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8 first things to develop the habit of saving

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Everyone comes to a stage in life where we realize we need to save some money for the future. We have dependents, family, dreams and various other reasons to save money for. But a lot of us, especially the younger generation is unable to do justice to this. Reasons could be the attractive shopping offers online, new restaurant that has opened close by or say a short weekend getaway. You know it better. In order to start saving you need to develop the spirit of saving within you. Here are few pointers that will help you develop the habit of saving

  1. Accept that your sources are limited. You may have a good amount of salary or other source of income but remember it is a particular number and is limited to that number.
  2. Spend only for need not for luxury. Before paying your cash or swiping your card think twice to check whether this is a right expense you are doing. For eg: you might be picking a lovely jacket at a store but you already have a jacket home which you use rarely. Just because you like it don’t by it
  1. Control your emotions. Just because something is tempting you do not spend on it. If you can cook a healthier food at home and you have already done with your monthly –eating outside quota then don’t go to the restaurant just because you heard it is good. This applies to the stock market traders too where the game is of the mind and not of the heart.
  2. Save before you spend. Comes from the legend himself, Warren Buffett said this. You end up not saving if you spend before you save.
  3. Keep auto withdrawal from your account for your investments. With this you are forced to maintain a certain amount of money in your account and helps in saving.
  4. Understand various methods of savings. Many of our understanding is limited to fixed deposits and real estate. Well there are a lots of ways of saving and investing. I will be updating in here various hacks and tips where you can save money in every walk of your life.
  5. Teach children to save. If you are a family person, inculcate the habit of saving in children at young age itself. Tell them how much hard work you are putting in to earn every penny and why they should not waste anything.
  6. Talk to people. Most of us do not like to talk about our financial position to others. But it is important to share about the same and get a different perspective to your case. It will help you realize where you are heading to in the race called life.

MYNEEDTOLIVE guest blogger

Author: Pearl Sequeira
Pearl Sequeira is a Chartered Accountant and a Blogger helping people to live life simple and happy with practical tips. She runs her own blog www.pearltakes.com

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