Money Saving Tips

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Over the period I have realised that there are lot of places in our daily life where we can save money. I am not advocating being a miser, but avoiding carelessness, does have its own benefit. There are lot of times, when we just spend money because we enjoy, for example, going to flashy restaurant once in a month or purchasing that sexy negliee to impress your wife :) or buying that expensive cellphone.
To me personally, these are definitely NOT wastage of money. It is always a good buy because it gives you happiness or satisfaction. Even though any of these are not assets building but it gives immense pleasure which is why they are worth doing it.
I am not going to talk about stopping such impulsive buying or focussing on building your assets or making your money work. Most of us get into this because of either peer pressure or guilt. For example, in Bangalore everyone is buying a house, despite the fact that they are forking out as high as 50% of their salaries and with increasing interest rates, it is pinching harder. I have realised that the main reason a young couple in 30s want to buy a house is simply peer pressure, since everyone in their circle is buying a house. A house of your own is important but not at the expense of enjoying your life.

Here are some of my money saving tips:
  • Keep a box and put whatever change(1-2 Rs, coins etc) lying around into it. It not only helps to save money but also very useful when needed
  • Save electricity and water usage. Make this a habit and inculcate in your children. Unless you get that habit, your children wont. It not only saves your money but the environment too.
  • Experiment with brands and defy the marketing gurus. Dont be shy to experiment with brands, sometimes the rival brand has a good product and cheap too.
  • Buy daily usage items from near-by stores, even if bit costly. The saving of fuel and time of going to large supermarkets will be worth it. Also everyone tends to buy more in super markets than near-by shops.
  • Repair your motorcyle/cycles and start using it rather than using car for every small distance you go. It will also save your time during traffic hours.
  • You dont have to pay exhorbitant money for 1Mbps internet connection, instead opt for 128Kbps/256Kbps, these are also good speeds.
  • Turn veggie and non-alcoholic for one or two weeks in a month. It is good way to stay healthy too. Boozing/Partying every weekend is not compulsory.
  • Start exercising daily and brush your teeth twice a day. How does it saves money? It will avoid your medical expenses over long term. It also saves money on life insurance.
  • Share/Borrow with your friends the DVDs & books, instead of buying/renting. It is a win-win for all and you save money too
  • Dont buy softwares unless necessary, spend time in searching for some alternative freeware software.
  • Be aware of reward points earning on your credit cards. Most people dont bother about it. Some few months back I purchased a full flight tickets just using the accumulated reward points.
  • If you can refinance your loan, even if getting a 1% reduction in interest, do it. It will really worth, on cumulative basis.
  • If your office provides Sodhexo coupons, use them and dont feel shy to ask even in large restaurants/shopping malls, whether they accept them. It is as good as your currency and its tax free.
  • You can save substantial amount simply by paying entire credit card bill before due date. Only use the interest-free period (30days - 45 days) rather than revolving credit. When you make a credit card purchase make sure you can pay it withint 30 days.

Wall Street (1987)

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I recently saw the old movie Wall Street (1987).
It is movie by Oliver Stone, a young stock broker Bud Fox (played by Charlie Sheen) who is desperate to succeed. He idolizes Gordon Gekko (played by Michael Douglas) who is a ruthless and legendary Wall Street Player.

The main character is Bud Fox, but Gordon Gekko becomes the ultimate hero, especially with his classic dialogues.

Interestingly, there is a talk of a sequel to Wall Street, called Money Never Sleeps, which will bring back Gordon Gekko.

Here are few of the famous quotes by Gordon Gekko in the movie:

  • The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works.
  • You see that building over there? I bought it three years ago. My first real estate transaction. I sold it ten months later and made $800,000 profit. It was better than sex. At the time it was all the money in the world. Now it's a day's pay.
  • It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or gained its simple transferred from one perception to another.