Money is not everything but everything needs money . The term money plays crucial part in today’s scenario , every decision , activities and day to day expenses are done keeping in mind this term . Hence it is important to Manage money effectively and efficiently .
In earlier times ‘Barter system’ was generally used to buy goods or take any kind of services . Barter system was nothing but exchange of goods for goods . But it was difficult to standardize the quantity of both the goods for the exchange , hence the money was brought and now became the most important part of life . Money doesn’t descriminate it tells everyone to save it , ignoring age colour and gender . Even a kid collects and save coins to get his favourite chocolate and adults get in FD’s to get money during later ages of their life .
Not only because money can buy everything we want to have but we all want to manage money because its not only ‘Money’ but ‘Hardwork’ . So here I share how I Manage Money .
• I usually maintain a record from the first day i get pocket money to the last day of the month , I pen down every little expense I do and later on check on the record that where I can save or i can spend less . This help me in reducing unnecessary expenses .
• I owe a potter’s piggy bank (mitti ki gullak) so that I don’t use my saving unnecessarily . Although it is very old method to save but the best one.
• Also you can get yourself Saving Account or Re-occuring Account to save with interest .
• Invest your money, this can be either in form of short term or long term depending on your needs . ( Do not forget to read Terms and Conditions and read all the documents carefully before investing your money somewhere)
• Always keep an emergency fund – Try to save money as emergency fund , as you never know what happens in future . This emergency fund will help you in meeting your financial needs at the time of emergency .
• Give yourself a Week or a month challange – When I feel urge to buy something I try to control myself and save that money for other important purposes . Also here you can add up making a specific amount your objective like – Rs.2000 . I promise you will feel happy when you reach your objective .
• Know your expenses and make a budget plan – like before you move for shopping make list of all the items you need and remember to buy not more than you need . Know your Income and buy accordingly that whether you can actually afford what you are planning to buy?
• I also maintain monthly budget for all the expenses . This is good way of managing money as you will not move out of your budget and you will know it better where you can save more !
Money saving and management is all about patience and control . Remember you yourself will only be their if someday you need funds . “ Try to save more than you spend “ because every single penny counts when you are in need .
Money management is not about spending less but it is about managing your funds .
Don’t try to ignore your basic needs and wants in the name of savings, after all money can’t buy your happiness.
In earlier times ‘Barter system’ was generally used to buy goods or take any kind of services . Barter system was nothing but exchange of goods for goods . But it was difficult to standardize the quantity of both the goods for the exchange , hence the money was brought and now became the most important part of life . Money doesn’t descriminate it tells everyone to save it , ignoring age colour and gender . Even a kid collects and save coins to get his favourite chocolate and adults get in FD’s to get money during later ages of their life .
Not only because money can buy everything we want to have but we all want to manage money because its not only ‘Money’ but ‘Hardwork’ . So here I share how I Manage Money .
• I usually maintain a record from the first day i get pocket money to the last day of the month , I pen down every little expense I do and later on check on the record that where I can save or i can spend less . This help me in reducing unnecessary expenses .
• I owe a potter’s piggy bank (mitti ki gullak) so that I don’t use my saving unnecessarily . Although it is very old method to save but the best one.
• Also you can get yourself Saving Account or Re-occuring Account to save with interest .
• Invest your money, this can be either in form of short term or long term depending on your needs . ( Do not forget to read Terms and Conditions and read all the documents carefully before investing your money somewhere)
• Always keep an emergency fund – Try to save money as emergency fund , as you never know what happens in future . This emergency fund will help you in meeting your financial needs at the time of emergency .
• Give yourself a Week or a month challange – When I feel urge to buy something I try to control myself and save that money for other important purposes . Also here you can add up making a specific amount your objective like – Rs.2000 . I promise you will feel happy when you reach your objective .
• Know your expenses and make a budget plan – like before you move for shopping make list of all the items you need and remember to buy not more than you need . Know your Income and buy accordingly that whether you can actually afford what you are planning to buy?
• I also maintain monthly budget for all the expenses . This is good way of managing money as you will not move out of your budget and you will know it better where you can save more !
Money saving and management is all about patience and control . Remember you yourself will only be their if someday you need funds . “ Try to save more than you spend “ because every single penny counts when you are in need .
Money management is not about spending less but it is about managing your funds .
Don’t try to ignore your basic needs and wants in the name of savings, after all money can’t buy your happiness.
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by Capt Shekhar Gupta and Shina Kalra | 1 January 2019
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