Are you one of those millions of people facing an ever-worsening financial squeeze? And the reason for this is not so much the bad economic conditions worldwide, as our habits related to money.
The need of the hour is to survive and systematically grow money until you reach a comfortable financial position. Saving and growing money is not a miracle, but the product of a particular mindset. And what is this mindset?
It is the way of life where one looks to converse money and not spend where it is not absolutely essential. At the same time, one needs to look at investing this money and creating wealth in the long run.
It has been said that a habit is a shirt made of iron. It takes a lot of difficulty to get into everyday practice, but once done, is almost impossible to dislodge. Here are 5 money saving tips to get your finances back in the green.
Get rid of unnecessary expenses
This may include things you “think” you need but really don’t – like your landline number, expensive cosmetics, that trip to Goa you were planning to take next month. Until your finances are healthier, cut down on the frills and keep only the essentials.
Avoid shopping trips
Only buy things you absolutely need to have. You can order provisions from the grocer instead of going to the supermarket and piling up your shopping cart.
You don’t need a car
If you don’t have a car, don’t buy one. If you have one, use it sparingly. If you invested the money you spend on your car instalments, fuel, car insurance and maintenance, you would be able spend on public transport just out of the interest you earned.
Look for bargains and discounts
When possible buy in a group so you can ask for bigger discounts. If you can bargain on price, do so. Avoid paying full price whenever you can avoid it. A rupee saved is a rupee earned.
Spend less time with expensive friends
Do you have friends who want to go partying every night? You don’t have to cut off your relationship, but do spend less time with them. And whenever possible suggest alternative activities that are not expensive. Some of the best things in life, like taking a walk in the park, are free.
That’s why we recommend you form good habits when it comes to money. That is the only way to achieving financial security and peace of mind!
This is an excerpt from “Money Saving Tips For Women In India: 20 Steps To Get Your Finances Back On Track” authored by Ankush Thakur & Priya Florence Shah.
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