Saving money is a lot like joining a gym. The hardest part is getting started. Here are 5 habits of every Mumbaikar and some saving tips to go with them.
Saving money is a lot like joining a gym. The hardest part is getting started. But once you get the ball rolling and succeed at keeping it rolling then you are sure to hit your financial goals sooner than expected.
Now, if you are a Mumbaikar, living life at breakneck speed, then you might need some savings tips better suited to your lifestyle. We know that the Mumbai experience can range anywhere from warm and welcoming to tough and hectic.
But at the end of the day, Mumbai is a great city and all those who live there have many unique habits that inspire people all over the country.
So, here are 5 habits of every Mumbaikar and some saving tips to go with them.
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Patience
Patience is the key to saving. Your total savings might look meagre initially, but don’t let that disappoint you. That amount will improve over time. When you get your salary every month remember that saving takes precedence over spending.
Stick to this mantra and exhibit patience like you otherwise do in crowded local trains and buses. There might never be enough space for you, but you still hang on till you reach your destination without kicking up a fuss, even if people surrounding you have smelly armpits.
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Punctuality
Punctuality is key to reaping the benefits of any financial habit and Mumbaikars know this better than anyone else in the country. Let’s use the example of the transportation system once again.
As a Mumbaikar you already know that the local trains are rarely late and almost always run right on time. And if ever a train gets delayed, then you know the mad rush it can cause inside and outside the compartments.
The same rule applies to your saving habits. You have to save regularly. If you are saving on a monthly basis then stick to the plan. Skipping months in between will delay your journey towards achieving your financial goals and might even see you turning your back on savings completely.
Remember, never turn your back on a good habit. You are sure to see results in the long run.
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Planning
No financial decision will succeed without proper planning. After all, planning is crucial to saving well.
Mumbaikars certainly know the importance of planning. They plan every minute of their day for maximum efficiency to make the most of the little time they have in hand.
Saving works on the same principle. You need a fair amount of planning before you start saving. Saving too much can crimp your budget resulting in you cutting down up necessities. Eventually, this could cause you to put the brakes on your savings routine in a few months.
On the flip side, saving too little won’t solve your financial worries. You’ll still be overspending and will have too little saved regardless of how hard you try to save.
If you have your saving and spending ratio right then make sure to evaluate it at least once of twice a year. This will allow you to make necessary changes in case you receive a salary hike or a sudden windfall from your grandmother.
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Choosing The Right Tool To Save
Mumbai doesn’t differentiate between its citizens based on their financial standing. The city embraces all without prejudice. Whether you own a bungalow by the beach or share a 1 BHK with 3 people, Mumbai has micro-economies that suits everyone’s budget.
Saving should work on the same principle. You need to understand your budget and then choose the right saving scheme to funnel your money. If you are saving for a vacation that’s not too far into the future then look for options that offer good returns and easy liquidity. Fixed Deposits and Liquid Mutual Funds are good examples.
If your goal is to buy a house or a car then you can invest in Equity Mutual Funds. These funds have been known to give inflation-beating returns consistently.
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Working Together
Everyone can learn a thing or two from Mumbaikars on what it means to work together. This trait especially comes to the fore when a crisis hits Mumbai. Instead of dispersing in different directions to avoid the situation, people come together to help others get on their feet.
Similarly, your savings plan could work better if you take help from friends and family. Working on a savings plan in tandem with a friend or a family member will keep both of you motivated. You can also help each other out in times of crisis when money seems low.
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Learning the art of saving might not be the easiest thing, but it sure isn’t that difficult either. The sooner you become a master in this domain, the better it’ll prove to be for your future.
Now that you’re well-versed about saving money, it’s time to invest in the right Fixed Deposit or Mutual Fund. What are you waiting for?