Save Your Money

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        World of Finance by M.Vijaya Sai

Consider yourself first when it comes to saving money. Get yourself turned on to the idea that your financial future will be prosperous as a result of your efforts.Set aside 10% of your income, just for you. By that I mean set them aside on a savings account with higher interest rate then your normal account.

What is important is that the money is out of reach. If you save them on an account where you have easy access, you will more easily spend them. Get them out of your life! Not in your pocket!
You can also be well off saving in funds. Pick safe funds when you pick, do not go for high risk investment funds or you might end up resenting your saving plan.

Be also careful with credit cards, as a consumer you are better of with no credit on your account. This does not mean that you should not use plastic cards. You can easy use a debit card that does not allow you to withdraw more than you have on your account.

Let the planning of saving and budgeting be fun and be creative with it. Do not look at it as something you have to do, then it becomes very heavy and you might end up felling poor since you have to deprive yourself from all ‘The good things in life’.

Now, watch out for this one. The ‘I deserve it’ mentality lets you spend money like crazy without thinking of the consequences.You might think that you have done well for a while, so now its time to spend money again. If you follow that impulse you will have great difficulties in saving anything. You need to be consistent with your financial planning and not go in fits and starts about it.

Remember this: all the good things in life are not necessarily expensive. If you plan ahead and prepare yourself a nice lunch box instead of going to the restaurant you can actually save a lot of money.

Stopping yourself from buying things on impulse also gives you a lot of power and personal financial freedom, because you have money left over for the things that is really needed. Plan your shopping ahead and stick to the list.

Next time you come home from shopping try and recall what you actually went out to get. Most probably you will see that you have ended up buying something that you did not plan. Plug these leaks and you will prosper!

Beware of little expenses; a small leak will sink a great ship.
Benjamin Franklin


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Comments

online credit card said…
That is great information.It's really great post.
July 22, 2011 at 8:31 PM
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