9 HACKS TO SAVE MONEY
Take charge of your funds with these smart financial goals
Learning to manage finances and keeping a tab on regular flow and outflow of money is not rocket science. Delegating financial decisions to someone else in the family is the easiest thing to do. But women should know how to do spend judiciously to avoid debt, and how to make invest-ment choices so that money grows.
Pay with cash
Statistics show that you are more likely to buy something with a credit or debit card than cash. Avoid plastic money as much as possible and use cash instead. Think from 360 degrees angle and take calculated decisions. Change impulse choices to informed choices.
Build an emergency fund
It is important to have a back-up for any kind of emergency. This may be required for job loss and medical expenses. Hope for the best and expect the unexpected. An emergency fund should have an amount equal to at least six months salary. Park this fund in short-term fixed deposits or liquid funds for easy liquidity.
Start saving early
Start saving as soon as you start earning even if it is with a small amount. Homemakers can start with budgeting as they take charge of their household finances; this will help maintain seen and save ratio. Even `100 a month saved on regular basis can make you a crorepati in 30 years.
Write down your financial goals
They are your aspirations—where are you right now to where you want to reach. Leave everything that you are doing and write down your financial goals because something which has a concrete shape is achievable. Writing down the goals, sticking them at a place which you see daily will help you in staying focused.
Do smart shopping
Buy groceries in bulk. Buying ghee, sugar, rice, detergent, and cereal not only saves you bucks but also saves you frequent trips to the grocery shop. Non-perishable food items have a shelf life of six months to a year.
Don’t let the fear of losing money haunt you
Learn from your mistakes, face your fears by taking small risks. Also, equip yourself with latest investment avenues as lot of women these days are inheriting as daughter, wife and sister.
Don’t take on your partner’s debt when you marry
Always make a clear demarcation of who is going to manage what and either partner should not intervene in other’s part. Don’t carry financial baggage of past debts and paying off debts should not be taken for granted. You can step into your partner’s shoes rather than judging him and then the debt can be paid off jointly.
Don’t use money to make you feel good often
Pamper yourself once in a while but overspending merely to get that short moment transient gratification and feeling good is not wise. Recognise and curb your emotional spending. Love money but don’t make it a habit.
Stay away from complicated investments
Don’t get conned into ‘quick rich’ schemes. If you do not understand equity markets, stay away from shares, instead invest in mutual funds.