Tips To Save Money From Money Experts

By SiliconIndia   |   Monday, October 31, 2011   |    1 Comments
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Bangalore: Got out of the house for a small stroll but ended up with five bags of clothes and accessories and dint realize it was the end of the month! Does it bother you when your bank balance shoots down by the middle of the month? Most of us these days don't realize how important it is to really buy something. More than the need, we just get tempted to have every other gadget or outfit out in the market. Little do we realize how necessary it is to save money for the future. Here are a few tips from famous money experts on how to save your money - * Do not Overspend We want to keep ourselves happy and just believe that money could buy it. Do not use your credit card until and unless you really need to. You can always wait for that ipod or buy that beautiful suit sometime later. It all depends on how you manage your finances. Avoid going to malls or streets that tempt you; instead spend some time with your friends over a coffee. You will still remain happy and your wallet's still heavy! * Set Goals Prioritize your needs and desires and take decisions accordingly. Set a goal at the beginning of the month for a weekend vacation or a simple microwave; this will avoid you from getting tempted on spending money unnecessarily. Every time you look at that watch at an expensive store, you can convince yourself you would be doing something better with the money. * Envelope System Make a separate file/folder only for envelopes. Have envelopes for all types of expenses - grocery, medical, electricity bills, entertainment and add one for 'wants'. By the third week of the month you would have known your balance and so add a few dollars to the 'wants' envelope then. The envelope system gives you a clear picture on where exactly do you spend more than necessary. * Carry Required Cash When you draw money from the ATM centers, draw only how much you think you would need. Let the extra notes and credit cards sit in the drawer for other important needs. If you still fall short of cash, keep back a few chocolates of the showpiece; you can always have it next month! * Don't Cut Out Everything Now just because you do not want to overspend that does not mean you should cancel all those little things you wanted. Let that special lipstick/watch/perfume remain in the list. It is okay to spend a little more, once in a while.
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