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This refers to the article “Tighten your purse strings” (Business Line, November 30).

The Five Commandments of Financial Prudence mentioned therein are indeed five golden principles that need to be practised to the letter by all individuals and business organisations.

Spending money with gay abandon may provide temporary pleasure to people. But it is prudent spending and savings that will help them during the rainy days.

Also, cautious and careful spending of money can help people enhance their savings which, of course, needs to be deposited with the recognised commercial banks. This, in turn, will increase the capital formation in the country, which is sine qua non for its economic progress.

S. Ramakrishnasayee Ranipet

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