Vaishali Sharma from The Champa Tree – Facebook Page


  1. Keep track of your expenses. The first step to saving money is to figure out how much did you spend on monthly basis. Keep track of all your expenses— right from the daily grocery to newspaper/magazine subscription, electricity and water consumption, meals out, clothes, birthday gifts etc. Ideally, you can account for every rupee. I go about recording it on an excel format. Once you have your data, organize the numbers by categories, such as gas, groceries, house maintenance, personal maintenance, special expense, and total each amount. I try and track it on weekly basis. For major spends, make sure to refer your bank statements to help you with this.
  2. Allocate a budget. What follows soon after having tracked your expenses is creating a budget. Once you have an idea of what you spend on monthly basis, you can now begin to organize your tracked expenses into a workable budget. Your budget should be able to define how your expenses measure up to your monthly income—so you can plan your spending and put a stop to overspending.
  3. Save money for a major goal. Once you have been able to keep a track of your monthly expenses and allocated a budget for it, you should chase your planned goals (we all have them!), which are likely to have the biggest impact on how you save money. Prioritizing long and short-term goals can give you a clear idea of where to start saving. For example, if you know you have to purchase a new car sometime soon or renovate your house, you could gradually start putting money away for the goal.

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