Money Talks Weekly
This is my weekly learnings to our email subscribers, same will be shared in our website and linked in. Please do share if you think it would benefit to your dear ones.
Managing money is different from making money.
People usually say, Income is the problem. Do you think, are you making good income ? do you want more income ? Mostly you may have ‘YES’
If you are salaried person, there is a lot of dependency to improve income. You may need promotion or salary appraisal. Both are not in your control.
One thing is in your control. That is your money in hand or Income in hand, you can start manage your own money well. How ? Keep a track and see where you cut !
First of all, see the category of your spend. Identify major category of money follow.
We can divide our money outflow in to – Accommodation, Food, Travel and lifestyle shopping. Where are you spending more ? can you make one area more meaningful. Meaning, Food – Are you eating out or eating packed food. That will be expensive and unhealthy. If you focus this area you will able to save money. Travel – Are you spending to much on Uber and Auto, can you make it public transportation ? Are you a shopping addict ? can you shop with a plan and avoid quick shopping’s. you will figure out ways to cut spending.
Managing money is different than making money. We are talking only one aspect of managing money, that is spending. If you can keep a control over spending, you can save more. That itself a hike in your income one way.
When you cant catch your take a control of your income hike, work on your controllable. Your controllable is your spendings. Keep a watch on your big spend items. Cut it without impacting your lifestyle or controlling your confidence level.
That effort definitely boost your saving potential, we you get extra savings. Don’t keep it in your bank account, Invest immediately ! Call your advisor to increase your SIP !