Spend what is left after saving

In this critical period of pandemic due to Covid -19 the earning of money has become lesser for all of us and spending continues whatever best we do to contain the expenses. You have the right approach to saving i.e you spend what is left after saving rather than the other way round. I believe in parsimony not because it accumulates wealth but because it actually works towards conservation and protecting your health and the environment. Also the approach towards savings should not be depriving yourself because life is all about striking a balance between living for the day and preparing for the future.

Here are a handful of household hints which might seem to originate from the 1980s but hold a lot of value even today after 40 years gap.

1. Don't waste money on the fancy packaging: Buying half a kilo of curd costs double the cost of buying milk and setting the curd. In Indian weather curd sets overnight make sense to buy milk and set your curd than buying branded curd for no reason, at least you could buy some fresh curd from your dairy man round the corner.

2. Milk in Tetrapak is always much more expensive than the milk you get in sachets from dairies or from private dairies in loose form. Like in America or Europe you get gallon of milk which is kept in the fridge without warming and it is mainly used as dairy whitener to whiten your tea.

3. Buy seasonal: Vegetables like peas are almost four times more expensive when they are bought off season. In India you have fresh veggies available for different seasons and therefore there is no reason to buy imported vegetables or store vegetables in deep freezer. In fact many households are buying green peas fresh when the rates are low and store them for 6 months use in deep freezer for the rainy day or when the rates are pretty high in summer.

4. Avoid buying packaged juices/aerated drinks: You may not realise it now but the sugared fruit juices with preservatives and aerated drinks are doing more damage to you than you imagine. Home made Lemonade, green tea and chaas or lassi are good for the wallet and the budget. Alternatively you may prefer to buy tender coconut fresh and drink the water.

5. Living in Cross cultures: The advantage of living in a city is that you can pick up the best from different cultures when it comes to food. Processed food and ordered meals may seem convenient but are not really cheap. Considering buying idli dosa batter, khakras or theplas for reduced effort in cooking. They are healthier and easier on your wallet instead of buying too much oily stuff like samosa or vada.

6. Garments and ready made Clothes: When you buy good quality but never pay full price as in special discount sales in malls and super markets. You will always get an option to buy hem at half the rack rates, but you need to recognise a genuine sale as against a clearance of useless stuff lying there. We need to also buy clothes that you can be machine washed and need not be dry cleaned every time as it proves to be costlier to maintain.

7. Laundry : Never give regular clothes in laundry for washing or ironing but do your own ironing at home it is cost effective and also convenient in the days of pandemic when you don't wish to go out to laundry for drying your clothes or washing them yourself makes sense.

8. Mobile phones: It is preferred to go for a pre-paid plan most of the mobile companies in India have dropped their rates in view of the severe competition and the customer is benefited. Their Pre-paid plans are easier to design on your own and you can buy an sms pack and an annual data pack that will allow you to do everything that you want on your phone for less than Rs 500 a month otherwise post paid tends to be much costlier on actual usage pattern.

9. Repair v/s replace: This does not hold true for electronics because we can't repair electronic items ourselves. But for most other common things this holds true. If you buy something make sure you either use it up fully, wear it out completely, make it do, or do without. In India you will find people who can repair most things or fabricate broken parts at every nook and corner of the road side at very low rates for repairs.

10. Buy Online: There are some utilities which give a discount if you pay bills online. Register yourself with bill aggregators like Visa Bill Pay India using your visa debit card to pay all bills with one click. Internet banking on your preferred bank also gives great discounts and it is very convenient. You will get email reminders and will never have to pay a penalty on a delayed bill online. There is no need to go out to pay your bills standing in queues which is an old system now.

11 Be ready with wish lists: Keep a to do/ purchase list stuck to the kitchen refrigerator with a magnet. This will help you do your weekly purchase and combine activities so that you save on time. This list needs to be updated as soon as you remember some new things to buy and this will resolve many issues as you order online those things which will be home delivered at no extra cost.

12: Online Travel plans: If it is just the couple travelling, you can make the best of discounts by travelling in off seasons like monsoon when immediately after vacations end or by travelling off season. Decide at the beginning of the year whether you would like to travel and make elaborate plans so that you can do it on a shoe string budget. More fun that way when you are young. These off season rates for hotels and airlines are pretty low and save lot of money also less crowd at each tourist place during off season makes it comfortable.

13: Boost your hobbies at home: If you love reading books or listening to good music develop your interests online community are there to welcome you as members. This is what will give you the greatest joy when you find that you have time for yourself. You not need to buy a lot of books or purchase an expensive music system. You can hook your computer to low-cost amplifier speakers. These days there are many low-cost options available for books as well. Use MP3 players and also online music is available on karaoke tracks for you to sing along.

Money saved is money earned is the simple maxim my parents taught me and I religiously follow their suggestions of saving money. All said and done, savings do not automatically translate into wealth. You need to put the money you set aside into a good systematic investment plan with a mutual fund to ensure that you do not lose money to inflation. Also when you are young your focus needs to be on advancing your career rather than settling down in a job. The future is bright and you will have a lot of opportunities coming your way.

Stay blessed! #kishoreshintre