The recent demonization of Rs 500 and Rs 1000 has created a splurge all over the country. It is the most talked about topic of the nation.
In this article I want to highlight things we can take care of to avoid such incidents in future and change our habit, so such drastic moves won’t affect us in future.
We, as Indians have a habit of keeping savings which is good but too much of anything is not good. If you ask any person in India, How do you save? A prompt answer will be in cash and gold. They believe in nothing but these two. Seeing piles of saved cash and gold at home makes every individual smile.
But is it a good habit? In my opinion, No because little bit of savings in cash is good as you might need it in emergency or you can use it in order to meet your daily expenses. But just to stock a pile of paper and gold at home is not good for individual growth as well as country’s growth because there won’t be any circulation.
Then what should you do?
One should keep a habit of saving in bank, mutual fund, gold bond etc. This will help in much needed liquidity in market and thus will help in circulation of money. This move will help individuals in many ways. Their wealth will grow if they invest systematically in market, mutual fund or any government and bank scheme. If not than at least they will earn an interest on savings in bank. They will also be stress free because there will be no need to worry about theft, giving one a peace of mind.
The world is so advanced now, that you actually don’t need cash to meet your daily requirements, you can make payments through cards, online banking, mobile wallet like PayTM etc. Using these mediums rewards you as well in terms of cash back and reward points. As a great saying goes “Something is better than nothing”. So make use of this technology and free yourself from this hassle and live an updated hassle free life.
Make a good habit and save and transact in the above mentioned manner and avoid such incidents in future. We need to change our thoughts and live a progressive life and take a step!!!