1. Invest in yourself
Nothing
like spending on your own knowledge and wisdom in matters of money. Such
spending will empower you for the future and prove to be your best investment.
Investing in self is a lifelong process. There is no pause button; lookout for
shelling out decent money for gaining knowledge; this should be an unending
regular activity.
2. Invest young
Investment
in financial instruments, savings account etc can be done even before your
first paycheck. Keep aside an amount from your pocket money, or salary if
you've started your professional journey, in a way that the first slice is always
invested. It can go from as low as Rs 500 monthly to as high as you can aim for
a bright and secure future!
Many
options available to compound your money saved periodically are available (the
best of all and risk-free is PPF; next comes equity but this asset class has
risks)).
Seek
financial advice from professionals or select a financial instrument after
proper research.
3. Go easy on plastic money
There
will always be temptations, from that stylish trousers in the shopping rack and
fancy food at the new restaurant to gadgets and adventurous vacations. Credit
cards are extremely tempting as you are going to pay tomorrow for what you
consume today and many a times end up paying high interest as well on the
amount (sigh).
While
paying by credit card postpones your liabilities to a future date problem
arises if you face an emergency just around the time your outstanding is due?
When it comes to cash outflows, the list is endless.
So,
be frugal: what you hold on to today will compound and come back to you as a
big reward in the future! Be prudent and think twice before that credit card
swipe!
4. Budget
Budget
and plan every penny earned and saved. Preparing a list of your needs
beforehand helps keep in check impulses which do not align with a financially
meaningful month. Scrutinise your spending and make notes for a few days. Study
the pattern and spot the meaningless spending so that you can rein in your
instincts. Save up and avoid small expenses to eventually build an asset.
Creating
constant income stream in the long run will serve you better than small
pleasures today, don't you think? However, every individual's plan will be
unique and as per her/his circumstances. Do not get affected looking at peers
or friends, mind your own overheads!
5. Stay time-wise
Value
time as money. Invest it in constructive activities. Look for a part-time job
if your energy allows it so that it helps you make that extra buck. Part-time
tuitions in your own line of education or work is a good example of such an
option. THis is any day better than wasting your time on insignificant
activities. What we make of time is as good as making serious money.
6.Conserve
Curtail
spending over daily travel for groceries, classes or even workplace by looking
out for friends and form a carpool for your locality or social event. This will
spare unnecessary expenditures. Monitor your phone bills and work towards
making an intelligent and efficient use of this technology. If you are
investing in yourself by upgrading your skills or acquiring new ones, you will
need to join classes or read up. Borrowing the relevant study material from
friends rather than purchasing a new set of books could be a nice idea.
Lookout
for stores which stock up used books for sale at heavily discounted prices, a
great option! Aim for the scholarships institutes offers.
7.Stay off trivial borrowings
Mindless
borrowings from friends or family will make you less responsible for the
spending and not to forget, a loan is a loan, which you have to pay back some
day. Steer clear of burdening yourself with the mental and financial stress.
8. Socialise with a cap on!
Socialising
has its merits, networking the biggest of them all. But, as they say, excess of
everything is bad. Put a cap on those trips to the cafes, watering holes and
parties and spare yourself the burden of that month-end financial crunch
predicament.
9.Pursue a hobby
Pursuing
a hobby keeps you distracted from flippant spending ideas and too much
socialising. Hobbies are a great way to unwind, and you never know when
pursuing a hobby will turn into a big innovative business idea!
10. Plan in peace
Spend
some time in peace. Design a future and take planned steps to make that come
true. Family and mentors are always there to encourage -- seek guidance from
them. Some great ideas surface in tranquility!
Source: rediff.com
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