Save More in less time - Just 3 steps away!!

Save More in less time - Just 3 steps away!!

In any organization Savings is the key word for guaranteed profits. In a personal finance scenario, term I like to associate with savings is personal strength. Genders apart savings for anyone can be a life saver. But how much do we really save each day? Each month? Each year? Is it lesser than your capacity or lesser than your capability.

I have often seen people make big plans which involve big money but often write them off due to lack of funds. Big plans involving big money is not just a story for the rich alone. It is for anyone who knows the basics to being rich. One such component which acts instrumental in maintaining one's finances is SAVINGS.

SAVE MORE BY IMPLEMENTING 3 SIMPLE STEPS:

Step 1: Disciplined approach How many of you remember the piggy banks we grew up filling regularly and breaking occasionally. I remember as a child I would have a coin dropped into my piggy bank each day. It was not easy to let go off the cookies or chocolates it could fetch me instead, but I knew that the surest way to have 30 coins a month was to drop one each day. A coin each day taught me the disciplined approach towards ensuring availability of funds. Ensure you keep aside an amount (20-30% of your earnings for beginners) every start of the month. The next thing is to forget it exists. Repeat the two steps until you are in dire need of money. If it be so, remember to retain not less than 40% of your savings. Remember, the SAVINGS DAY is none other than the SALARY DAY.

Step 2: Control your impulse Impulses are the worst friends and best enemies to increasing required savings. The best way to control these impulses is to ask two folded question a) Do I really need it? b) Where will I pull the funds for it? If either of the answer is negative, you know what to do. I shall tell you a self tested solution for consumer buying impulse syndrome. When I go shopping anything in a mall, I pick the biggest cart. I also pick an empty basket. I select and fill the cart with everything I desire to buy. Trust me, my cart at times is a heap difficult to move or (rightly pointed), pay for. Hence, before I visit the cash counter-I start an anti-impulse syndrome. I question every item and its need in my cart. I segregate them into two categories: a) can wait & b) need now. Usually I realize, that the cart's heap shrinks to not just what I can move but also what I can afford. Remember, SAVINGS is also another name for deferred expenses.

Step 3: Sharpen your buying habits Most of my readers ask me, what is the use of savings if one can't buy things. Well, they are absolutely right. My guidance is not to make you a miser but to make you wiser. We often end up spending on products that are costlier than professed. Continued savings mentioned in STEP 1, acts as the reins for the ill educated spenders. Let me draw your attention to an any day scenario 24 rolls of tissue from a popular brand being sold at $ 10 versus 8 rolls of tissue of another company at $ 8 is seldom outwitted by most. How many of you chose 8 rolls offer.strangely you are not alone. But did the close to 250% markup on price not hit you as a consumer?...It should. Do not let promotions or advertisements blind you. Sharpen your buying skills by honing your calculative mind. Buy what you can pay for & pay what you should pay for!!

See you in my next segment of : Money a foreign language to some.

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