What Are the 23 Golden Rules of Money Management? Explained
Introduction
Friends, a great person once said that saving money is a more difficult task than earning money and it is a very amazing thing because what a great person has said is straight talk, no nonsense, today I will tell you 23 such ways where you can save money from your daily life and your mind will open up. Welcome to Bullish Run
Principle one
Do budgeting, it is a very amazing method, I have been doing it for many years, what is budgeting, it is nothing, you have to go to Google, you have to write on 3 pages how much you spent, at the end of every day you have to do this thing and at the end of the month you have to see how much you spent on which places, try doing this for one month, from the very next month you will become alert about your every expense, the problem is that people do not know how much they are spending on which places, that is why they are wasting money subconsciously, as soon as they will come to know that money is going here and there, you will become alert
Principle two
Do not waste money on online food, you are very lucky, if like me Zomato Swiggy has not yet come to your city, then ask those people who use Zomato Swiggy, they feel like eating anything, immediately open the app and spend ₹ 10000 in a jiffy, you feel hungry, eat food at home or eat food cooked at home, if you want to eat out, then go to a restaurant or eat in a restaurant, online food is always expensive, what did a person do from a local restaurant, he ordered the same food from Zomato and the same food from a local restaurant and you can see the bills of both here, there is a lot of difference between the restaurant and the Zomato one, you can save 4 to 5000 rupees per month in this because people are spending, if you are not doing it then now we let's come
Principle three
Don't buy logos Why do you want to show it to people? Tell me one thing, do you want to wear clothes or branded clothes? I agree that the quality of branded clothes is amazing but if you roam around the market and see different things, you will come across smaller brands, then you will know that very good quality clothes can be bought even in less money and why do you want very high-quality clothes right now? You can buy very high-quality clothes even in less money. You just have to explore the online market and the offline market. You can save at least 8 to 5 lakh rupees a year by not wearing branded clothes or by wearing clothes of smaller brands. Compromise a little if you want to save money.
Principle four
Pack your lunch Pack your lunch Whenever you are going out somewhere, going on a trip, going on a picnic, take your food with you. What will happen with this? This will save two things. Your money will be saved and secondly your health will also be very good. Yes, if you go for a trip, then it is okay if you eat outside, but if you go out for some work, then pack your food before going. You will save a lot of money in the long term.
Principle five
Do it yourself Do some things yourself at home, don't call someone from outside and don't pay them some things you can repair many times, we repair motorcycles, many times we repair bicycles, many times we repair some things in PC ourselves, do some small things yourself, don't give money to others for small things by watching on youtube1
Principle six
Sell those things which you do not need. Today, take a round of your house and see which are those things which you cannot use, and you can sell them. It can be any gadget, laptop, computer, mobile phone, old bicycle, old motorcycle, any item like iron anchor, anything that you have kept, these things can be sold, and you can earn money. If anything is not giving milk, then sell it. You will save money and earn money as well.
Principle seven
Save electricity Whenever you go out of the room, always switch off the fans and lights. This small habit will save you so much money in the long term that you cannot even imagine. You think what difference this one bulb will make, what difference will this one bulb make, what difference will this AC make, what difference will this fan make. Every month you can save a minimum of 200 to 300. In many cases, you can even save up to ₹1 with this thing.
Principle eight
Walk on foot. If you have to go to an area of 2 km from your place and if you have some time, then go in the morning or evening. You will save money, and your health will also be very good. You will think that why would money be wasted by taking a bike to go there. When you have a bike, then you have options open, you can go anywhere from there with your friends, you can go somewhere else, you can go somewhere else, this wastes money, so if you can walk, then it is very good for health and money will also be saved.
Principle nine
Use public transport If you are travelling alone, use public transport You will save a lot of money. You travel in a cab, you travel in an auto and See just the opposite of this, you travel in a bus, you travel in a good train, you See a lot of difference, a difference of four to five times comes A lot of money is saved by doing this and remember we are talking about saving Money After saving, you don't have to keep it in a bank account You must invest a small portion of that money.
Where to invest
If you are in your 20s, invest directly in stocks or mutual funds for the long term. lemon is a great platform, a simple platform, you can invest money there with your eyes closed because this app is very It is easy to use. You can invest in stocks, mutual funds, IPOs, everywhere from this one app. Lemon has kept its brokerage absolutely zero for the first month and the annual maintenance fee for the first year is also absolutely zero. Many of you may not know which stock you should invest in. So, I would say that you should invest in mutual funds blindly in a good mutual fund. Or if you are still interested in stocks, then this platform helps you a lot because it has a section called Top Analyst Rating where you get recommendations on which stock to buy, which stock to hold and which stock to sell. It is based on a deep market analysis which is made by the experts themselves. Here you get all the information in the form of charts and matrices. This will save your research time. And there is an option called Invest in Sector where you can choose which stock to buy. You will see different sectors and which stocks come under those sectors and you will get to see all the stocks there, so that your research time is saved here as well, and Lemon has taken great care of the newcomers and has created such a simple and amazing platform.
Principle ten
Where you can save your money and that is by not buying useless subscriptions by not subscribing to all such OTT platforms, you can save 000 rupees annually because many people are wasting ₹ 1000 in it. If you want to watch a movie, web series, anything, then I will tell you two ways for that. Filmy web is a site, you can go there, I don't know if it works or not, you can go there and watch it for free, you can download it from there. If you want to watch it on these platforms, then do one thing, select a month, watch a lot of movies etc. in that month, after that take rest for a few months, just work and don't buy anything. What people do is they buy a year's subscription at once; they hardly use it for one to two months and the rest of the money is wasted in these applications.
Principle eleven
Buy things in bulk. Purchase 1 kg flour daily for 30 days. Total is 30 kg and you purchase 30 kg flour at once. See which one is costing more. Definitely, you will save some cost by buying all at once. When you buy grocery items, buy a lot of items at once for a month or for two-three months at once. You will save a lot of money there too. Whatever items you can buy in bulk and save your money, buy them in bulk. You will save a lot of money in this too.
Principle twelve
Shop second hand smartly or buy second hand things, it can be a bicycle, a motorcycle, a car, any electronic product, laptop, computer, mobile phone or furniture, chair, all the things that you get very good second hand, buy them second hand only, you will save a lot of money in this thing also, you just have to see that the second hand thing that you are buying is not bad, let's assume that there is a thing worth ₹ 1000000 and its quality is 100%, with time its quality comes down to 70 but its price will fall to 40 to 50, so what quality are you getting at 70 and what price are you paying at 40 to 50, this is how you benefit in second hand things and many times you know what happens, from 100% the quality comes to 90 and the price comes to 50, there is a lot of benefit in second hand things
Principle thirteen
Which your parents use Negotiate everywhere Where you can, we are not ashamed, out of shame we pay as much as they ask for or we get it reduced to a lesser amount. If the other person asks for 000, we get stuck at 950-900 and give it to him. We feel ashamed to do this. Our parents start the car with 600 and then drag it till 700 and finish the deal. We will save 000 there and come back with 000. But think in the long term how much money can you save by shopping a lot at different places. The main question here is that how this sense will come in us. Don't go anywhere. Stay with your parents, go shopping with them. Or you may have some miserly friends, go shopping with them many times. Go and learn a little about this from them and you will know
Principle fourteen
If you have to go somewhere very rarely, then you should rent a car and go, do not buy it. Suppose that you do not want to shoot a video, and you do not want to shoot a video once or twice. Do not buy a camera worth Rs. 1 lakh or Rs. 0000. Rent it once or twice. You will be satisfied, and your work will also be done. Whatever things you can rent, which you need less, take those things on rent only, do not buy them.
Principle fifteen
Save your housing cost Save your living expenses How can you save If you live outside, see if you can keep someone with you to live with you. If yes, then your money will be reduced by half and half will be saved directly. After that, if you live on rent, then before living on rent, negotiate whether you can reduce the rent by a little, even by Rs. 300 or not. If you can, then it can be Rs. 2000 per month, then it can be Rs. 2000 per year and it can be more in two-three years. If your rent is very high, then you can save a huge amount by negotiating again.
Principle sixteen
Take care of your health You can save a lot of money by paying attention to your health. I see on social media every day that people do not have good health, so it takes them 2 to 4 lakh rupees to cure their illness. Every time their entire life savings are spent on it. Even after that they need money. Just because of a medical emergency, you will save so much money and one day you will spend all the money on your medical expenses. So, take care of your and your family's health so that your entire savings are not spent on these things. By taking care of health, we can save lakhs of rupees in the future. And one more thing, you should also get insurance. If you can afford health insurance, get a small one for your family but get it done. It will be very beneficial for you. You will thank me one day for this.
Principle seventeen
Use the 24 hours rule If you want to buy anything, then many times we get obsessed, some thoughts of buying something come to our mind and many times we buy it immediately, no, don't buy it immediately, wait for 24 hours and then take a decision because many times what happens is that we get some sense in 24 hours that this will not affect my financial condition a lot, I can use this money better in other places, no, this was just a small wish of mine that I could ignore it, I can save a lot, this sense comes many times with time, so give 24 hours to your mind, your mind will definitely help you and will save a lot of your money in just 24 hours.
Principle eighteen
Maker shopping list After making shopping list, go for shopping online as well as offline. We go to buy four things and after seeing we end up buying 10 more things. No, don't do this. Make a shopping list and go to buy only this much and I will buy only this much. I will not buy more things because of my hobby. Do it in the same way when you go for shopping online. Make a list. You buy this and get it immediately. The rest of the products are there. Which ones will you buy? You will be attracted by showing them were. A lot of money gets wasted. In this also, you have to make a shopping list and then do the shopping.
Principle nineteen
Buy things on incognito mode Purchase things on incognito mode Now many of us might not know about incognito mode, so go and ask your Turkish friends once what is this, okay, the question comes that why do we have to do this, many times we search for many things rapidly, then this whole structure is made in such a way, this whole system increases the price of those things because it knows that we are going to buy this thing, this has been seen in many cases, but in incognito mode all things remain private, so they do not come to know, so the price remains the same
Principle twenty
And now comes a very big point Leave your bad habits Control your bad habits This is such a thing that People have lost lakhs of rupees People's properties have been looted because of this one thing What are the bad habits Cigarettes, alcohol, any kind of intoxication and some people are wasting money even on tea Let me tell you a small story of one of my friends He came to my place and I was asking him how many cigarettes he smokes etc. I took his account for the last three to four years So what happened to him I will tell you I have written it down You are right He smokes four to five cigarettes daily One cigarette costs ₹10 And he has not missed a day in the last three to four years He smokes four pouches of gutka daily and one quarter of gutka costs ₹10 And he has not missed a day in the last three to four years He smokes four pouches of gutka daily and one quarter of gutka costs ₹10 And he has not missed a day in the last three to four years
There would hardly be a day in the last years when he would have missed Gutka, and he did not stop here either. The tea comes for Rs. 5. He drinks three cups of tea a day, not at home but three cups outside. Think how much of his money has been wasted here. In the last three to four years, he has spent Rs. 1.5 to 2.5 lakh on these things. I will tell you about another friend of mine. You will think that why are all these friends mine only. I have all kinds of friends. So, I am telling you a story. You will enjoy it. I have a friend who I met recently. He ordered cigarettes in front of me and was smoking. I saw him and he smoked three or four cigarettes together. So, I asked him that how many cigarettes did you order? He said four or five. So, I said that You smoked three to four cigarettes in front of me, so how many cigarettes would you smoke in the whole day?
Five to six cigarettes. He said no, it is much more than that. I said seven to eight cigarettes, not more. I said ten cigarettes or a little more than that. I said 12 to 13 cigarettes. Yes, there is something around that. And that friend's outside food, alcohol, gutkha, I have not even talked about the other drugs. That person has lost three to four lakh rupees in the last three to four years on these things. And think about it, that person is also in debt. I have many acquaintances whose property worth 20-30 lakhs were looted just on drugs. If you waste all the money here after saving so little, then what is the point of doing all this. So, you should always stay away from this.
Principle twenty-one
Use cash instead of UPI Learn to use cash instead of UPI In UPI, you don't even realize that the online payment is going through because everything is happening online, neither do you get any feeling when you pay physically, and when your pocket is empty, you don't feel that the money is gone, so that feeling will bind you a bit, it will make you reduce your expenses, try using it, try all the ways, don't keep UPI as an emergency, not everywhere, ₹10 per phone, ₹1 on phone, ₹10 on phone, don't do this for emergency, keep it on the phone so that it is not with me, if I am stuck somewhere, I have this on phone, use google 2 things for that, learn to use cash for other things.
Principle twenty-two
Do not borrow and do not lend If you borrow, you will get trapped in debt. You will drown so much that you will be left with nothing. If you lend without thinking, your money is gone. In 70% cases, the borrowed money does not come back. Till date, no research has been done on this, but you can get some research done and see, this is what will come out. I can say this is my personal experience and the rest of my acquaintances also have the same experience. If you lend, the money does not come back in 70% cases. So do not lend and do not borrow. In both cases, you are bound to be ruined.
Principle twenty-three
And this thing will save you lakhs of rupees in future also and now also Come out of the life of pretense. There is no end to pretense. Today you just compare yourself with the person here. When you reach here, you will compare yourself with the person here. When you reach here, you will compare yourself with the person here. You will not compare this. You will think that at one time I was even below this, so you do not compare this. The mind always gets sad by compare with the person above. So why do you want to compare in everything? Your clothes should be better than others. Your house should be better than others. Why should everything of yours be better than others? Why can't you be happy with what you have? And here many people may also think that why should we focus on saving so much. It is better to focus on earning more. See, that will make you
happy. If you have to do it, then it should be your first priority, but remember, if you do not make a habit of saving today, then even if you earn crores, your expenses will be of the same level at that time and that property will not last long. I have felt this because I was in a condition where Rs. 1 lakh was a very big amount for me and today, Rs. 1 lakh is not a big amount for me, so I have lived in both the conditions. I am telling you on the basis of personal experience that this habit will be useful to you later also when you become the owner of crores. These were the 23 ways even then.
