We have all been there and we have all done that. At some point, we realize that we have been careless with our money and have been spending more than we could afford. By then we land deep in debt. Then we regret not knowing this earlier. To avoid this, we have mentioned a few tips on how to live below your means. India’s First Free Online Financial Advisory, Moneymindz
1. Delay gratification
The difference between today and some decades ago is gratification. Today we live in a world of instant gratification while our forefathers lived for centuries and millennia of delayed gratification. Result? They were happier and more contented, had lesser debt and more savings compared to us. Today, our greed, advertisements all around us, our temptation and marketing strategies used to attract us to unwanted items are responsible for our reduced savings and increased debt. While we can’t do anything about sales strategies and advertisements, we certainly can control our temptations and get rid of our greed for more. Financial Planning Advisory Portal, Kuber Mindz
2. Know the difference between “need” and “greed”
A “need” is a basic necessity like food, clothing, shelter, medicine, water and air. A “want” is greed for more comforts and luxuries, many of which are useless items over glorified by sales agents. So be aware and avoid spending on what you don’t “need”. It’s always good to buy little comforts, but “little” is the keyword here. Whenever you see something that tempts you into buying it, wait for 24 hours and ask yourself later if you still need it. Most of the times, your answer would be “no”. If your answer is “yes” congrats for knowing what you truly need! India’s First Free On call Financial Advisory, Moneymindz
3. Quit impulse spending
The availability of malls, internet shopping, cards, etc. have made instant shopping easier. The drawback of this is that you end up spending more than you need. Quit this now. Walk to your nearest store with cash in hand and buy from there. This will help you spend as much the limited cash you have, permits. So you will only buy what you need, not half of the store (or the entire store!)! Get Personalized Advice On Credit Card from Kuber Mindz, MoneyMindz or Give A Miss Call On 022-62116588.
4. Be grateful and contended with what you already possess
You might think the other way, but you are blessed with so much! Just look around you. There must be something you are thankful for. You have a shelter, you have access to proper meals, you have a fully functional body to work and earn money, you have family and friends, etc. Think about these things and you will see the need for more vanish.
For more information visit www.moneymindz.com or give a missed call to 022-62116588