Save money for better tomorrow
Not to forget that the entire IT world went on toss in the yesteryears when the recession stroked and the outcomes of which was very deadly for some people. People those who had extra saved money were pretty comfortable time otherwise the rest had to shell out with theirs cars, homes, etc to payoff theirs debt.
It’s well known that we build our future based on our past and most importantly framing our present also. See what is the mere definition of money? “Money is that object which satisfies human wants”. So money has to be used very wisely and one should learn to save money adequately. According to me money saving is neither an art nor a rocket science, its somewhere in mid which requires our commitment and hard work. This saving money takes time to develop, which needs to be learnt and of course it will benefit one for the entire life. One should start saving money right now. There are various areas where we can save money, be it on travel, insurance, various utilities bills, etc. Remember every little drop in an ocean counts, so start today and continue everyday & enjoy your future.
People come to me asking ” how to save money for future” or how to control spending habits in order to save money for a house,for kids or children, for marriage,for wedding,although needs are many but I have listed out some tips which can help us to save a bit every day:
Frame your budget
One should establish theirs budget, and be aware of the fact how much money is coming in and going out,along with that you have to control spending urge. One will instantly notice the changes and be aware of the earnings & expenditures. Most importantly the visibility will be where and how much to save the money. For this one should list out and write each penny spent over any thing.
Remember to spend less
before purchasing anything just keep in mind that “is this stuff very important to me”? For eg: you can lend CD’s and books from public library rather than buying it. To IT professionals weekends are like festival in India where they but obviously booze. So this is an area where they can opt for lesser numbers of beer cans. These are just examples but once you start recognizing little ways to save money and control your expenses, soon one will be an expert.
Buy groceries in bulk
Remember one should never be stringent in saving money on food items. Plan your shopping in advance and calculate the right amount of groceries required for the particular period & purchase the goods in bulk. Prefer shopping malls where you get good quality food items along with cheaper rates. Avoid local grocery shops.
Be wise to make purchase in Offers/sale
Do not simply carried away by the tagging “50% off”, “buy one get one free” and “Gr88 discount sale”, etc. Be wise and do proper markets research before purchasing costly items in retailers money-off sale. Go for it once you have done proper research of the actual cost of the item in the market, this way you are in a position to really take advantage of the money saver sales. Remember you are saving only when you are paying less for that product for which you would have paid more elsewhere.
Use credit card wisely
Credit card is the plastic money and frankly speaking this is the most expensive debt we carry in our pocket. Do not use credit card haphazardly thinking that it’s good you are not paying for it now. Make sure you use the card such that you are in a good position to clear the outstanding debt every month and on time. Do not let the credit card banks levy interest on your purchases made, so clear all you debts on time.
Invest some money every month
One should straight away put some money in investments or savings for eg in concurrent account or some other money growth plans. A part of your salary put out every month will sum up to a big amount one day. I know its really difficult to start with but this is a good option of saving money.
Avoid Eating out
One should avoid eating out daily. No food can be better than home food and it cuts down your budget also. Also the fast foods eaten out can be avoided thus helps avoiding your health being on the stake.
Use energy properly
The electricity is the most essential form of energy, so one should use it wisely. Do not waste electricity unnecessarily. Turn off the lights, fans, AC & other appliances when it is not in use. Lesser consumption of electricity will lead to lesser bill amount and thus more savings. In turn one will also help to preserve the planet.
For salaried professional loan is the key word to lead the life, but one should be very careful before engaging into it. Its true that without loans your dream of owning a house, car, etc cannot be fulfilled, but one should be very cautious while opting for it. Never go for personal loans, it will not even help you save taxes. If required go for home loans which will benefit you in saving taxes also.
Invest in shares
All professional should always try & invest in shares and also track the market. But investing in shares should be done very cautiously. Some times one should go for long term retaining of the shares rather than buying & selling too frequently. Also one should seek help of experts when required.