Money is something which never skips your mind until you leave this world. The most common thought about money is how much more can you earn. For many, it is the only way to achieve stress-free living. Driven by this thought, people strive to increase their income, but at the time of retirement they are still dissatisfied. The reason is not their inability to earn, but the lack of ability to spend their hard-earned money wisely. Individual needs are never ending, and those who fail to acknowledge it, get stuck in vicious circle of earning and spending. It leads them in to consistent payment of debts, which later results into little to almost no savings by the time they retire.
Solution to financial stress way beyond just increasing your income. While increments are always directly proportionate to wealth creation, managing your expenses are indirectly helpful too. As Edward Day once said “To acquire wealth is difficult, to preserve it more difficult, but to spend it wisely most difficult of all”. Managing your expenses is long-term game plan, which not only helps in creation of wealth but also gives you the necessary peace of mind. Here’s a look at some of the effective ways to save and spend your money wisely.
Spending money is like controlling a hungry dog on leash, it will always try and take you to the direction it wishes, unless you manage to control it and save it from danger. It does not necessarily mean giving up on your existing lifestyle, instead it will result into a comfortable one, by trimming certain unnecessary expenditure. Success is the product of mastering all small yet insignificant task, and to succeed in saving money if one can master the above steps, month end will never be damp again.
(The author is founder, Money Mantra. Views expressed are personal)
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