I have said before in many of my earlier posts to always ask if we can get a discount on the stuff that we buy ( my sister is an expert on this- she searches the web , gets discounts from retailers). We will at most times find that we will get the same good at a lower price- IF we ask for it.
However, what we do with the "savings" is what is important!
Usually what ends up happening is that we "save" the money and then leave it to be used somewhere else. Our psychology lends itself to the thought that we are still under budget for the month and we will use it somewhere else.
Here is a quick tip- one that i am trying to implement.
"Take the money out from your pocket or bank balance. Use the money "saved" and put it into a nice SIP , a stock, a fixed deposit that you think will grow in the long term.. Any place that you can invest it in is a great place."
These small savings will grow into large ones over time!
Here is a quick calculation.
Suppose you save 500 Rs a month using the "ask for a discount" technique. That is equivalent to 6000Rs an annum. Assuming that you invest this 6000Rs over a period of 20 years at an interest rate of 10%, you will have accumulated around Rs 3,83,000!!
Not a bad earning for just asking.
( you can use this calculator to get your own calculations done - LINK)
All we need to do is to track it ( like we do our expenses and put it into a savings bucket!) and then Invest it!!
Do this for every discount that you get --- hotel stays, taxi drops, vegetables, books -- just anything!!
I am adding this to my retirement account!!
Some earlier posts on similiar topics
http://simplefinancialsense.blogspot.com/2011/01/getting-discount-on-your-travel-bills.html
http://simplefinancialsense.blogspot.com/2010/10/earn-free-5000-rs.html
http://simplefinancialsense.blogspot.com/2010/03/make-money-read-emails-and-network.html
http://simplefinancialsense.blogspot.com/2009/09/lost-coins.html
Happy investing
(Dont forget to subscribe by clicking on the link on the right)
However, what we do with the "savings" is what is important!
Usually what ends up happening is that we "save" the money and then leave it to be used somewhere else. Our psychology lends itself to the thought that we are still under budget for the month and we will use it somewhere else.
Here is a quick tip- one that i am trying to implement.
"Take the money out from your pocket or bank balance. Use the money "saved" and put it into a nice SIP , a stock, a fixed deposit that you think will grow in the long term.. Any place that you can invest it in is a great place."
These small savings will grow into large ones over time!
Here is a quick calculation.
Suppose you save 500 Rs a month using the "ask for a discount" technique. That is equivalent to 6000Rs an annum. Assuming that you invest this 6000Rs over a period of 20 years at an interest rate of 10%, you will have accumulated around Rs 3,83,000!!
Not a bad earning for just asking.
( you can use this calculator to get your own calculations done - LINK)
All we need to do is to track it ( like we do our expenses and put it into a savings bucket!) and then Invest it!!
Do this for every discount that you get --- hotel stays, taxi drops, vegetables, books -- just anything!!
I am adding this to my retirement account!!
Some earlier posts on similiar topics
http://simplefinancialsense.blogspot.com/2011/01/getting-discount-on-your-travel-bills.html
http://simplefinancialsense.blogspot.com/2010/10/earn-free-5000-rs.html
http://simplefinancialsense.blogspot.com/2010/03/make-money-read-emails-and-network.html
http://simplefinancialsense.blogspot.com/2009/09/lost-coins.html
Happy investing
(Dont forget to subscribe by clicking on the link on the right)
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