Successful Saving!

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“Money, Money, Money. It’s so funny. In the rich man’s world.” – Abba

We all know how important money is, specially today. This world that we live in has become so materialistic that all of us need money to survive. We need money to fulfill our desires. Some people need it so they can prove their self worth, some need it because of necessity, some need it because money is power. We read the newspapers everyday. We see how even rich politicians or government officers are earning money via wrong means. For them, it is a choice and not a necessity. My point is that everyone wants to have more and more of money. No one truly satisfied these days with what they have. The young man of the house wants a bike, the smaller one wants a new phone. The young woman wants better clothes. The mother wants to buy jewellery. Father wants a new Rolex. The list is endless. No, I will not say that having desires is a wrong thing. I am only asserting the fact that money is really important to people today mainly because everybody wants one thing or another.

We youngsters have a different mode of treating money. Most of the young people that come from well off families do not give a second as to where they are spending their parents’ hard earned money. This category of people would be the cream of the society- the high class people, the top rung. The youngsters from middle class families have different values. Not to say that the ‘cream’ is immoral. Middle class people have their own approach regarding monetary values. For them, the purpose of money is different. They want to fulfill the basic necessities first, giving a lot of importance to education. They purchase something expensive only after giving it a lot of thought- it is their hard earned money after all. Their children also understand the importance of money. These are the children who want to become independent soon. These are the children who want to ease the financial stress that their parents carry. They do not mean disrespect. Of course, their parents have also fulfilled their wishes. They just want to do this for themselves. But, they are new to the world and do not understand the complex ways. So, with the hope of earning and saving and slowly becoming financially independent, they take up a job. What next? How to save this hard earned money?

Here are 5 simple things to do for saving money. I will not talk about saving bank accounts, fixed deposits and the like. I will talk about the simple steps that will urge you to save more and more money. The first step towards, after all, is the desire to save money. Is it not?

1) Learn your responsibilities

You are grown up. You need to be financially independent, at least to a certain extent, by the time you are 20. When you become aware of the role you are supposed to play in the family, you will want to start earning and helping your parents.

2) Self service

You start small. It is not possible that you buy a house with your first pay check. Instead, buy yourself some clothes with your earned money. Maybe a phone. Something that you need. Something that you can manage yourself and you don’t have to worry your parents about. Your parents will be so proud of you, seeing you work hard and managing your needs independently. Buying yourself what you need will urge you to save.

3) Financial goals

Fix a target amount of money that you want to put in the bank every month. This way, your conscience will weep if you go overboard. What do you imagine your bank statement to read in the next 6 months? Whatever your answer is, work on achieving that goal. Being independent also gives a certain kind of rush.

4) Ask yourself

Ask yourself what you need. What you are spending on. Is it worth it? Will you be using it after a month or so? Is it useful? Do you think you can do without it? Stop cluttering the house with unnecessary things. Just because you possess buying power, does not mean that you spend 80% of it on junk food just because you can. Spend your money on substantial things.

5) Reward yourself

For every goal that you achieve, take a small amount of money from that sum and buy yourself something that you have been wanting to buy since a long time. How about that new phone you have been drooling over for the past 6 months? Or that green scarf, perhaps? Positive reinforcement works wonders. You need to feel rewarded for your control as well.

6) Change jar

Most of us randomly dispose off the coins that we get. Keep a jar. Next time you get a 5 or 10 rupee coin, drop it in the jar. You will be amazed at how much money that jar will collect over time. We normally ignore the small bucks thinking that they hardly mean anything. It is time we realize that every drop has a contribution in forming the ocean.

7) The bank/stocks/shares talk

Since this is an article of successful saving, I think I shall have to mention the role that banks play in the said purpose. Banks help us save money. They give us an interest on the saved money as well. They have certain schemes that are projected at increasing the savings of the individual. Stocks and shares, if luck is with us, also help us earn and save more money. Be aware of all schemes that come in the market that aim at saving money.

Saving money is not such a huge deal. We just need to be responsible and sincere. I know it is tough to exercise self control, but the satisfaction of seeing our hard earned money in bundles is  a joy that has no equivalent.

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