Personal Finance - Tips that will save you in long run

 Hello lovelies ,

So here I'm with another great topic on one of the most important aspect of our lives - PERSONAL FINANCE.... by hearing this your head must be spinning around credit cards, bills, grocery and what not?

Have you been sick of doing all this as a mundane routine ? How do you feel at times when you have the shortage of funds at a very crucial time to purchase anything or do anything. Be it gifting someone or buying some toys to your kids or saving money to buy your favorite dress or saree...!

How to manage expenses then?

How to save money while we still spend on stuffs we need! 

As a home maker or professional, we will definitely have unexpected spends coming our way. So how are we prepared?

Well don't miss to read till the end. I have some interesting gift for you.

First things FIRST                             

If you a are a earning member of the family, your salary must be divided into three categories. One is for house expense, second is for investment and third is for cash saving. 

Likewise if you are a housewife, then the amount what you get in hand must be divided into three parts.

Did you understand the above line? If not, see the illustration below. 

Say - If am getting 10,000/- as my take home salary in hand, then i allocate 5000/- for House expense, 2500/- for Investment and 2500/- for the cash savings. And the same applies to the amount that a housewife gets in her hand too. 

You need to consider this three major categories if you want a balanced spend and savings together. On the one hand while you spend everything under the house expense, the other side investment and cash savings has to happen every month without missing it. 

This way you will have emergency funds (Remember the cash savings!), the investment for future (This I will talk about in the next blog post). 

      Basic Practice (Age old Method)

                                         

If you all remember or rewind your old days, you must have encountered or seen your mother, aunt or granny saving their hard earned money in their saree knot, their secret locker, or you must have seen them saving coins in piggy box! Right ? Now you must be recalling some of them ..

That's right, am no new to this technique. Trust me this unconscious savings of either coins or few 10/- notes will save you in the most bitter situations. Keep on adding the remaining coins that lie in your bag, wallet or in home somewhere to one piggy box and keep it in a secluded place. Just keep on adding and at end of the year when you open it, you might have 100s / 1000s too which might help you in any requirements. 

Try this and come back to me on comments if this helped you. 

Remember not to pull out the money what you drop it in piggy box. 

Savings AC without debit card

                                               

Have one savings account without debit card. This will save you huge money and unwanted expenses. 

The logic of saving the money in this account is only to have an emergency cash in hand while in need of hospital expense or any other kind of exigencies. And the reason not to have debit card for the account is another big advantage for this practice where you do not get tempted to draw cash unnecessarily and manage the expenses with the left over money. 

No Credit Card/ No material spends with debt

                                               

Yes you heard that right. Do not buy stuffs and household things from credit card or with debt from others pocket. It will never give you the pleasure of owning something from your hard earner money. The happiness you get while you buy from the cash you have in hand is another level of joy and it stays near to your heart every time. 

Whereas the materials you bring home from the debt you borrow, is never an satisfaction to mind nor does it feel you own them. 

You might get things you want the minute you decide through this habit. But end of the day you will have to return back the money you borrowed. Hence you end up in more debt to the close the existing debt and the addiction towards this grows big which might lead you in troubles. 

Avoiding this practice will keep your mind at peace. 

Try following this method above and let me know if you felt the change in managing expenses. 

Here are few pro tips to manage some of the expenses in specific. 

1. Always spend or do shopping after 20th/ 25th of  the month while the salary date is nearer. So you don't run out of cash for other upcoming expenses.

2. Do not buy the online stuffs immediately but add to cart and wait for the right discount to hit the " Place Order "

Do you want more such tips and content?? Keep watching this space and subscribe to get the notifications as I post it. 

See you Soon!!.. 😊😊😊