Tuesday, November 14, 2017

Do you have the Moolah to buy your desires? Budgeting will help



This article is written by Guest Author Ms. Nayan Thapar, a personal finance enthusiast and pursuing post graduation in communications. Views are welcome at mymoneystreets@gmail.com


You wish to buy a house? A car? Or let’s say you are this “I love to travel so let’s pack our bags and go on an adventure trip” kind of a person. But, the fact that there isn’t enough money in your bank account to fulfil your whims and fancies, you cease to live life the way you want to live. You somehow always end up restricting yourself and ultimately, just get used to the life that lacks impulse.

From the blog - Create wealth with conviction and planning

In order to provide a cushion to your dreams, here are some tips that could ease your financial pain in no time. So to be precise, let’s talk about the ‘B’ word: Budget

·         The little things; #thatmatters
We joke about these little things but at the end of the day, these Lilliputian efforts that you put in, really matter. Giving an example would make a difference. As a student, you are always late to catch the college bus that you get as a service and instead you end up taking an Uber or an Ola because you want to be in class before 10 am. Now, that costs you around 30 bucks which is insignificant but when we calculate it in our monthly expenses, it sums up to about 900 which “could” have been used as your bus ticket to the next destination on your travel bucket list. Does it make sense? I think, it does.
·        Confessions of a shopaholic
Everybody understands when we talk about impulse buying because everybody has gone through that phase at some point in their life and everybody has gone on a major guilt trip now and then. The question is how do we curb this feeling? Well, now that we are staying in a world full of digital heads, there are so many apps which can help us keep a check on the kind of purchases that we make and in which areas we end up splurging on. Apps like Walnut, MoneyManager and Monefy can actually curb your urge to splurge!

·        Get set Goal
Set a monthly as well as an annual aim or a short term and a long term goal, according to your suitability. It just makes things a lot simpler. You already have a pathway on how you have to go about throughout the month and it won’t come out as a shocker unlike the times when you suddenly realize that you are underpaid or you fall under the ‘urban poor’ bracket.

·        Strike a happy medium
Balancing your way through is essential. Every month, when you plan your checklist, categorize on where you want to extravagantly indulge and where you can cut down on your expenses to balance out your expenditure.

If you make these miniscule changes to your financial calendar, then there is a definite chance that you might bag some bonus trips and getaways or might end up purchasing more than what your pocket allows (but that is helpful sometimes and not all the time).

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