specific future expenses to avoid debt. 30% Rule for Housing: Spend no more than 30% of your gross income on housing costs. 💸Billionaire's Mindset✅️

📍Money habits that keep you poor... 1. Always saying "I'll save later," but later never comes. 2. Buying things just to impress others instead of for yourself. 3. Skipping breakfast to save time but spending more on snacks later. 4. Using credit cards like free money and ignoring the bill. 5. Ignoring small expenses, thinking they don’t matter, but they add up. 6. Borrowing money to go on vacations instead of saving for it. 7. Hoping for someone to fix your money problems instead of planning. 8. Thinking "I need it now" and buying it without comparing prices. 9. Neglecting to track where your money goes each month. 10. Not learning about money management because it seems too hard. #finance #budgeting #smartspending #saving #debt #money

Unexpected expenses are a fact of life, but there are ways to absorb them without going into financial distress. Here are some strategies; 🥨 Be prepared: Having an emergency fund is the best defense against unexpected expenses. Aim to save 3-6 months' worth of living expenses. This will give you a buffer to handle car repairs, medical bills, or other surprises. 🥨 Reduce spending: Look for areas where you can cut back temporarily. This could mean eating out less, delaying non-essential purchases, or finding cheaper alternatives for entertainment. 🥨 Consider extra income: Can you take on a side hustle or sell some unused items to generate extra cash? 🥨 Borrow strategically: Borrowing can be risky, but if you must, consider a low-interest option like a personal loan from a bank or credit union. Avoid payday loans with their predatory interest rates. 🥨 Learn from it: Once you've dealt with the unexpected expense, review your budget and look for areas to tighten up or increase savings to prevent similar situations in the future. #debtfreejourney #budgetingstruggles #adultingishard #moneysavingtips #financialfreedom