The Habits to improve your Bank Balance.

• Rule is NO CREDIT :

One former employee in my company, Who was on a good position and good salary, But his lifestyle was such that he used to spend money faster then he earned, In the first month, his money got over on 25th and he demanded advance from the company. We obliged and paid advance, He gave word to deduct the advance in next month's salary. Since he spent all his salary in 25 days, How without a significant change, money can survive for 35 days? Money ran out on 20th and he demanded advance again, After one two times, company also stopped giving advance Then he started taking small loans from friends, colleagues, even chai wala and he was not able to repay in end. Credit is like an addiction, Many TV ads, Apps Claim to give super fast credits and loans.Looking at this ease, we talk ourselves in taking the loan, If we have taken a loan, we have to repay it, And not just the principal amount, The interest as well. That's why take a loan only when you desperately need it.When you want to buy a house, automobile or start a bus and you have a saving plan in place, If you can plan your future saving goals and how to repay the loan, Based on your salary / income And you are confident that based on your plan, you will be able to repay loan with interest.

In that case only, take a loan Otherwise 1st rule is NO CREDIT.

• Be SELF DEPENDENT 

Do you know how much rice your household consumes in a month? What was cost per KG of vegetable, last time you went shopping? I sure you will not be able to answer that, Many a time, we over-rely on our memory In those times our brain give us biased reports, We assume that our maximum expense would have been going in head A, but in reality it might have been going in head B I'll share my own example I did not maintain my accounts before, but after advice from my father I started maintaining the same To my surprise, I found out that my significant expenses are going into travel, This i never assumed, So i started reducing my travel bill, took train instead of flight, public transport instead of Uber, and saved a lot So if you maintain your accounts properly and tally it in month end, You will be able to analyse, head-wise expenses and save a lot.
Self Dependent (Rule) is MAINTAIN YOUR ACCOUNTS.

• Leave Bad Habits

Bad habits are called bad because of a reason,Lets's do a quick maths, If you save 50 rs a day, how much you will save in a month?You will save 1500 in a month, in a year? 18,000/- If you invest this amount yearly in PPF/ Mutual funds with 8 to 10% gain, This will compound to 1.2 Lakh in 5 years, if you invest 18,000 annually! This is not a small amount, It can be 5-6 times of your salary.A cigarette smoker, who smokes 4-5 cigarette a day spends this amount on their addiction / bad habit. May be you have even bigger issue, may be your spending 100 - 200 rs .Not only cigarettes, but there are many more bad habits, alcohol, tea etc.
By leaving these habits you not only save money but save your health as well, which is invaluable So quit your bad habits, You will be able to save a lot.

• Keeping Records:

What does that mean? I'll ask few questions,, answer them in Yes or No. Did your vehicle or medical insurance ever lapsed? Or you did not find your insurance papers when you were hospitalised or met an accident? Did you forget to take your PF loan and faced difficulty in the withdrawal of PF amount? you lost a warranty card and paid for the repair of the appliance under warranty? These all problems arise due to poor record keeping My father believes in perfect record keeping,You will proper record keeping will benefit immensely in long run, You need to keep following records, Keep all these records in separate files, Mention important dates of renewal etc on top of file and do the compliance before deadline ,the you will save a lot, Many times we pay late penalty on our electricity and water bills due to poor record keeping, sometimes even connection gets disconnected ! You will be able to save lot of money, insurance and your time if you have good record-keeping .

I am not just saying to save, but to save and invest Look at this graph 2002 petrol price 33.50 Rs Today it is close to 80 .A 100 Rs note which used to purchase 3-liter petrol, can't even do 1.25 today This is called inflation, The money in bank, piggy bank or at home is not safe, Inflation eats it. Reduces it's value, That's why you not only have to save your money But also invest it, You have many options to invest, Invest in any as per your comfort, Try and invest, so that money does not gets eaten away by inflation, But increase with time, Even in investment you keep in mind first to points, Proper Accounting and Proper Record-keeping. So that you can look at these papers in need,There is one more place of investment which we ignore, That is incurence, Health, Car, Prperty insurence etc. This does not give you immidiate return, But save you from disaster in long run, What does this mean? If you are maintaining proper accounts, Then you will know how much you are spending in which commodity? Then only you can take benefit of buy in bulk, A question, What is price of one liter water bottle? 15 to 20 Rs! What is the price of 5 liter can of same company? 50 to 60 Rs 10 liter pack costs, 80 to 100 Rs Higher the quantity, lower the price! So if you know your consumption, stop buying small packs and buy in bulk,You can save on MRP as well as negotiate further with shopkeeper,Since you are purchasing in bulk, he will oblige and give you further discount from MRP This saving is generally ignore, You will be surprised to know, For an average household, 40 to 60 % monthly expenses, is spent on consumable items, For food, soap etc Good which are consumed, So if you have proper planning while buying consumables, and you can buy them in right quantity at beginning of month,

You can save a lot, For example, if you have weekly estimate of your vegies, You can buy them in the wholesale market,There is very nice quote, Same Quote Explaind It is easy to ignore your health in youth, Excuses like, I don't have time, I don't care, I am so young, All such excuses and arguments, cross our mind ! OMG ! 1000 Rs for Gym ? Yoga ? Aerobics? Why should I spend? These small expenses, will save a lot in long run, IF your body does not support how will you earn ? And even if you earn somehow, what's the point if you can not utilise it / enjoy it?

• Give time to your health:

Even if that means spending a bit on health, Such as sym membership, Club membership, Swimming, Join some activity, Pay for that activity, Mantain your health at any cost, So let's move on to No. 1 Habit, This will be a strange habit for many, But in my experience, This is the most important, And I am sharing this with you, No. 1 habit is, Look at past few years,Many jobs are obsolete now, Factories have automatic machines in place of line workeres, Data entry operators, typist jobs are reducing, Many programming languages are obsolete, Even agriculture has seen major automation, So today many jobs are reducing but that does not mean that new opportunities are not arising ! Many new jobs are coming Which need new skills, new technology and different learning abilities, In this challenging environment only those will thrive, who will continue to learn. good leaners can adapt better, He will be able to change with changing time, He will not be too worried about loosing a job, He will have alternate means of earning money, In modern times, learning is easy ! Your mobile itself is source of immense information, Many websites teaches courses for free or at nominal fees, Such as, Even youtube, is big source of knowledge. If you explore it beyond funny videos, movies or songs So never stop learning, At labour Law Advisor, We help you in learning new skills. Even if you adapt 1 or 2 habits out of 8, You will start seeing change in your bank balance,