Changing lifestyle and increasing disposable income does have a strong bearing on our habits. Gone are the days when people walk a mile to save money…now people spend money to travel 10 miles to save time. Still we as Indian does have a strong inclination towards saving. In previous few month, Government launched various schemes like Sukanya Samriddhi Scheme, Relaunch of KVP, exemption on National Pension Scheme just to push people save more. These saving may help the country build its infrastructure and achieve growth targets.
Talking at an individual level, it is very difficult to confine ourselves within the set boundaries and save adequately for our future. Here I am going to discuss about few ways to develop a habit of saving even for the most extravagant person.
Set your Goals
We all save for a cause. Now whether it is about saving for your child higher education, buying a house, income after retirement or anything else, saving is prolong but the only sure way to achieve. The setting of goals help your visualise your future along with a fair idea about your current financial situation. The shortfall amount and time period are among the key factors that define the amount of saving every month.
Don’t only Save…Invest
Keeping money in a box at your home means a negative income. The inflation will slowly eat up the value for your money. The best way to save your money depreciation is to invest at proper place. Proper place here refers to a avenue where you are been able to fetch returns that beats up inflation. Also try some of the exotic investing style such as stock markets as they may add to your returns in long run.
Negotiate while shopping
Negotiation in Indian Markets are well accepted and always welcome. Normally, shop keepers keep a small appreciation over the normal rate meant mainly for negotiation. It is just that you need to ask for some discount or better rates. I have negotiated myself on clothes, accessories, white goods, fruits and vegetables and what not. The least negotiable things as per my experience is household groceries which are sold on thin margins. Try online store that provides home delivery with attractive discounts.
Look for Scheme/discounts
While shopping online, you may check coupons sites that offers discount on the complete range of products and services. These websites seek a discount coupons from various companies as a special offers and make it available to its visitors. I have witnessed companies like PayTM offers great discount on various types of recharges like mobile recharges, Cable TV recharges
Buy only if you need
It is very important to buy things only when you need. It is a one time entertainment to shop around however think once again before you actually take out your wallet. The thought of what you can do with this money otherwise will help you take the right decision. {say while buying a vase worth Rs4000, I thought that I can buy a new bicycle to my kid}. This is a small trick that helped me atleast 30-40% of time. Do not shy to delay while making a payment and if you are not sure just walk out of store.
Sell first before buying
Our house are full of articles that we hardly use. Over and above that we keep buying new things which further clutters our showcases. It is always better to sell the current unused item and then only buy a new one. This will not only help you make place for things of your use but also help you with some small contribution in your budget.
As a conclusion, I would say that saving is all out habit and you can save even while spending. And for that, only the approach to look at your money will define whether you are been able to build small huts or large castles for your generations to come.
