Everyone wants to save money. But due to rise in Inflation(Gradual increase of Prices)it is not possible to save money all times.
If you are following “Income – Expenses = Savings“, you are surely unable to save money.
Follow “Income – Savings = Expenditure”.
This was briefly explained by Famous Writer “George S. Clason” in his Book – “The Richest Man in Babylon” on “Pay Yourself” Concept. The author says to save atleast 10% of your income first and spend the rest.This book was written about 400 Years ago, so in Today’s Inflationary terms, you have save atleast 30% of your income.
Still not convinced!. Follow these “Money Saving Tips”-
1.Set a savings target and time period to reach that goal
2.Plan Your Budget before you receive your salary. stick to it.
3.Track your expenses. Check where you are “Over-Spending” and try to reduce them from the next month on wards
4.Prepare a shopping list before shopping. Stick to them only. Don’t buy items beyond the list.
5.If you wish to do Online Shopping, compare the prices, offers and grab the offers if you feel it worth-some
6.Don’t get attracted by “Cash-Back” offers. They meant to over-spend unnecessary; Use them only they are really needed
7.Differentiate your expenses between your “Needs” and “Wants”. A Need is some-thing which is not compromised on while a Want is something which you can postpone/buy later
8.Delay your Purchasing idea for 24 Hours. If you mind says to still buy it, then only you can purchase(Financial experts say to delay your purchasing idea for 30 Days, but as e-commerce sites gives offers on auspicious days only, it is not possible to delay for 30 days and buy at higher price)
9.Switch-off Fans, Lights, A.C’s, Water-heaters if it is not necessary.
10.Try to take Public-transport Vehicles(Trains, Buses etc) as Petrol Prices will eat-up your savings as Petrol Price today is at an all-time high price(102-104 rupees/litre)
We are not saying you to be a miser, But by controlling expenses on your wants , you may lead a decent life in your Future.
There is a saying-” A Penny(here, Rupee)saved is a Penny earned”. By saving money you will surely lead a comfortable life in Future. Be Prepared for the Future!No One predicts the future emergencies. So save TODAY!!