Simplifying SavingsMoney | June 10, 2010 at 1:46 pm
One of the main causes of recent economic crisis in our country was that we did not have the habit of SAVING. Whenever we had money in our hands, we would instantly spend it, without thinking about the future or our financial position. We were all used to being highly dependent on credit cards and used to spend more than we actually had to begin with.
Let us forget about all the mistakes we made earlier, and now start afresh. So, in the present situation, each one of us is aware about the importance of savings in today’s life.
The importance of savings has been clearly established, but one question keeps hanging above our heads, like a ticking pendulum.
HOW CAN I SAVE MONEY? Here are simple ways to do it.
1. KEEP A TAB
Note down all your expenses in a journal. List it according to their nature, for example: kitchen items, children items, common ones etc. Go through it at least once a day.
2. CUT DOWN ON SPENDING
Try to minimise the expenses that are absolutely of no use. By preventing unnecessary expenses, you can save some additional amount and thus, use it whenever necessary.
3. DITCH THE BRANDS
Don’t waste huge sum of money in buying branded things like clothes, footwear, and so on. Buy things that perfectly suit you and your pocket. Warren Buffett rightly said “Don’t go after brands. Wear those clothes in which you feel comfortable.”
4. KNOCK EVERY DOOR
Are you making use of the plans that your company provides you, like 401(k) plan? If you are unaware about such plans, you can easily get details about it on the web.
If you are not, start using it. SAVE money for your retirement. This will surely help you to keep some money aside.
5. BURN THE PLASTIC
Try to use cash as much as possible, instead of taking credit or loans for several expenses. Try not to be dependent on credit cards.
6. SHOPAHOLICS ANONYMOUS
That’s the place you will be sent to, if you don’t stop splurging on every possible occasion. Prevent wasting your money on unnecessary items while shopping. Shop only those things that are very important and necessary for you.
7. SAVINGS BEGINS AT HOME
In order to implement various ideas of saving, find out how you can reduce expenses and how you can develop saving habits.
8. WALK YOUR WAY TO WEALTH
Want to make a trip to the laundry? Try walking this time, or maybe you could hop onto the bus. The benefits outdo the sacrifices. Firstly your fuel is SAVED. Secondly pollution is kept in control. Most importantly, the coins jingling in your pockets as you walk are surely music to the ears.
IF YOU SAVE TODAY, YOU CAN HAVE A BRIGHTER TOMORROW