How to save money?
9 Jul 12
I have a few techniques on how to save money. These are my techniques. Since it worked on me, I hope it will work on you too :) So, my first winning money saving technique is I refrain going to expensive restaurants and malls. If I see what I want, I go buy it. I don't hesitate anymore. Since I refrain from going into malls, I don't see what I want so I don't spend my money. Another technique I do is that I have two wallets. One wallet is in my bag and one wallet is left at home. The wallet in my bag has a smaller amount than the wallet I have at home. Normally, i only bring the amount I need. So, because of this I only spend for the things i need. these strategies really work for me. if you want something longterm, you can put your money in the bank so while it is sitting in the bank, it will also earn interest money. i hope my strategies/techniques work for you. Have fun saving money and enjoy mylotiing. Have a nice day!
12 Jul 12
I do agree with your strategy of going less to Malls. What happens is that we go to a Mall, see attractive things to buy or eat and end up doing something or the other. We really do not need to go to a Mall. We can buy things from a Pop-and-Mom store (Kirana store in India), or from a departmental store outside the malls. I think, we ought to go to a Mall once in 2-3 months.
9 Jul 12
In personal view I think we must balance saving and investment. Saving is more for the rainy day while investment is for the long run planning It is always good.to invest from young. If you save in the bank you will be losing out on inflation. They are just like termites eating off your money
9 Jul 12
Its very hard to save money cos it just seems to be flowing in and out. Looking at inflation rate and the rate of basic needs like groceries, clothes, bills, food,vegetables etc. it is really hard to save. Mostly whatever an average person earns goes out for daily living. On the other hand, if you are earning and have lots of crazy expenses, then I think you should buy what is needed. I would suggest that you should give up the idea of having a credit card cos it is very tempting. So in simple words, Just cut down your expenses. Happy saving to you
9 Jul 12
To begin, I think you should stay away from magazines and media. They always dictate to us what we should buy and most of the time, they win. They have this way of convincing us that we need to buy certain products and that they are really a NEED. Which is a lie we should be wise enough to refuse. Second, be content with what you have and what your money can afford. You really don't need so many shoes. You don't really need to go to Starbucks just because all your friends are there. Third, buy only what you really need. Fourth, spend below your means. Fifth, do not get a credit card! Sixth, if you have the means, invest. But, be sure to choose the reputable one.
12 Jul 12
Saving money is easier said than done. I too am looking for ways to check my monthly expenses and increase my corpus of monthly saving. I am on the path to be better, though there are pain points plus inflationary pressures and other pressures to contend with. I can think of some tips: 1)Do invest regularly in mutual funds with small amounts and recurringly put small amounts saved in them. The dividends would add up to the saving corpus. 2)Put aside some amount for investing in a SIP, or a Pension plan. 3)Try to walk to nearby markets rather than taking your car/bike/scooter. 4)Try to buy products in bulk from a departmental store rather than 1 or 2 things at a time. This way you can get more discounts.