Last 10 days in a month of any salaried person’s life is always in crisis without any discrimination.
An IT engineer who earns one lakh per month is facing the same situation as the core mechanical engineer on the shop floor who earns 50 thousand per month.
We choose the lifestyle based on our monthly earning potential which is supposed to be not. We should choose our lifestyle based on our spending capability.
At the beginning of the month we feel we could afford a car but at the end of the month, we can’t even pay for the petrol for the bike.
At the month end, most of us rely on a credit card and few on their friends. Because there is always one guy in every gang who maintains a long lasting wallet.
By writing this I am not trying to prove that I am blessed with my salary till the next pay cycle but I started to follow few things which work better and I would like to those.
You might have overheard these things in some other forms but I am jotting it down in such a way how it will help us to keep our wallet thick even in the last week.
1.Keep aside some bucks for last week in the first week
When we receive our salary we are dividing it for Rent, unpaid bills, insurances, family expenses and few earners save something for future in the bank.
In the same list henceforth add few bucks for the last week, let’s say you are earning 40 thousand keep four thousand for the last week.
Don’t keep that four thousand in the same salary account for 20 days it won’t give you any benefits rather than saving your money start investing it.
Start a trading account and invest the fourth-week money in the market if you are a wise investor you will end up making more than what you have invested.
If you are just a beginner please get some basic idea on how share market functions and how you can protect and grow your investment before you start.
If you feel you are not sure about how to select the stock and have no time to read about the market follow the advisors in news channel and print media based on their suggestions you can pick the stocks.
At the end of the third week, you can sell the shares and get money for the month end.
This technique not only gives you money for the last week if you are fortunate you will reap more than what you have sowed.
Need not to panic of the investment failure, if you feel you bought the wrong stocks then sell it immediately you won’t end up burning your full cash.
2.Go for credit cards
Many personal finance advisors may contradict with what I am suggesting but choosing the right credit card will actually save your money.
The outright fear which stops people from applying credit card is it will bankrupt you because you don’t have control over your swipe right.
But there are credit cards which will actually save you money when we opt the right one.
For example, there are cards which will give you free movie tickets, discounts on dinners, fuel surcharge waivers, cash back cards are there. You can find offer cards on BankBazaar.
3.Don’t pay fully for what you buy
Yes, you need not pay fully for what you buy, it doesn’t mean you have to run away from the shop by paying half.
Check for the offers and discounts before you buy anything either online or offline.Even you can do MBA for free in this offers and discounts world.
A simple example is: A network provider is offering free calls + 1GB data a day for 28days at Rs.355/- whereas the same operator gives you free calls + 1GB data for 84days at Rs.455/- which one you choose.
I have chosen the second offer for Rs.455/-whereas most of my colleagues are with Rs.355/- plan because they feel 455 is a higher value than 355 but which is not in long run.
It’s just one single example there are a lot of online apps and websites providing discounts and coupons for every purchase. Download those apps and start saving money in the first 20days you will realize the magic.
Because a penny saved is a penny earned.
These three tips are simple and effective just try this you will feel the weight of your wallet till the end.
If you feel the same please share this with your friends else comment down your contradictions.