Quit Wasting Money!

There is a wide range of spending practices between those of the spendthrift and the miser. No one wants to be either, but we end up swinging between the two extremes. One way is to stop thinking of spending as an expenditure. Think of it as an investment and ensure that you get maximum returns. Here are six tips to stop wasting money:

Avoid Unplanned Debt: There are many uses of the plastic money cards you own, but shopping for fun at malls and putting unplanned and non-budgeted debt on yourself can put you under a lot of financial pressure. Use your credit cards only as conveniences; pay all dues promptly to avoid any interest. Interest on credit card debt is the highest!

Plan Expenses Around Regular Monthly Payments: When you get your pay, put away money for all your monthly bills – house rent, electricity, EMIs, phone, mobile, Wi-Fi, DTH service, and then set aside for your monthly grocery needs. Set aside for your investment plans. Now you know how much you can spend for entertainment and recreation.

Purchase THIS, Sell THAT: If there’s a meaty purchase you are waiting to make, get done with one of your old things. Sell it before you make a new purchase. When you buy yourself a new laptop, you can sell off the old one to cover the cost.

Get your Lunchbox Packed: Many working professionals shy from carrying a lunchbox with home-made food. Result? They end up getting tempted, spending a couple of hundreds on their breakfast and lunch. You’d be surprised at deducing how much money can be saved by simply carrying home-cooked food. It is also the healthier option.

Treat Expenditure As Investment: The investment outlook helps you to maximise the benefit from your expenditure.

When you put a plug on all the unnecessary money leaks, start investing. You will be able to plan to do big things with the money you earn. Possibilities open out when you have an investment attitude to your money management.

Quit Wasting Money! Invest in the future!

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