It has been seen that some people are so fond of purchasing new things and shopping that they are not able even to save a portion of their monthly income for future purposes and such people suffer a lot afterwards when the body gets old and there is no option for earning. Even if you think this can’t happen in your case, still spending all the money is not a good option and if you think that your money spending habit is getting out of control day by day, you may choose to go for some simple to do tips that we are mentioning here in this article.
How to Stop Spending Money and Start Saving
1. Control, a Key to Success:-
Somebody has rightly said that if you can’t make a control over your habits, nobody else can make a control over them as well. Control can prove to be a key to success in case you need to stop spending money. Simply make boundations over yourself that you will spend only a portion of it and the rest will be made to be deposited in the savings for future purposes and you will get sorted this way.
2. Open up an R.D Account That Bounds you:-
An R.D account is an account in which you need to deposit any amount of your choice every month and that keeps on saving interest for you in the bank or the post office. You can get this money back after a desired interval of time along with the interest that bank pays you back and this way you will be bounded to deposit a certain amount of money to the bank every month which will automatically prevent you from spending much money.
3. Look towards Your Family’s Future Needs:-
It has been seen in a survey that the people who tend to spend much of their earnings are those who live thinking about today only and not the future. Such people never plan about the future of their family and for such people I will like to advise them start thinking about their retirement, their pension plans, their children’s education and career plans, their marriage plans, etc. This will bound you to make some more savings and you will get rid of your money spending habit in a better way.
4. Invest in Pension Plans If You Really Need To Spend Money:-
You can choose to invest in the government registered health insurance as well as pension schemes that assure you to pay a certain amount as a pension in old age. The health insurance plans rather make you secure against the health crisis that you meet bin your daily life and save your money if you meet some big health problem in future.
5. Make Your Mother or Wife the Incharge:-
It is my personal experience that when I take the charge of my salary, let it be one rupee that I have earned or let it be 30-40 thousand, all the money gets spend in the first ten days after I have got my salary but if I ask my mother or wife to make a budget for me, they are able to make savings as well as run the home in a better way and thus you may even choose to rely on the woman of the house so as to make some savings and stop spending money.