By: Vivek Rawat

Most of the people in our society have a wrong perception that they can’t save money because their income or earnings are too low as compared to the increasing expenses. Shouldn’t we try to find out those measures by which we able to save money even on low earnings. When a person receives his earnings on a weekly or monthly basis, he/she spends first on goods and services and later thinks to save but after spending he doesn’t left enough money which he can save and then the problem arises of low savings. Impulsive expenditure is the mistake we all do and that is what we should avoid. It should be like that whenever we get earnings, just plan in advance that how much money have to save and how much have to spend and remember to save first before spending. In initial period, there may be some problems but habits of saving money will give us the secure future and long term benefits.

            Saving is necessary for all people as without saving no one can survive for long. Either a person is doing job or business; he must save any amount which he can afford from his income. It is a myth that a lower income person can’t save money. No, that’s a wrong perception because he/she should spend according to his capability also he should spend on necessity of goods. It’s also an old myth that a person should expand his foot to the size of bed sheet he have. This old idea has changed completely now as experts says no need to compromise, just expand your size of bed sheet means increase your income level by learning those skills and knowledge about the work which you’re doing for your income.

            Now we must know the method of savings money, however, every person knows where to invest i.e. in mutual funds, share market, recurring and fixed deposits or in property but one needs to know more than this if one wishes to make profitable investments one need to apply mind and find out the risk and reward associated. Here we give some easy steps that everyone needs to know.

• Buy useful things mainly for long term instead of short term-   

Some middle and lower class people buys those things after getting influence from others (peer pressure), which in reality are not useful for them in long term and even in short term that doesn’t requires and later they regrets themselves and the saving problem emerges. So there is no need to get influence from the society, just shop as per your own budget.

• Try to clear out your loan amount before all other expenses-

Taking loan is not bad but taking loan for unnecessary things is not suggested. Loan, we can say is the need of today’s society which can be in form of personal, home or vehicle loan but people sometimes do a big mistake. Rather to pay off their loan, they prefer to buy other things, which cause them burden in future, because loan is like a trap in which you should be aware to get out of it as soon as possible.

• Don’t keep excess gold & cash at your home-

Most of the family keeps heavy amount of cash in their home even of no use of that for long time. Also, keeping gold at home is something like just a simple document in your home’s locker. As today people are keeping gold in their home is increasing the demand of gold by other people and supply is going short from market by which price is increasing day by day. So it is suggested to keep gold and cash at work by which you can raise money for some other work which will act as an investment or saving for future. So for savings and security purpose, try to keep your cash into your bank accounts, where you will get interest and also your money will be safe forever. It will also boost up some savings aspects when you will pay through online mode through your bank account. It might not possible while doing cash payments.

• Sale…sale…sale…, Buy 2 get 1 free….., upto 80% off-

We used to notice these lines everyday in the market or on some special occasions. The seller uses this strategy to clear out of their old stock but most of the people buy those things form these type of SALE which proves irrelevant to them in the future. So try to purchase only those things which you think important for you keeping saving in mind.

            Every person earns money through hard work and so it should be our responsibility to invest our money into some meaningful places for investment purpose. The points discussed above will prove beneficiary to a person who wants to save for a better future or better life.

The author has a Master degree in HR and Marketing.