Saving Money is Just Like Saving Water!

Water and money are completely unrelated topics but they do have some similarities which are often overlooked. For instance, lack of either would hamper survival on mankind.

Overuse of money and water leads to shortcomings and scarcity. Water and money have much more in common than we seem to think. If you happen to be one of those individuals who aren’t great at efficiently utilizing either one, here are some tips which will help you:

1. Be cautious: An additional 10 minutes in the shower may seem harmless but that does not mean that it is advisable for you to do that. Just because a wave of water cuts hasn’t hit you yet, doesn’t mean that it won’t ever hit you. You need to realize that saving water today will protect you and the future generation. Just like that, some new gadget may sound alluring, but ask yourself a question before you buy that gadget and create a hole in your pocket whether do you need that gadget or do you want it? If ‘want’ is the answer then exercise caution before buying. Don’t pursue short-term wants at the cost of your long-term goals.

2. Control leakage: The minute you see a pipe or a tap leaking, you need to immediately call the plumber to fix it. It may just be a tiny drop, but over the course of days when that leak remains unfixed, that tiny drop turns into gallons of water being lost. Similarly, make sure your expenses are in control; there shouldn’t be an unaccounted expenditure that will end up consuming the portion of income that should be invested.

3. Save for tomorrow: A failed monsoon is every individual’s worst nightmare. It is advisable to make precautions for such a situation so that the adversity of the problem is mitigated. Storing water at home will ensure that you have water for some days in the event of water shortage. In the same way, you should save money; invest it financial instruments that provide lucrative returns. You never know what tomorrow is going to be like; it is always comforting to know that you have sufficient for tomorrow.

4. Refrain: Simply refrain from wasting water. Likewise, be firm with yourself and avoid buying things that you can do without. Refusing the temptation to deviate from your regular financial plan is the key to long-term happiness.

Aastha Mestry - Portfolio Manager          

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.