Are you one of those who live your life from one paycheck to the other?


You always plan to save a part of your salary but somehow, end up spending the entire amount within a few days after your salary gets credited?

Well, managing your finances smartly is not rocket science and sometimes, all you need to do is to ask yourself the right questions to figure out a solution.

Here are a few things to consider to help you spend your money wisely without compromising on the quality of your life.

​1. Have you tried living in survival mode?

If you have failed to save money despite trying several months, try living in survival mode for 30 days. The next time your salary gets credited, try cutting down all your expenses to a bare minimum. Try carrying your lunch from home rather than ordering food online, opt for a house party rather than hitting an expensive pub and chose public transport rather than driving to work. By the end of the month, you would be able to spot the areas where you have been squandering till now, and can now save your hard-earned money.

2. Do you think before you buy?

Many of us are a victim of impulsive buying. We end up purchasing stuff without thinking whether we actually need it or not. So start thinking a little before you take any product to the cash counter. Question yourself whether you really need it? Can this purchase wait for a month? Most importantly, think whether you have purchased something similar in the past? Answering these questions won’t take more than a minute and save you from buying anything which you don’t require.

3. Am I addicted to online shopping?

Most of us find online shopping really convenient and satisfying. All you need is your phone and a few apps to get the products delivered at your doorstep. Not just this, many of us are guilty of browsing online shopping sites and apps just to pass our time and end up ordering things for no good reason. Stay honest to yourself and shop smartly.

4. Do I have a budget?

It is really important to create a pragmatic budget that you can stick to. The idea is to save money but not compromise on your needs and quality of life. The basic rule is to spend less than the amount you are earning, and not depending too much on credit cards. Try maintaining a budget sheet where you write down your every expenditure and track it every day. This would again help you to understand where you squander your hard-earned money.

​5. Is this the best deal that I can get?

In case you have set your eyes on something and are planning to buy it, try to stay a little patient and look for the best deal you can get. Look for online discounts, sales (especially the ones during the festive time) and putting these little efforts would help you to improve your savings. Is this the best deal that I can get?

6. What are my future goals?

Think about the financial goals you have set for yourself? Do you want to buy a new house, car, start your own business or see anything that needs a hefty expenditure? Do you have an emergency fund set up? Do you see someone getting financially dependent on you in the coming time? Realising your goals would help you stay motivated and help you control your spending habits.

7. How should I start saving?

In case you have not given much thought to saving money yet, you can always start with saving a small amount. You can either move your money (it can be just a small amount) to another account the day you get paid or can even automate it. You can invest in SIPs (Systematic Investment Plans) or any other financial policies that make you deposit some amount on monthly basis.