20 Financial Tips To Sustainable Happiness

Here are few financial tips to sustainable happiness for middle class people ;
1. Never buy a second hand car. Always buy a new car. Never buy a car if you cannot afford it(Fuel, Maintenance). Never buy a car if you do not have a regular use of it. Uber and Ola are good alternatives, where available. Do not buy a car just for the sake of social status.

2. Try to buy a car without a loan or with the lowest EMI. Postpone your plan to buy a car for a few months to make the a bigger down payment and lower your EMI. Buy a car during festive seasons.Never buy a car exceeding your requirements. Bigger cars means bigger maintenance and higher depreciation. I see car insurance premiums also as a maintenance cost.

3. Similar rules on buying or constructing a house too. Do not go for extra big house. Bigger the house, bigger the running cost, electricity etc. You should be in a house which you can repaint atleast every five years. I hope you got my point.

4. Never spend lavishly on functions like marriage. Instead gift your children with a F.D or gold which will be useful for them in future.

5. Get health insurance. 
Its always better to have a health/medical insurance policy after a certain age. Life can sometimes give an unpleasant surprise.

6. Get life insurance. Life can sometimes give an unpleasant surprise.

7. Plan your retirement. Never be dependent on your children post retirement.

8. Make you children financially literate not just academically.
Never compete with your relatives, friends or neighbors while spending.

9. If you earn reasonably well, but stay in a rented accommodation try to buy a flat or house as you can save on exorbitant rents. A home loan will give you tax benefits as well.

10. If you are planning to buy a vehicle, go in for a new one. Don't go in for high end car models, but a medium sized one. Take into consideration the cost of servicing and spares when you buy it.

11. Try to save at least 10% of your salary. Invest in F. D’s in banks, mutual funds which pay monthly dividends, post office savings. If you have the know how you can invest in shares of good blue chip companies.

12. Don't waste money eating junk foods in malls and high end hotels. Have home cooked meals as much as possible. Good for your health and easier on the pocket. If you want to eat out once in a way, go to a medium size restaurant. The food will taste as good as or sometimes better than high end hotels.

13. Don't keep on buying unnecessary clothes, footwear, bags etc just because some high end brands are offering discount.

14. Don't go in for high end costly mobile phones. Most of them don't last more than 5 years and even if they did you would be bored of them and want a new one after a few years.

15. Compare prices in shops before buying groceries. Many shops give discount on M.R.P. I prefer to buy my monthly groceries and toiletries from a nearby wholesale shop where the prices are lower than in departmental stores where the prices are always higher.

16. When buying consumer goods like T.V’s, refrigerator, washing machine, mixer/grinder go in for good brands where after sales service is also good.

17. Always carry a bottle of water and a packet of biscuit in your handbag when going out. You will save money by avoiding buying cold drinks, juices, bottled water and snacks in case you are thirsty or hungry.

18. Make sure lights and fans are switched off when you are not using that room. You will save on electricity bill.

19. Don't use credit cards to get into unwanted debts. I don't use credit cards and carry only limited cash with me when going shopping so that I'm not tempted to spend more.

20. Don't get into debts to indulge in luxuries just because others are doing it. Live within your means. There is no need to keep up with the Joneses.

Lastly think of how hard you or your spouse worked to earn that money. You will then think twice before spending it. And money saved is after all money earned. A happy family spends less while an unsatisfied family seeks support from monetary pleasures, so focus on staying happy and spread love

Credits: Quora.com

20 Financial Tips To Sustainable Happiness 20 Financial Tips To Sustainable Happiness Reviewed by Daniel Adewunmi Abai on January 21, 2019 Rating: 5

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