It can be ironical when we shop at sales and discounts and think we saved some money. It is a common practise to buy something for your wardrobe worth Rs. 1000 at 30 percent off, and think you saved Rs. 300. Many of us are victims to this money myth, but it remains a fallacy.
Remember the poor victim Isla Fisher in the film ‘Confessions of a Shopaholic’, and how she dodged the bank at her new work place because of her condition. We cannot afford such a situation in real life, and it may be time to break some money myths and get smart about our savings.
Investments
It is a myth that only those with large monthly and annual packages invest. Saving is a good habit, and all can acquire it. Whatever may be your income, it is prudent to set some aside, live frugally for a bit, and invest the rest in some good source of returns. Whether it is gold, FD or mutual funds and SIPs, investment is the best form of saving.
Waiting
If you keep waiting to hit a golden target before your start saving and investing, the moment may never come. You may take time to hit the target, but the bottom-line will approach faster than you think. So, the best time to start savings is now.
Small expenses don’t matter
Whether it is the new jacket or jeans, a lavish dinner treat, or the short weekend trip, these all may seem little expenses, but they all add upto a great infringement on your bank statement. So, it is wiser to spend smartly, and stay alert to your financial limits.
Talk about it
People often find it rude to talk openly about money. But it is better to find a mentor or senior who are doing well, and talk about a financial strategy. Then you can adopt the one that suits you best. But this is last place where ignorance is bliss.
Books like Robert Kiyosaki’s ‘Rich Dad, Poor Dad’ are a good way to gain some financial education.
With wise and timely choices, it is necessary to break these money myths, and start your financial planning.
