With the lifestyle everyone of us leads, savings is a thing as important as it is difficult to accumulate. Everything needs money- food, parties, leisure, long drives, girlfriends :p
The point remains- how?
Who all of you, as a student, had secret money? Like saved and hid money, from your parents, and later peacefully spending it on expenses your parents probably have no idea of. I see you smiling!
So I conclude that most of you know the significance of this term 'secret money' irrespective of whether you're still a student or has already made it to the majdoor population of our country.
All of us have different reasons to save. Some save to accumulate secret money like I used to do in college while some do it to fulfil a specific upcoming purpose, that they need to save for, out of the existing expense funds they got. I feel for you bro, we've all been there.
Let me give you a list of things I do (atleast I try to) on an everyday basis to cut out my present expense potential and throw in that money in the secret pocket instead *winks*.
1. Get a piggy bank (click on the one below)
Yes I'm serious. A piggy bank is the only thing that can save back money held for a purpose. Expenses come in everyday. Its like the universe somehow knows and conspire with all its strength to induce us into taking out the saved money and go on a spending spree, unless of course it will take efforts to open up a piggy bank specially and your mind might just tick into senses during the process. Loose money in a separate wallet pocket never happen to stay there for long for me.
2. Cut on the caffeine
Duh, of course I'm kidding this time. I'm myself a caffeinated person and can rarely go without at least 1 coffee a day. Then I and my friends plan a hangout one day and I see a Starbucks *stars in eyes*, I put a hand over my heart and walk on just to come to a CCD *facepalm*. But But.. what I do now is just head to a Mc'D instead or some other outlet that'll offer me a good coffee of upto 50/- bucks. Win-Win.
I'd really prefer sipping a Rs.50 coffee now and breathing fresh vacation air later in time instead of spending 250-500 bucks every time I get a coffee outside my home. A big NO.
In fact, 95% of the time, I brew my own coffee at home and avoid having to spend even those 50. I know I'm frugal, thanks XP. Hey BTW, a travel star bucks coffee mug and a so reasonably priced foamer/ frother/ whisker for you (click on the pictures).
3. Recurring accounts
If you plan to accumulate a big amount, then why not earn interest on it? With great motives come great ways. Recurring account is one of such ways where when once you commit a certain amount to a purpose, even you yourself can't break your commitment. Hey did I tell you I'm a mind reader too, you were just thinking of a Salman dialogue, weren't you? ;)
So the thing with recurring accounts is that you put in a certain (specific minimum) amount for a certain (specific as per the scheme you go with) period of time and earn interest (specified rates) on it. You also get the option of a specified amount being automatically transferred once every month on a pre set date. But you can only withdraw the whole amount only after that period is over. That calls for a long term investment though, still a great way towards a definite & secure amount as a gift from you to future you.
4. Sales and deals
You just might be one of those who don't care about the sales and deals angle of anything if they want to do it, but you probably are because you're reading a post on how to save money. Coincidence?
Well, the sales happen for a reason and the deals are a great pick too. No, don't spend less. Take the same amount out of your wallet but only a part of it to acquire what you're buying and the rest to transfer to your savings right away! Do you visualise how much you're going to save in how little time just by going for this approach?
5. Passive income
Another great way out for a great motive is looking for passive income around you. The term passive income brings with it thoughts and worries about taking out time out of your already equipped schedule or having to put your lazy weekends to working weekends. But there still exist ways where you don't have to make as much of an 'effort', ways in which you're already so good that it doesn't seem like work. "Do what you love and you'll never have to work again in life", remember?
Love playing guitar? Teach it to someone (online/weekends). Love writing? Freelancing is nothing to boast about now a days, everyone is so much aware of it. A pro at photoshop? Give online lessons (or this is a freelance job too). Was great at graphic designing in college? Why not give it a try now, if you're good, finding work is like a slice of pie in this case. Look at www.mydreamstore.in
6. Plan ahead
Planning ahead always gives you a considerable insight in your future and helps you live a little more lively in the available life. Suppose, if you know now that you'd most probably need somewhat around 5000 after 5 months, you also automatically know that you need to save a minimum of 1000 a month from this day. This way you can reallocate your expenses accordingly, or just take that 1000 out at the very beginning and make it till the end in what's left. They don't say wrong when they say, good planning does pay off ;p
7. Walk
Well yes, thats also a thing. I do not get how walking and cycling became so underrated in this country. Lets assume you spend Rs.20 daily hiring a rickshaw to move you somewhere about 2-3kms. So this is another trick that guarantees you Rs.600 and fitness at the end of 30 days. Still see a harm in walking? So take this, it will also be immensely helpful in preparing you for your future hiking trip, don't say no now. Please do it people, atleast for world welfare.
8. Master new skills
You don't need to join a hobby class for this one. Ordinary things like hand washing your clothes once in a while (in case you're a student spending your fortunes in laundry, it also increases life of the fabric). Help the fast food outlets become billionaires but also experiment with cooking your own meal often. :p Little things like these prove to be of help in the long run called life as well.
9. Be obsessed
This one's about an inspiration I got from a friend from his new found obsession, where he saves every Rs.5 coin he gets on everyday basis. Keep putting that amount in the savings jar faithfully and in no time you'll be very happy you did that. Its on similar lines as the piggy bank point but there you were putting in a definite amount everyday, while by focusing on 1 particular number coin/note, you may collect any amount, big or small, coming as a surprise to yourself. Now just think about it, if you aim at collecting every Rs.10 note you get hands on, you'd probably end up with a minimum of Rs.20-50 daily which may even reach 100 on days! It lies upon fate and well, some complicated probability & statistics too, which I'm not at all interested in doing, that in what denominations does the seller pay you back the due change. You must not peak into the cash register like a weirdo though, just saying.
LET ME KNOW WHAT YOU THINK ABOUT THESE AND WHAT ALL YOU ALREADY DO. ITS ALWAYS GREAT HEARING BACK FROM YOU! :D
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