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This thread is the winner of the TOW award for the week 07th to 13th August '16
  • Category: Miscellaneous

    Do you follow the concept "every paise you spend must count"?

    There are different kinds of people in this world. Some people whether poor or rich while they are spending any money on any thing, that they wish to get best out of it. But some people they never care about what they spent but they want their work to be done in any way. When some people we see, with great hard work what they earn will simply waste through mismanagement. Throwing of food due to excessive cooking, spending money on cheap and waste things, alcohol consumption etc. I am a person who believe in that whatever we spent must bring some worthy return from it. What is your thinking regarding this issue folks?
  • #574983
    Well, I am one of those who keeps a vigil on my spends. Not that I am a miser. I do spend adequately on what is needed to be spent. But, I make it a point to keep a track of what I have spent for.

    The proper money management has been quite possible because I solely rely on digital transactions as much as possible. Except in such cases where it is absolutely necessary to carry the physical cash, I never handle cash. All transactions are through plastic money - debit or credit card- and that saves you money that you may end up spending unnecessarily.

    For instance, while making grocery purchases, I make a monthly purchase and pay by card. If you carry cash, you do not exactly have an idea of how much you need to carry with you. For instance, you will carry, say Rs. 1500. If the bill at the grocer or departmental store comes up to say, Rs. 1200, the excess amount of Rs. 300 will be l;eft with you and ultimately go through improper unplanned expenditure. Paying by card will make you pay Rs. 1200 and the excess amount is thus saved.

    Live....and Let Live...!

  • #574988
    It is a good habit to get the best out of the money spent, even for a rich person. This is a related quote. "You will know the value of a thing when you don't have it". Similarly, poor people know the value of money when compared to others. Many rich people spend their money for useless things. Case in point, a rich person bought a comic book (Amazing Fantasy #15 - The origin of Spider Man - 12 cents in 1962) for 11 million dollars. That book may be a collector's edition but it won't do any good to anyone. If a person becomes very rich, he/she should help others to make a living on their own. Using money properly is one of the most important qualities required for any person.

  • #574994
    Using money properly means saving also for unforeseen emergency situations. Generally, people plan their monthly budget based on their monthly income without providing for monthly savings. At least 10% to 20% of the monthly income should be saved for expenditures which are not regular in nature like additional expenditure during festivals, medical treatment, participation in family weddings and such other functions and travelling/tour/site seeing etc. This is in addition to the annual expenditure on the insurance policies, house tax, AMCs etc. A provision should be made for maintenance of the various household equipment etc. also. Even maintaining a water purifier requires periodical expenditure.
    Some of the areas where attention has to be paid regarding saving money are judicious consumption of electricity and petrol, the habit of eating outside food, refraining from buying clothes unnecessarily and beauty parlour treatments etc.
    Avoiding wastage of food, expenditure in show off related activities and bad habits like drinking, smoking, gambling etc. the other areas which can help one in leading a peaceful and debt free life.

    Let us encourage each other in sharing knowledge.

  • #575009
    That made me think of how much money I did waste during the initial days of my career. I was living alone before my marriage as I was away from from home because of my job. My expenses were quite low back then. But I failed to save then.

    After marriage and settling down, my spendthrift nature continued. We used to go out almost every Sunday and used to have food outside. Then there were unnecessary purchases just because the thing fascinated us.

    Now, over the lat two years or so, as the economic condition worsened here in Goa due to suspension of mining ( I work with a mining associated company), I began saving. Even with the deteriorated condition, I am now at a good state financially because I began cutting down on useless expenses and started saving.

    As they say, you need to earn money to certain extent. After that, the money begins to earn itself.

    Live....and Let Live...!

  • #575031
    I am reading this piece of saying for the first time itself. The original saying that I have heard is "Boond Boond se Saagar banta hai" or Drop by Drop, becomes an Ocean.

    Anyways, I do not earn a penny, so I may not be directly eligible for this question. But the little money I have or am given is properly spent by me. I always compare the prices as well as the contents from which a product has been prepared. From hair oil to other little tidbits, I am quite keen at times. To be more specific, it is not the money but the value for money and selection of the right product which I always prefer.

    However, my father is an officer in Treasury who had started his career as a cashier. Then and before, he may have seen the hardships that fall due to the money and resources. So, he has this habit ever since I can remember that whenever he does a little or more shopping, he is the one who takes a pen and a paper as soon as he reaches home and then estimates how and where he had spent. So it somewhat becomes how a cashbook or ledger works. The amount that was in Balance must be friendly with the amount that is left in his pocket. If the same does not happen, he will spend more time in calculations and figuring out where the money was spent.

    Note- He is very open in spending with both hands and buy extra when not needed. He is just habitual of keeping a track of it. (smiling)

    Regards,
    Ank Arya

    "Your value does not decrease based on someone's inability to see your worth"

  • #575039
    Spending is not great, but we have to spend it in right way and get the right value or service for it. For example, if you can see a movie at a ordinary theater with air condition facility with 100 rupees , what is the use of spending 400 at multiplex and see the same movie. Likewise while those who have the habit of eating outside, they must know which hotel is reasonable and give good taste of food items. For example a plate of Idli in a posh hotel may cost you 100 rupees, but at the same time you can get good Idli with varities of chutnies for just rupees 30 and that too with good taste. So our money spend must bring equal satisfaction too.
    K Mohan
    I consider myself as the learner everyday


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