In time of economic difficulties, there are also psychological repercussions influenced by anxiety, worry or despair. At one time I was also going through serious financial distress which automatically transformed into mental loss of esteem and a sense of being a loser but after managing to overcome the difficult moments in life, nothing makes me lose hope and I have learnt to abstain from frivolous expenses regularly during the whole year and be frugal even for small daily expenses.
Initially it allowed me a saving at the end of the year of several thousands of rupees or more, which gradually just went on increasing as the returns from my small investments started improving initially.
By using the most effective strategies to manage money in an efficient way and being conscious of our savings, I’m able to free myself from the financial uncertainty in the present or future and live a #KhudKoKarBuland life as I learned to invest my money intelligently, without being misled by promises of easy money. I also realized that debt is not so bad if you can re-invest it smartly. You just need to be able to see the other sides of the coin.
I learned that for succeeding in life first and foremost you have to create plan to build pool of money that is sufficient to assure us a certain peace of mind than any upheavals of life to create us an umbrella for rainy days and a shelter to protect us from the elements.
Of course saving requires commitment, care and even a little hard work. But it's worth it, to force myself to make ends meet. Families often end up in financial trouble because of poor planning of expenses. I started recording and fixing a quota for expenses and avoid splurging on anything impulsively, rather wait for discount sales, use public transport as much as possible, going for homemade food. This not only adds to the small savings but also keeps a check on my health which cuts down on the medical costs too, which are quite expensive these days.
Before I invest I try to define the objectives, particularly with regard to time horizon and to monetary exposure involved and calibrate it from time to time as a function not only of the new needs which occur, but also of any changed conditions of life.