Some people save, and many are not able to do so. It has nothing to do with investment. Many people do something else or not, but do it with the savings rule. Many have nothing to do with any such rule. An interesting aspect is that savings have nothing to do with earning more or less. It is purely a habit-related matter. And changing habits is not easy. But small habits indeed give amazing results. As far as savings are concerned, it can be nothing better helpful for a challenging period.
Why is it that some people succeed in saving, and many others cannot do so? What is noteworthy here is that I am not saying why some people are successful investors and why some people are not successful investors. I am saying why some people save, and some people do not save. And even if you save, it does it in items like PF, NPS, or tax saving. It is their compulsion to do so. Saving their keys does not come to their choice. You must have seen all this. Savings for someone is a kind of unwritten rule that they never want to break.
There are different reasons which apply to different people. But these things have no particular meaning. And it's not too interesting. Interestingly, whether those who do not save can be converted into savings. It is interesting to know what we do when we are able to know about this habit of not saving us. Do they try to improve this habit? It is not easy to abandon the long-standing habit. And it's a habit. If you notice, you will find that the habit of not saving and the habit of smoking can be very similar. And the habit of not saving is not to be more than financial matters. That means that what we are talking about is more related to human behavior and psychology. So overall, it is about abandoning one habit and catching the other.
The preparation of a graph of compounding returns and SIP growth is the work of those who are already saving. But it does not help in turning those who do not save. It is very easy for those who do not save that they just have to start saving. If you are reading my article, you may also know that the first habit should be to start investing small sums through the SIP. For those who have not done so far, it is difficult to believe how a small change creates a major change. Small habits can help a lot.
Read also: What is Digital Gold? Know here how to buy and benefits of it
Bank Fixed Deposit Vs. Post Office Time Deposit: Which is better, and why?
Delhi government launched a website portal for job seekers: Know here how to register
Keep these precautions in mind before going gym during the pandemic
Image credit: moneycrashers