Inflation depreciates the value of our money. The money saved today and returns on it can come to use later when the prices of goods and services are high. Saving helps us to keep up with inflation.
As soon as we get our first income, start saving. There might be times when we may fall short of earning.
Build an emergency fund. In times of crises, these savings will come handy. Think of an emergency fund as your BAE (Before Anything Else) and start saving towards building an emergency fund Before Anything Else.
Save for big expenses and life goals. Major life expenses like education (college fees), wedding, holiday, car, home, etc. can be funded with your well-saved money. Set a goal and regularly save towards it.
Save for your non-working days and old age. The expenses will be the same. Moreover, they will increase because of inflation. Star saving early for your retirement.
Save and accumulate capital to invest and grab golden opportunities.
Save and create wealth to pass on to your next generation.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.
The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.
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