Money, a word which is self-sufficient to describe its own importance. Your majority of decisions revolve
around it and your status in society is described by it. Cruel yet true. Your own worth can be defined by
the pile of cash wearing sunglasses and taking ‘Money-bath’ in your bank account. You may regard
capitalism as a conspiracy but it can not disregard its reality. You need money to survive. You need
money to pay your medical bills. You need money to throw the party for your kid he’s been waiting for
for years. You spend your whole life chasing money, collecting money, working from 9-5, work
overtime, grinding in sweat just to have enough. Though when you open your wallet… Nothing. But the
sight of butterflies flying out and your bumming laminated passport size photo leaving you with only one
frustrated question – where did all my money go??
So, the bigger question is HOW TO SAVE MONEY? How can you sustain the money in your wallet so
that it can rescue you at your desperate times? Isn’t that should be your primary concern?. So, do yourself
a favor and go through money saving techniques mentioned below:-
1. MAKE A BUDGET
A Budget refers to an estimate of cash inflow and cash outflow for a specific period. You can make a
budget for years, months as well as days. Start small and next time before you go shopping with your
friends or family, decide how much you are going to spend and try to your best to stick at it. Little
variation is allowed in case you are desperate for another round of drink – though, the same need to be
adjusted with next day budget. As small it may look, this method works wonders.
You need to set your priorities right which will provide you the clearer landscape of your goals. If there is
a big expense coming in near future like a family wedding or your kid 18th birthday then start saving for
it from this day forward. Anticipate the requirements and act accordingly. It saves you from last moment
panic and improves your decision-making muscles. Start small and buy a piggy bag and label it with the
name of any small expenditure ought to occur, then on daily basis contribute a small amount and watch
the expense taken care of by itself. Sounds Wonderful, isn’t it?
3. INVESTING IN RIGHT DIRECTION
There are times when you see your inflows hike and get serious about investing, taking advice from your
colleagues, family as well as the strange old man always sitting next to you on bus mentioning
‘cryptocurrency got no future’. What is trying to emphasize is that these people may love you and care
about you (not sure about the crooked old man) but you can not rely on them for financial advisers. There
are many organizations around working to resolve these issues as per your short term and long term
needs, so don’t hesitate in spending a nominal amount to save yourself from bigger misery.
4. GO FOR AUTOMATIC SAVINGS
God bless the person who introduced the option of automatic saving in the banking world. It is available
to almost all the banks and a great way to automatically split a certain percentage of deposits into the savings account. This helps you to overcome the evil instincts of ‘spending it all’ in the first week of
payday. So, get out of your couch and opt for automatic savings right now.
5.CUT YOUR CHEESE
The most mundane yet effective advice to save more money is to expend less. Maybe Your wife told you
this after having kids, Maybe Your grandma told you this after giving you an allowance but I still won’t
shy to mention it again. You need to cut down your cheese (what?). What am trying to say is spend as less
as possible. You have significantly much more control over you outflows than inflows. This gratification
of sacrificing your cheese may seem unpleasant at present but at the times of facing your depressing rainy
days, you will be thankful.
6. STRETCH YOUR MIND OUT
In order to fulfill your needs in this modern day civilization, being a regular employee working regular
hours for a regular company won’t get you much far, you need to stretch your mind and explore more
options to get out of this regularity (wordplay.. Eh). Don’t take me wrong, though, am not telling you to
beat yourself up as I can very well understand that it is not easy. What am trying to emphasize is to work
smart and explore the domain where your skills can be used outside the regular working hours. For
example, there are many websites paying a handsome fee for online tutoring, you may search them out. It
will take less of your time and generate more results.
7. THE CURSE OF OLD AGE
It would be odd to talk about savings and not mentioning retirement plans. I know, you have already got
much on your plate but you can not ignore the fact that years after from now, you will be drooling on a
wheelchair adjusting the spectacles looking for medicine in the place you can’t remember. That’s the curse
of old age, my friend, and you can’t escape it (unless you die young – for which I pray you don’t). You
should begin saving for retirement by younger years as the leverage of time will be on your side.
8. STOP AND BREATHE
I know it is difficult to be trapped in a world filled with chaos. No matter how hard you try, there is never
enough. The mistakes are done along the path involuntarily. At those time you need to calm down, stop
whatever you are doing ( except for driving, of course) and breathe. A small step in right direction worth
more value then you know. Savings money is an art and it takes time to perfect it. So go gently and
slowly in the right direction but keep moving forward.