'Not so successful savings' !!

Title:  Savings: The conflict, dilemma, temptation and self control

Target Audience: Working singles who crib when it comes to drawing cash from the ATM machine. That confused group of people who started earning almost a year or two back and are still figuring out the sources of their economy drain.

Yes, we are the largest group of people. We love our money as much as ourselves. We enjoy spending, yet cringe when we go through our bank account mini statements. We are not overjoyed on the salary day as we know nothing lasts forever.

Well, not forever, but if we watch and organize our spending habits, we can certainly make it stay. When it comes to habits, the spending genes are instilled in individuals from the beginning.  However, it’s thrilling to have your own money. You no more need to run out of excuses to convince your parents to increase your pocket money.  It had been so difficult to explain to your ‘not so tech savvy’ father that a smartphone is a need and not just another hyped extravagance. Mommy would never understand that your desire to learn guitar was not some rockstar’s imitation, but your genuine love for music. But now, you’re over all those convincing and pleas.  And that’s what thrills each of us. The decision making power.

But that’s not all. With money comes expenditure, with salary there are bills and with spending comes guilt.  And what’s the use of all this money if it cannot keep you happy, I fussed and fretted every month. I had cut down shopping, yet at the end of the month I had no major savings. I decided to take this saving thing seriously and after extensive research on the internet and advice from vast experienced people, I found interesting tips for successful savings.  

Credit plays foul:

Avoid using credit cards as far as possible. This also goes for buying things on credit. If at that point of time you are not in a position to buy something, wait until you are worth it. This way you spend only what you should.

Clear your debts if any:

The sooner you pay off your debts, the earlier you start your own savings.  Also, there’s no point in paying interests and fund the rich institutions get richer. Try donations instead :)

Pay yourself first: 

Keep aside a fixed amount on doing things you enjoy doing with your own money. Make a point to spend the exact amount every month only on things you love to do.

Be prudent:

Foresee the upcoming vacations and parties and prepare your budget beforehand. This gives you an opportunity to spend wisely. Last moment reservations and bookings always cost a fortune.

Do you need it:

Set your priorities. Be it shopping, eating out, entertainment. Go for options that you need rather than what you like. If you’re hungry buy a corn, not pop corn. (Well, not literally. I love popcorn more :))

 Cook for yourself:

This is the best thing you can do for yourself. Cook the food you like the way you like. This helps you save on eating out expenses. Also keeping the health and nutrition factor in mind, ‘ghar ka khana’ helps. Eat out on weekends for a change.

Redirect your money:

There are a lot of firms out there who can give you ample of options to do this for you. You can open a recurring deposit account for a fixed sum of money that you think you can save every month. Alternatively, invest in commodities. Personally I feel gold is a lucrative option, considering the recent leaps and bounds its price has been ruling in the market.

Make a shopping list:

When going out for shopping, enlist the things you need. This saves you from giving in to the temptation of compulsive shopping disorder :)

Track your expenses:

Though this one may sound a little old school, but keeping a record of your accounts is still a prudent idea. It may scare you off to see that the total amount spent on the trivial things, or just ‘here and there’, goes much beyond what you had imagined. Keeping an account diary can bring back your shopping and expenses curve on the track.

You may not agree with every aspect that I put forth. But as your saving game is going obscure, pick out the lines that will put your mini statement on the right track. Master your money before it masters you. Also if any of it works for you, pass it on. Savings, not too tough is it!!