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Smart spending is another way of saving up. Here’s how.

As working women, we face a lot of financial obstructions when we start earning. And even after years of experience, the financials don’t really tend to fall in place. Saving those last few thousands in our accounts at the end of the month seems like a victory in itself. But, did you know that keeping idle money is equivalent to losing it? Whether in cash or in savings accounts, idle money is valued to be lesser when kept over time, due to inflation and fluctuating purchase-value.

Our advice? Spend it up!

You should rather spend this idle ‘saved’ money on things that you love, or invest in things that might come in handy later. Most of us may not be experts in saving, but here’s a list of things you can do to be a smart saver and a smarter spender!

  • Save first, spend most of the rest and then save again

Invest in PPFs or Mutual Funds at the beginning of the month, after sorting your rent and other expenses. This investment can be a tiny part of your salary, as small as 5%. This will help you save money as well as taxes! Once you’re through, you have the world to spend the rest on. After a while, you might even end up saving a few extra thousands. So, save again! This time, you have the liberty of risking and betting your odds against stocks.

  • Go crazy in spoiling yourself, as long as you keep your budgets in place

Set a spending limit every month as per your plans. For years, my mother used a ‘home-hack’ where she split her money into two accounts. She used up her first and heavier account till the 21st or 22nd of the month. The other account would only be touched after! She ended up saving loads this way. You can also choose cheaper treats for yourself with a variety of affordable options available nowadays!

  • Get a Credit Card

Trust me, Credit Cards are a definite ‘yes’. Paying off your monthly credit will remind you of your spending threshold over and again. And the best part? It’s nifty on rainy days when you have no spendable money in hand but need some badly.

  • Spend on investments that are disguised as the things you love

Buying cheap is not always the smart thing to do. Invest in things that bring value to your life. The expensive laptop that your work depends upon, could be a good purchase. In utility or sheer pleasure buy things that you value. As Marie Kondo’s philosophy goes, owning things are not just about purchasing but how much joy they can spark in your life.

Now, go spend and save like there is no tomorrow! (metaphorically speaking)

 

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