Some more tips on how you can manage your money better.
5. Emergency fund
A reasonable amount should be set aside for any
emergency. A good idea would be to keep it aside in the form of a demand deposit. This need not be cashed immediately if required. Most banks are willing to give a loan of up to 75% of the deposit amount. So whenever a requirement arises, take a loan on the basis of the deposit and avoid cashing it out.
6.Live on one income
27-year-old Alka found herself in a financial quandary after
she quit her job to be with her newborn baby. This is because she and
her husband had been so used to living on two incomes, that they found
it hard to adjust to her new lifestyle. Try and save one income, while
living on another, so you have a decent amount of savings to fall back
on, if need arises. Also, in these days of job uncertainty and 'hire
and fire' policies adopted by many companies, one of them may be laid
off at any time. Be geared up for this by spending one income, and
investing the second.
7.Little drops of water make a mighty ocean
Sometimes even a small change in our habits can lead to
prosperity. Here are some tips: Buy goods in bulk wherever possible,
thereby enjoying the advantages of wholesale prices. Always shop with a
list to cut down unnecessary spending. If something is not on your
list, you don't need it! So, don't buy it! Be quick when shopping. The
longer time you spend browsing supermarket shelves, the more you are
tempted to pick up. Yes, spend time comparing prices, but don't spend
time randomly browsing. Don't hesitate while spending on education, and
on health. Think twice and discuss the pros and cons of spending money
on anything else, with your spouse.
8.Turn your hobbies into your part-time profession.
The dictionary defines the word 'hobby' as something
done for pleasure in one's spare time. If possible, try and convert
your hobby into a part-time job, so it not only gives you a sense of
achievement and satisfaction, but also helps you earn some money to add
to the family kitty. For example, if you are endowed with green
fingers, go ahead and start a small nursery. You do not have to own
acres and acres of land to do this. Make use of any space in the front
or back of your home, of balconies, or of the terrace. If it is not at
all possible to grow and display plants in your home, teach gardening,
bonsai etc to others. If you stay near a school, offer after-school
care. This would take only a few hours of your time. Likewise packing
lunches for offices, giving tuitions, designing web sites, tailoring, baby sitting etc. are other part-time jobs that can help you earn money.
Money saved is money earned. Even an ant saves for a rainy day. Let us
start saving and bring prosperity not only to our families but also to
the nation as a whole.
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- The Indiaparenting Team