People earning Rs. 15,000 a month to people earning Rs. 15,00,000 per annum come to me with one cry “whatever I do, I am not able to save more money” What should I do Subra?
Frankly I do not have any answer. This is a grey area for me…but hey let me try:
1. Use public transport wherever possible. Even if you own a car see if you can use public transport more than you can use your car.
if you start writing down your expenses you will realize that you are spending far too much on transport than what you think. See if you can cut costs here.
2. Walk / use a bike where you cannot walk – it reduces cost, reduces pollution and far more importantly improves health.
3. If you MUST buy a car, buy a second hand car and use it as long as you can.
Honestly there is no relationship between the ‘newness’ of your car and the ‘happiness’ that the purchase gives you. So stay away from a new car. Look for fuel efficiency, ease of handling, etc. – and do not fall for aesthetics. Be careful.
4. Make a list of things to buy and buy it in one shot – try to buy it online. Especially for labelled things. Branded goods are normally cheaper online than offline.
5. I know many young mothers buy nappies, diapers, etc. online – saves time, travel, cost of carrying, parking,…etc.
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