6 Ways to become a saver from spender


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The biggest challenge nowadays for a lot of young adults is to figure out how to save in the place of spending. Saving money, though is on the minds of the young blood, the age and the thought of ‘Thabi ka Thabi (let’s figure out when we cross the bridge) crops in their minds. Yes, there are changes that you have landed in your dream job, you earn a great fat salary and have a bright future. Yet, none of this is actually evident and clear when you check your savings account. Don’t worry, you are not alone in this. We have all been, there are there are people who are not able to save even at the age of 30. You definitely don’t want to be one among them.

Young adults find it very difficult to save in the early years of their career. Did you know that half of your salary every single month goes on clothing? Yes, you don’t know where and how, but even before the month ends, you are left with nothing but a penny or two. So, here are few tips on saving money that will help you become more of a saver than a spender. Follow these useful guidelines and before you realize, you would have a fat saving even in your saving account.

Guidelines To Save Money Than Spend

1Saving before spending is your mantra

. Saving before spending

Many people are not able to save because they have nothing left to save. Yes, you are not able to figure out where all your money goes because you are not saving any money before you spend. Have an account where only the money you want to save is credited every month, even before you touch your salary.

Remember the financial equation: Income – Expenses = Savings! Isn’t it wiser to spend what is left after you save? Taoist way you also know that your money is somewhere safe and secure. But you should make sure that you don’t have easy access to the saving account.

2Follow the 30 day rule

. Follow the 30 day

Do you know the 30 day rule? Well, before you splurge into buying anything, try the 30 day rule. Whenever you want to buy something expensive, think if that comes under the want or need category. If you think it is the want/desire, push it by 30 days. During this period, think very hard if you really want to buy it or not. If your mind settles on a no, then there you go, save it. Another rule is the 30 minute rule where you determine if the item you want to buy is worth at least 30 minutes of your day. If it isn’t, then don’t buy it.

3Chuk the plastic money

Chuk the plastic money

Oh yes, we are talking about your debit/credit card. If you are able to not touch your plastic card for at least a week, you are sure to save. Debit/Credit cards are usually applicable when you want to shop online or for online purposes only. But the increase in usage is making young people use a lot of it unnecessarily. Flashing the card for every single thing should be reduced. Saving becomes easy if you don’t have your card with you.

4Start small and then go for big

Start small

Saving doesn’t mean transferring 60% of your salary to the savings account. Start small always. If you earn Rs.30,000 per month, consider saving 10k and use the rest for your personal purposes. This could be the start. When you earn more, the savings also increase. Always make sure you have an account that is untouched.

5Levy luxury tax on yourself


Everything has tax nowadays. From income, entertainment and luxury, every tax is accountable. Why don’t you do that on your regular days? Try to levy tax for all your spending. You need to spend and treat yourself and your family. No denying on that. Come up with a plan where you save the same amount you spend. A dinner with family costs you 2000? Then take another 2000 and put it in your savings account. This way, you need not be guilty about your spending.

6Make a checklist every month

Make a checklist

Make a checklist every month and follow the paper folding method. Probably this could not be your every month activity, but you can sure do the checklist method. The paper folding method is an age old method where you can write down what are the expenses you would need for the month and segregate your money accordingly. Instead, try the checklist option. Write a list of things you would need for the month. Keep aside some money for urgent purpose, some money for parents and the rest in the savings. This way you fulfill all the needs and the burden is off your head.

Saving is not a heart game. It depends more on the mind than your heart. Heart and mind don’t think alike. When it comes to money, savings are more important, so listen to your mind. By following the above guidelines, you can achieve a basic saving structure.

Happy saving!

-Pavithra Ravi

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