And just like that, another year comes to an end. 2017 has been a pretty eventful year for me, to say the least – I had a baby, I took on a lot of new work and finally got down to creating this blog! It’s so hard to believe that 2018 begins like, day after tomorrow.
I wanted to sit down and share a few thoughts that I have been having over the past week about how I intend to manage my money in the coming year as well as money and saving and personal finance in general, so here goes –
- I’ve realized that it’s important to be very specific when it comes to matters of the pocket. ‘I will save more’ almost never leads to any concrete savings. Putting a number down (eg – I will save Rs. 5,000/- every month) has given me far better results. Mutual Funds are a great way to save money for the future. You can read about how they work in my post here, and how they worked for me, here.
- I am happy to report that I have been successfully sticking to my no-buy, But I will confess that the first few weeks weren’t easy at all. Although I ended up not buying a single item of clothing, shoes, makeup or jewellery since, I did find myself spending, rather aggressively, on other things like stationery, home decor and stuff for my baby.
- So I undertook a brand new challenge the next month – not to spend anything on my credit card, which is the form of payment I always reach for when shopping. I did buy things – groceries, some stationery that I really needed and some emergency clothes for the baby using my debit card/netbanking. But I didn’t use my credit card at all. Not only did my urge to spend come down, I am less inclined to buy now. My bill for the month was Rs. 195! It just felt so good.
- I think success is easier to achieve when you really bring your head in the game and repeatedly tell yourself that you will NOT buy anything unnecessary.
- I haven’t screwed up – yet – but even if I do, I don’t think I’ll treat it as the end of the challenge. It’s alright to make mistakes. What’s most important is that you acknowledge that a mistake has happened and that you shouldn’t repeat it. We’re only human!
Financial Prudence, it would seem, is a lot like going on a diet. It involves mental exercise and will power, but is completely doable. If you’re looking to make some financial resolutions for the new year, do read my column in TheNewsMinute this week! I’ve listed a few to help you get started.
Here’s wishing you a very happy and healthy new year! See you guys in 2018!