by BIS Correspondent
MUMBAI, JULY 8, 2015: Did you know that the Greek debt crisis could affect us in India, by triggering capital outflows and thus adding to inflationary pressures.
Confused? Worried?
Fifteen social workers from Sahara Charitable Trust - who attended the seminar on savings, investment and financial planning - on July 6 had reason to smile amidst these troubling times.
The day-long workshop taught them to manage their finances today and plan for a secure tomorrow.
The workshop, organised by the Don Bosco Development Society (DBDS), was divided into four sessions. The first focussed on the thumb rules on saving and investment, RBI and Banking.
The second session was on the dangers of ponzi schemes, time value of money, interest rates, compounding, discounting.
The third session was on investment in small saving schemes to meet financial goals and the fourth dealt with life insurance, risk cover, health insurance and investment in insurance products.
The workshop made those present aware of the kind of financial discipline required to realise financial goals.
Mahesh Kumar, Programme Manager, of DBDS said that in a world where inflation is eating away the purchasing power of money, it is necessary that savings are invested in an instrument which gives better returns.
He said that a small and regular amount invested in a right instrument would create wealth for the investor. Schemes like Public Provident Fund is an excellent scheme for long term goals, Sukanya Samruddhi Yojana is an excellent scheme for girls upto 10 years of age to fund their higher education and marriage.
The session on small saving schemes gave the audience knowledge of the various saving schemes run by post offices and how saving in these schemes can create wealth for them.
The session on insurance gave them knowledge of the health insurance schemes and difference between risk coverage and investment in insurance. The workshop ended on a positive note where people invited the trainer to hold such sessions for their communities. People were motivated to start investing in small savings to meet their financial goals.