How to be Financially Responsible?

Savings!! The most horrifying word among most of the people! This is horrifying because people try a lot to do savings, they plan a lot, but at the end of the month, you have nothing to save!

This blog is going to be a bit different than most of my blogs, but this is a part of self-help. Most of the people suffer from depression only because they didn’t plan well and sudden shake in life, shook them financially! Everyone has a plan to buy a car, a home or something which requires a lot of money but the problem is that not everyone has a good salary or family – provided bank balance. Few things which might help you in being financially stable as well as enjoy your life:

1. How often do you check your bank statements? You should do this very often, specially for credit/debit cards. Try to do this in the coming weekend, and you will be surprised to notice the wastage that you have done! We spend a lot at things where we should not really spend money, and when you see all this after six months, you realize and then you have a control over the useless expenses! I was paying for one of my websites which I am not using from last one year now, and by cancelling the subscription, I saved around Rs. 6000!

2. I have saved around Rs. 2000 by bringing home-made lunch to office. I am not asking you to cut your expenses. Have fun, watch movies, but save wherever you have the option! Our process of savings is WRONG! When our account is credited with salary, we cut out all the expenses, and then whatever is remaining (if any) , we consider that as savings. This is wrong! If you have plans to buy something, you need to make savings as your priority. First expense from your salary should be towards your savings account! Make a separate account just for savings and do not make any expenses from that. Trust me! You’ll be happy to see the savings that you did in just one year!

3. Why do you have a credit card if you do not have enough monthly income for all your expenses? Please call the bank and tell them to block your credit card! I know people who do not have sufficient incomes for their daily expenses, yet they have a credit card, and top of all, they have an I-phone which they have bought on EMI using this credit card! Why to show-off when you are the only person who will have to suffer? Use debit card wherever possible! You need to have common sense and sense of control about things you buy.

4. Don’t just buy stuff as it is on SALE with heavy DISCOUNTS! Sale these days are not seasonal, it is always there, either on online platforms like Amazon or Flipkart or even on retail outlets! Please buy what you need, and not what you are getting in lesser selling price! I recently imported MI Band 3 and had to pay import duty charge, and unfortunately it was available at a lesser price within India in just a month’s time from the purchase! You should utilize discounts, coupons and codes only when you need to purchase the stuff, and not purchase the stuff whenever you have discounts, coupons or codes available!

5. Invest! Please don’t tell me that you haven’t heard about SIP! MUTUAL FUNDS SAHI HAI is all over the country these days, be it TV ads, YouTube ads, FM or Delhi metro ads. It is one of the best ways to save because you can reach your goal step by step and as SIP is done in a different account, you can have fun and make the expenses from your salary account without keeping in mind that you have to save at the end of the month.

These five steps should surely be helpful in bringing your savings in line! Please do let me know if any of the above steps helped you out, or even if you have some other ways too, to do savings! Stay financially stable, stay happy!

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