MANAGING THE SAVING ACCOUNT EFFICIENTLY AND EFFECTIVELY

Simple Strategy for managing your saving account:

Before moving forward to enjoy the leisure to manage the saving account. I would like to differentiate between efficiently and effectively. The thing that is effective may not be efficient and the thing that is efficient may not be effective. Like for example The bike Bajaj Platina will give an excellent milage say 101 kmpl as stated by bajaj. One can say that the bike is very efficient but if two persons of 100 kg each are siting on the bike, it may not move or climb up a steep slope. But if it is Bajaj 200 cc Pulsar, one can find it to be less fuel efficient and but more effective in this case.

Same is the case with your saving accounts with banks- you may find that you are managing it efficiently but you may not be managing it effectively. I would not go in to the complexities of saving accounts in which one has to maintain a minimum average quarterly balance say Rs. 5000 or Rs. 10000. Simple strategy that most of the people do not know is how to manage their saving account. Most of the people have a view point that saving accounts are meant to pouring in and out money without thinking about the dates on which they are making the transactions. Even if one deposit money on 10^th of a month and keeps the money till the last day of the month – he/she gets the full month interest, even if you do not have a single rupee in the bank between 1^st and 10^th of that month.

Only principle one has to follow here is to try to avoid a transaction between 10^th and last day of the month. I am taking an example of two persons : Person A who mismanaged his funds and Person B who managed his funds efficiently and effectively.

Person A deposited rupees Two lakhs in his saving account on 1^rd of September,2008 and finds money safe in his saving account. Suddenly on 30^th of September, 2008 obligation of two lakhs arises and he has to withdraw the same amount and meets his obligation on 30^th September.

Person B deposited rupees Two lakhs in his saving account on 10^th of September, 2008 and notes the transaction date in his dairy as well. He is really cautious about his usage of funds. Suddenly on 30^th of September, 2008 the obligation of two lakhs arises and for that he simply said that he will meet the obligation on 1^st of October. Also he met the same on 1^st of October,2008.

Impact of management and mismanagement: Considering 3.5% Rate of interest per annum. Person A end up with no interest earned for his 29 days of money in the saving account and Person A earned five hundred and eighty three rupees for his 20 days amount deposited in his saving account.

So, a simple strategy can help you to earn more if you manage your saving account efficiently and effectively.

Creative Strategies Continued...

An HR interviewer can easily judge a person. With in 10 minutes of interview- He/She will get to know about the various things in which you are comfortable at or the things that will screw you up. If you have a little conflict in your mind giving any answer and he will read between the lines. Also, HR personnels became accustomed in taking interviews. After taking 500 interviews of different persons –Interviewer will generally get an idea how the best you can play with the minds of the interviewee. So, its very important in the interview for you to remain calm and confident. Also, if you have good command over the language and mastered the art of befooling others with confidence. It becomes very difficult to prove you wrong. Many organizations now a days phychology tests only- to judge the strength of mind in different situations.

Till now i have discussed about the strategy to be one step ahead of the other persons thinking .i.e. knowing the what other person can think or just have a vague idea of what other person is thinking. If that person lives with you or if you meet the person regularly just try to know either by experience – that what could be his/her next actions will be towards you. Try to test it by trial and error methods.

Like for example, If you are the regular customer to a particular shop of clothes or shoes. And the guy who deals with you is the same every time - You know by your regular visits that the guy first judges you and tells the price of the shoes you like more than the one you dislike. He will always says that the one you liked is of better quality and is branded. But this one that you did not like costs less. So you have to strategize the game plan in such a way that show him or imitate your disliking behavior towards the shoes you actually like and vice-versa. The result can be different .i.e. you can end up paying very less for the pair of shoes. But the principle should be kept in mind- “ You must have tried and tested your guesses before actual implementation.”

Another good example of winning against the opponent is to know beforehand what he is going to do .i.e. play your cards in such a way that your opponent is bound to behave or move your desired way. Chess, a mind game, where queen, Knights, Bishops and rooks play an important role - the great players use the strategy to rein in the moves of the opponent. If anyone knows how to play Chess perfectly very well can understand the moves talked about. Successful people are those, who can implement the real moves of Chess game in life.

The Strategy of being Happy: I think this will read by those who feels a little satisfied from life, and find lots of time to think ab. what is happening in their life. First and foremost strategy for being happy is give every moment of your life the fullest .i.e. Have sound sleep when you are sleeping, give the best in every work you are doing at the moment- if you are enjoying songs, studying a book, playing a instrument for 20 minutes – that 20 minutes be honestly devoted to the task that you are performing.

First I was dying to finish my high school and start college. And then I was dying to finish college and start working. Then I was dying to marry and have children. And then I was dying for my children to grow old enough so I could go back to work. But then I was dying to retire. And now I’m dying. And suddenly I realized I forgot to live. Appreciate your current situation and enjoy each day.

CREATIVE STRATEGIES

"Even if you're not a genius, you can use the different strategies to harness the power of your creative mind and better manage your future."

The way people appear to you- and the way you want, they should appear to you- is all about how you play the game with their minds. You are the ultimate winner, if you predict something early like a bull rally in the stock market, or a bear phase in the stock market. For this you need to know more than Warren Buffet. You need to know the Economic dynamics and a lot more. You can become the best batsman, if you are able to predict the next ball - how the bowler is going to ball. No doubt, the great Master Blaster Sachin has this inbuilt ability. But if you want to win, you have to be ahead of Sachin as well, provided you match the skill that the great batsman has. The point here is not the more skillful or the more resourceful will win the battle, the point here is how easily you can pass through the battles to win the War. It's the power of reading the mind of other people with ease.

For example, Lets say you are the candidate to be interviewed. Winning the Interview-battle is not easy, but if you make the interviewer comfortable and happy-you are almost through. The simple logic of making him comfortable and happy is –Give him what he wants. And if you are able to give him more than the requirement, then no one can stop you to clear the interview. Now, again the question arise- “What should you give the interviewer?” Nothing, you have to satisfy the interviewer by convincing him that you are the best suitor and the best candidate for the Job for which he is interviewing. Further give him more by telling about the extra benefits the organization can derive from you.

The best way the candidate can do this - try to read between the lines of the interviewer as early as possible and smash a six for any loose delivery and play defensive for a difficult one. Only thing, he has to safeguard is stop himself to be grilled by the interview panel and also, give the feeling of ease and happy state of mind while taking to him.