By definition, saving - for anything - requires us to not get things now so that we can get bigger ones later.
-Jean Chatzky, "Money Rules"
Instant gratification versus delayed gratification - a battle we fight every waking hour and often walk away defeated. As painful it is to keep our impulses in check while the strong temptation of instant achievement looms over our minds, it is crucial to have the willpower to fight our psychological design and discipline ourselves to focus on what is important in the long run.
Here are some tips to help you get better at saving:
1. 30-Day Waiting Rule
One of the oldest methods of saving is this trusty rule under which you are supposed to wait for 30 days before making a big purchase. Most people find their urge to buy a particular item significantly decrease after waiting for thirty days. This is a good way of figuring out what you REALLY need and avoid unnecessary purchases. So next time you see a Facebook ad of a USB-Fan, save it in a to-buy list.
2. Use Cash Instead of Cards
We have this tendency to get more attached to something if we can physically feel it. Paying 14 thousand rupees using an ATM card doesn't feel nearly as bad as handing over even 8 thousand in cash to someone.
A majority of people prefer buying new things instead of fixing them. A torn shoe sole doesn't mean it cannot be fixed. However, in case of electronics like mobile phones sometimes it’s cheaper to buy a new phone instead of spending 20 thousand rupees on a display.
4. Limit Unproductive Time
How many hours do you spend mindlessly scrolling through Facebook? Some people argue with this point by explaining how they watch educational videos. To a certain extent, social media definitely helps us to be productive but more often than not, activities like watching TV, tweeting and checking out someone's Instagram feed is not contributing to your growth on any level (except stalking skills).
If you're living in Kathmandu, it should be second nature to bargain with every seller you encounter. Sure, some people get frustrated having to waste 10 minutes of their precious time only to haggle down the price of a pant by 100 rupees but try to make a habit of asking for discount at least once and it will work wonders.
Some people beat up their motorbikes within the first year of buying while some manage to maintain a 10 year old motorbike in great condition. You can do the math and figure out how much you save by simply showing a little love to your possessions every now and then.
7. Take the Shortest Route to Work
If you’re taking a longer route to a fixed destination each day, even a single kilometre extra amounts to 30 kilometres in a month. Save on petrol or diesel by taking the shortest route every day when possible.
Have any interesting points to add? Let us know in the comments!
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Published on 07, June 2017 by Nishant Acharya