thalib Engineer/Designer

Learnings from Rs 500 and 1000 notes demonetisation


Here are my top LEARNINGS from Rs 500 and 1000 notes demonetisation

  1. Spend wisely - After the announcement of demonetisation, I found myself and family living with just 2500 for entire month except the Fixed cost (like Rent, EB Bill, Mobile Recharge, BB Bill). This shows me we could my entire family can spend little and save more.
  2. Don’t keep in cash - Before demonetisation I thought not to trust bank, because it can go bankrupt or close with all your money, but the demonetisation thought never trust any thing, even currency, gold, real estate.
  3. Invest your hard earned money, so it may be in different form. If one goes down, other will help you.
  4. Don’t do asset allocation in a panic - people are running to make investment in gold, tomorrow govt could ban gold, then what will you do?
  5. Keep up with technology - Learn as the technology evolves, I used mobile wallet payment cab, debit card to purchase, so I was not hurt, but did not suffered a lot.
  6. Bank account for every member of your family (even kids) - open as many number of account with different bank for every house member, If one bank has big queue, I can try with other bank.
  7. Not more than 1 lakhs per bank account, If one bank goes down max amount goes down is just 1 lakhs.