Saturday, December 27, 2008

Managing Your Finances

Ok so there is a global recession. And pocket strings are tightening.. costs cutting has to be done. So what are the ways in which you are cutting costs and expenditure?? Do share your funda’s and help people to manage their money better during global meltdown.

Here are a few things i am doing to cut down costs;-

  • Whatever money I have on hand, first im depositing it all the in the bank, before moving aside the amount I know I will require to use for the month. The bare minimum.

  • I donot carry my card anymore. Plastic money hardly gives you the feel that you are spending, so you tend to use it much more than you would like to.

  • This is the big one. CONTROL YOUR CRAVINGS AND TEMPTATIONS. Once you put on hold the things you see and think ‘o I just have to have that’ otherwise you may land your self in trouble.

  • Stop visiting sites that make you aware of all the latest gizmos that tempt you to buy.

  • Don’t go overboard with going to malls and multiplexes. Make it occasionally or once a month instead of a weekly affair. You can rent DVD’s instead.

  • Remember the keyword now is conservation. Times are tough but then it hopefully it’s not going to last long. So adjust now and you will reap the benefits later.

Don’t forget to share your cost cutting techniques: P

24 comments:

pisku said...

Open a second bank account and transfer your target saving directly. don't look at that account at all!
Lesser money in ur regular account will automatically make u prudent !

Born Vagabond said...

Khao Piyo Ash Karo :p!!!

divinediu said...

I hardly have money to manage. :P

Phoenix said...

@pisku
hmm now thats an idea... :)

Phoenix said...

@born vagabond
bhai waisa karungi toh bas... bakrpt ho jaungi and not to mention FAT!

Phoenix said...

@devinediu
hmm.. sad :(

La vida Loca said...

eating at home most of the time :)

Happy holidays!

yamini meduri said...

hmmmm...!!!

i dont have that amount of money that i can save....but still watever i get in the ame of pocket money i am saving much out of it for the book that i am gonna get published.....so no ideas about cutting down costs coz' i rarely get to go out shopping...!!!

anymore ideas that i can use to save my money...please let me know too.....by the way i get a very little amount for the pocket to be filled...!!!

vanilla sky said...

The plastic money thing is absolutely right!
Anyway,your advices are great. But I hardly have any to save !

Hemanth Potluri said...

i really don't know how to save money..i have to get these tips worked out :)..one thing only i believe money should not cause any prob to a relation...:).

urs..hemu..

Shrav said...

Is recession hitting you that much??

I don't have any probs as of now! but I guess I'll start cutting costs! :):)

Aneesh said...

I guess, you have mentioned the main things already.. its more important whether you follow it. The best is to keep just half of the money that you think is minimum. And certainly keep the card at home... that can certainly save a lot. Just take money on a monthly basis.. will be tough for the first few time, but that keeps you think twice before spending..
:)

ANWESA said...

hmm..nice tips here..another tip 4m me:don't buy too many books 4 reading 4 pleasure,use a library.

crackpot said...

oo thxs ji for the tips... :)

well my tip is to read this post daily after waking:P

urs-crackpot :P

Richa said...

no savings for me :D, i m sick of saving all the yr n now i m spending :D

Lena said...

umm.. havent noticed the recession that much :P
so going to spend all my money shopping :P
At least i hope so!! :)

Preetilata【ツ】 said...

umm i can never do this. do not have enough to save so i enjoy :P

Mithe said...

wow! good sound advice phoenix:) Yes, I am back...hey you ne to visit my blog-you are awarded-yet again!:)

Mithe said...

wow! good sound advice phoenix:) Yes, I am back...hey you ne to visit my blog-you are awarded-yet again!:)

Priya Joyce said...

the one on controlling temptations quite scared me :P

Amrita~Ams said...

uhhh
now tats tuff :(

if in future my mom ll publish ny post then she dont hv to wrk hard 4 tat she just hv to copy-paste ur post ...she got the same feelings n tip repress.

n ya thxs for visiting my blog,it was nice to hv ur comments

Mitch said...

Pretty smart stuff there. I have many different things that I do. I have multiple bank accounts, so I'm constantly moving money around. I carry cash, but because I'm on the road a lot I have only my platinum American Express card, where I have to pay off the balance every month. I also have a change jar next to my desk at home, and whenever I pull change out of my pocket, half of that goes into the jar as my "mad" money, whenever I decide I want to spend it. I'm not sure how much I have, as I try not to touch it, but it's building itself up nicely.

ceedy said...

Ok my only advice...dont let this get to you....if you clutch your money it will want to vanish in ways you will not even be aware of - heard of penny wise pound foolish....

what you need to learn though is that you need to start saving a bit every now and then that is like a cushion money....

heard of recurring accounts in banks....look into it....its like saving a fixed amount like say 100 rs or smg...every week/biweek....for a fixed period of time....that will collect itself over that period...and then when one account is up open another one....and the money that you have collected now can be used in a chunk and if you dont need to spend put it in a fixed deposit....

it takes few years to see what you can acheive but then when such periods come you still are not perturbed....

Harshita said...

I agree we all shud save but frankly some ppl have a permanent expense every month...and that will not disappear in any case.

I think the best way as u said is to spend smartly...