How to Start Saving Money- I Began at 5

How to Start Saving Money  - I Began at 5 

Papa: Hello beta, look what I have got for you?
  Me: What is this, Papa?
Papa: It is a piggy bank and I will give a rupee to drop into it everyday.
   Me: What will that do, Papa?
Papa : When you grow up you will have a lot of money!

The above was the conversation between my father and I when I was 5 years old. He had returned from work and brought a piggy bank for me to inculcate the good habit of saving money in me.

It was at that time when I started to understand what saving money is all about. I would ask him for a rupee everyday and put into the piggy bank. Later on too, whenever I got money, it would all go into it.

You know, the trick is to catch them young and that is exactly what my Papa did!



By the way, I broke my piggy bank when I entered college (with a heavy heart of course!). There were a lot of coins that were used in buying my bus tickets for my daily commute. :)

Okay, so from piggy bank to mutual funds, my life has come a long way but the basics are the same! Here are some tips to help you stay financially healthy:
  1. Start early - As soon as you start earning, apart from your salary account in a bank, you must have your savings account as well. 
  2. Save a part of your salary - After paying your bills every month, keep an amount aside and label it as your monthly saving. Once you stop wasting money on unnecessary things, you will be able to set aside a higher amount as your savings. Chalk out all your expenses and find out where you are spending more than what is needed. After setting things right, you can transfer the savings to your savings account and over a period of time it will be a substantial amount. 
  3. Invest - Yes, it is good to start investing in the right places and see your money grow with time. 

I would not tell you where to invest because I am not a financial expert to tell you that. I am just a commoner who has learnt things from experiences of my own and that of others. There are a plenty of options in front of you these days. You can even ask a financial advisor to help you out with it. 

Even if you did not start saving from an early age, you can always do so from today! Find out how much you can label as monthly savings from your current income and shift it to your savings account. 

The amount saved can be used when you are in a crisis and in dire need of money. You must always have enough to execute the PLAN B of life. I hope you are able to catch my point. Sorry for sounding pessimistic but you never know when catastrophe strikes! What I personally feel is that the world needs a little bit of pessimism to run things smoothly and therefore, you must have money for emergencies. 











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