1. FINANCIAL WELLBEING

How you can hold on to your money

Being broke is something you never want to be. Somehow, no matter how hard you work to bring home the pay check, there is never enough in your savings account, never enough for that vacation you’ve been meaning to take but cannot afford, never enough for anything beyond the basics. Every month, you sit bewildered watching your hard-earned money trickle away (sometimes you don’t even know where!), leaving you with a bank balance that is too embarrassing to talk about.

Ever wondered what you’re doing wrong? And how you could correct it? Well, we’ll tell you. The reason why you never have enough is probably because you’re not holding on it. You’re spending away. And that’s why you never have it. Plain and simple.

But worry not. Here are seven simple ways to hold on to your bread  and save it for the future:

  1. Track and note your expenses – This is where it all begins. On a monthly basis, scribble down every expense, no matter how tiny into a diary. You could even choose a digital application that could make the task easier. As long as you have records of how much you spend
  2. Define your budget – It is imperative to determine and set in stone your spending limits. Create a chart with all your monthly expenses and keep the spending in check. It will help to organised expense categories on the basis of priority.
  3. Make saving an automatic activity – With banking gone digital, you really have no excuse but to invest in a Systematic Investment Plan (SIP) which transfers a fixed amount of money from your salary account to savings every month. This might be a sensible thing to do because you cannot influence the system every time there is a sale.
  4. Get rid of debt – Debts eat into your income and loom larger, leaving very little for savings. So the minute you have a steady income, ensure that a percentage of that is being paid to settle dues with friends and family. Once the weight of debts clears from your head, there will be happy relief you never want to give up on.
  5. Get the maximum out of extra money – Whether you received a bonus at work or came into a small inheritance, that extra bundle of money need not necessarily call for an impulsive (and absolutely unnecessary) shopping spree. In this fact, this is your golden opportunity to show yourself how sensible  and wise you are. So drop it into an emergency fund and watch it come to your aid on a rainy day.
  6. Why buy when you can borrow? – If your friend’s home is stocked impeccably, there is no shame in reaching out and borrowing possessions rather than buying them. Spend only when it is absolutely necessary. This practice is also environment-friendly.
  7. Sell everything you don’t use – Walked into your storeroom recently to find things that you haven’t used in years and are unlikely to use in the times to come? Perfect! Now organised a garage sale and sell it all. Not only will this unclutter your life, but give you back extra money to save and invest in a cause that is more worthwhile. You.

These tips are easy to follow and can change the whole way you look at money and money, at you. Follow them all for a relaxed, stress-free future. The one with no money troubles because in your younger days, you stashed away enough for the white-haired days. Not having to worry about money opens up other avenues of physical exercise, meditation and other healing and nourishing activities. So be smart. Your wisdom today will shine tomorrow.

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