We all want good things in life, but we weren’t all born with a silver spoon in our mouths. Somewhere down the line someone would have mentioned about savings and we must have rolled our eyes and thought we had plenty of time to make money. Well no matter if you’ve just starting to enter the work force or how great a career you might have, things are going to come up and you will need money.
At whatever stage of life you’re at, it’s never too late for some self-realisation and inculcating the habit of saving.
Here are 4 simple tips to get you started, but first of all Pay off your debts. You can’t start saving unless you are debt-free. Keep the credit cards for emergency situations only.
Pretend you make less money: Ever yearly bonus only increases our wants for something we really don’t need: A bigger TV, one more car, the latest phone. Keep the extra bonus aside by tying it to some short financial plan like a recurring deposit and you’ll be better off later on.
Stop impulse spending: In a bad mood or something caught your eye in the magazine? Don’t go to the mall. Hungry but need to buy groceries? Don’t go to the super market just yet. Most of the time, impulse buying only leaves us with regrets. Don’t we all have a piece of clothing lying at the back of our cupboard with the tag still on? The less you shop, the more money in your bank account.
Eat in: Why waste money eating out (not forgetting the exorbitant taxes) when there are lots of fresh, beautiful ingredients you can cook with. There are tons of simple recipes online, so turn on the music, grab yourself a nice drink, and cook away. Whatever money you think you would have spent eating outside, drop that exact amount in a jar. You might be surprised how much you would have been spending on eating out every month.
Live below your means: Most of us live above our means, esp. with the easy availability of credit cards. While this might be okay for a while, in the long run it will become a financial burden in the future. Keep your indulgences under control and seek the simple pleasures of life.
Hope this helps 🙂