HOW TO SAVE MONEY

As being a recent grad-uate and getting the first salary cheque in your hand, you always think of what to do with this money. First thought which comes in your mind is "SAVE" but how to save that we exactly don't know.

What happens when we get our salary cheque? Instead of savings we think of utilizing or we can say we think of spending that money. Due to this practice one day our ex-penditure becomes more over our income. Where do you spent all your money that even becomes a question mark ultimately, one day you will find the money you earned its spent to fulfil all your expectations and desire of living lei-sure life. Now, you will ask what's wrong in living a leisure life with lots of comfort? I will answer there is nothing wrong in it. Rather it’s great. But, I will take this opportunity to ask you a question where is the savings? The first thought you got in your mind when you saw your first salary cheque. Believe me there will be a day when you think I earned a lot of money but where I spent, don't know. Instead of thinking in future and feeling regret, I suggest to start saving from today for better future.

HERE ARE SOME TIPS ON HOW YOU CAN SAVE YOUR HARD-EARNED MONEY

1. Debt: Say no to debt. If you have any outstanding debt fo-cus on paying it back as soon as possible. Clear every debt and don't go on dealing with EMI's. As you are already in debt and planning to save, you will find your savings are less and you are paying more in the form of interest. Therefore, first pay off your debts and start planning about your savings.

2. Credit card: Pay your credit card bills every month. Use your credit card as less as possible and if you can stop us-ing, it's the best what you can re-duce the burden.

3. Savings percent: Save first and spend later. Decide your savings percent accord-ing to your salary. Don't take impractical decisions over savings. For example, if you plan to consider 80% of your income as savings, it's not practical. Save money which is considerable and do not affect your daily needs.

4. Set short-term goals: Set your goal monthly fir st and di-vide it into weekly format. This will reduce your monthly bur-den and help you to save small amount of money weekly which will be equal to one month saving.

5. Set long-term goal: Decide how much mon-ey you want to save in a year and how much bank balance you want to see in your account after completion of five years. This will help you to decide the yearly savings. As you get yearly increment your savings percent should also increase according-ly.

6. Make a budget: Make your budget for every month. It includes your grocery, cloth-ing, fuel, vegeta-bles, bills etc. Make sure your every month budget is ready in advance. It

gives you a clear picture to reduce your expenses for pre-sent month and fulfil the expectations of following month in the same budget. 7. Pay of your bills: Pay each and every bill of yours in the same month it can be electricity, tele-phone, mobile bills, credit card etc. It helps you to reduce your debt in future. Even I suggest reduce your phone connection and credit cards (in case you have extra). For example, if you cut one phone con-nection it saves your fixed rental which you need to pay every month to the service provider.

8. Purchase required things: Purchase the goods and services which are necessary and essentially required. Don't buy any good or service which gives you addi-tional burden of expenditure.

9. Sell: If you have any ad-ditional furniture or any kind of commodity which are not used by you from a long time just go and sell it online or in second-hand market.

10. Tours & Par-ty: Make your own travel plans. Select the best destination which fits in your budg-et. Don't go over budget by think-ing we go out once in a year so spend. This is a wrong attitude. You will get a chance to go there with higher budget in future. Always prefer to be in your budget. Don't spend a lot on party. It's good to make your evenings live, go high and dance with the loud music but avoid it often.

11. Quit smoking and Drinking: If you are a smoker or a drinker I suggest avoid and quit as soon as possible. First of all it does not give any value addition to your life and leads to big-ger diseases which need a lot money to cure. Ultimately you are spending from both the hands and getting nothing except health problems.

12. Avoid mental stress: Avoid stress related talks, discus-sions and activities as much as possible. If you come into these discussions you will feel stressed. If you avoid the same you will avoid bigger problems and save the money.

13. Traveling: I know convenience and comfor t is must. Travel through least expensive mode. For example, if you travel through first AC, then prefer to travel by second AC. You will save a lot of money.

Now you are ready to save lots of money without any prob-lem. Just make sure you are using these ideas as daily prac-tice. One day you will feel proud on yourself when you will see your bank balance more than others. Hope this article will work for you and your savings will go high and high.

Written By: Chitwant Tahalyani