HOW TO SAVE MONEY

HOW TO SAVE MONEY

how to save money

 

How to save money sound simples but it’s not. The good thing is it’s not that complicated either.

 

Hello everyone hopes all of you having a great day and taking the utmost care of yourself. So the topic of today’s post is about how to save money. This may sound obvious but still, most of us don’t  

My name is Rishabh Kashyap and in this post, you will be learning about the importance of saving money and various ways to save money and at the end some very important things which you should and need to do if you want to make yourself financially stable.

Before moving forward and actually diving into our today’s post lets clear the difference between savings and saving. Saving is the act of putting aside the money that is left after your expenditure and other investments to your future use.

On the other hand, Savings is the amount that you saved. It is a noun.

this is the link for Wikipedia in case you want to go in real depth about the concept of saving. https://en.wikipedia.org/wiki/Saving.

 

IMPORTANCE OF SAVING MONEY

There is a very interesting and useful story about savings in Puranas. In the story, the wife of Shri Krishna is telling him about the importance of saving money. The story is full of insights and information. If you read the story then you can check it out through the following link.

 

Some practical ways to save money

  • Avoid going to fancy restaurants
    • I know this is tough when you earning hard to have a lifestyle that you always desired of but having an addiction to it and going to restaurants even when you don’t want its bad. Avoid it and you will be surprised how much you were spending.
  • You don’t need that many clothes
    • This is no brainer you are not only spending money here but your most valuable time. Having an adequate amount of clothes which you like wearing is a way to go.
  • Say to unnecessary mail lists
    • we all are guilty of this we signed to someone’s email subscription and thought this is something we have to have but in reality, this is not what we thought. It is actually filling your inbox with useless emails and giving you a headache and FOMO( I don’t need to explain this mnemonic, you know it)
  • Avoid unnecessary small expenses
    • You are doing some unnecessary expenses in which you are not even realizing you doing it. Like buying something when you are out in the market with your friend, unnecessary food that you are eating whenever you are watching a movie, etc.
  • Buying a sewing machine
    • Yes, you read that right a sewing machine you have to have a sewing machine handy because you need it, especially when you are going out often. Sometimes your clothes need only little renovation or modification (you understand it). You can stitch the pocket of your trouser by yourself and make your jeans narrower at the bottom yourself. This not only saves your time but also a trip to the market which makes you tempted to buy some new clothes.
  • Say no to useless friends get together
    • Don’t misunderstand me your friends are an important part of your life but I am saying you to say to those friends who just want to rip your pockets and don’t value your time. If you’re out with you are friends and you are meeting them after a very long time then its good to spend some, in fact, you should not even bother it.
    • You know who values you and who doesn’t so make good decisions when its worth it or not.

Some very important things you should be doing

I could add all these tips and methods with above section but I am very definate and certain about doing this because there are some things which dont require second guess they are just essential.

With that being said here are some.

  1. Make a financial plan
  2. Make yourself financially literate
  3. Avoid debt at all costs
  4. Say no to credit cards
  5. Save for retirement

Conclusion

Saving money is a habit which require time to develop but we can always do something small like making ourselves financialy literate, saying no to debts, saviing for retirement.

Hope you enjoyed this post and learned something from it.

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