To paraphrase Mr Micawber, a character in a Charles Dickens novel, 'annual income 5 lakh and annual expenditure 4.9 lakhs, happiness; annual income 5 lakh and annual expenditure 5.1 lakh, misery.' In today's world, we probably need to save more than that but the act of saving itself is a challenge. The 2015 SEBI Investor Survey (released this month) shows that 61% of households with monthly income of less than 20,000 have debts larger than 40% of their annual income. Even for households in higher income brackets, this proportion is between 20 and 25%.
However those who do manage to save some money haven't necessarily passed Mr Micawber's test. Inflation in India averaged out at about 7% over the past five years, meaning that every year your savings lost 7% of their value. This directly took away financial security and comfort from the future you. So how do you make your savings grow faster than inflation? We give you some answers in our upcoming Money Hangout. Join us.
How to make your savings grow
Date: Friday, April 21, 2017
Time: 12:30 PM - 1:00 PM
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