Sunday, April 12, 2009


Maintaining a Habit of Saving

Saving money does not have to be an overwhelming task, nor do you need a bigger pay check before you can begin as expense will always rise to the level of income. The key to saving is to begin by making small efforts to produce large benefits.

>Start a habit of doing it by managing, controlling and tracking every single Rupee.

Here are three simple methods to begin saving money painlessly but deliver results.

1. Collect loose change - At the end of each day, consolidate all your loose change and put it in a jar or piggy bank. Bank in every single pennies, nickels, dimes and quarters that you have saved into your savings account every month.
2. Reduce your expenses - An important way to save money is to reduce expenses. If you cannot demand an increment from your boss, cut your expenditures. Once the money is freed from expenses, it can easily be re-purposed to savings.
3. Pay yourself first - A part of all you earn is yours to keep. Set aside ten percent of your salary and commit it to savings whenever you receive your paycheck.Every single rupee you spend now is Rs.10 you could have had if you invest it properly.
I strongly recommend that you delay gratification, save and invest now, and reap the rewards later.

Earn -> Save -> Spend