Money Management to Migrate (Part-3)

You can read our previous parts of migration experiences here. 

Migration means 2 things.

1. Patience

2. Money, Lots of Money

Not a pro in both. But I really try. At least I'm closer than I was yesterday.

Learning money management starts at home. I look back at my childhood and I couldn't be taught more.

What my Father taught me:

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1. Never ever LEND money. Lend money only if you don't expect it back.

2. Never ever BORROW money. Period.

What my Mother taught me:

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Oh! So many things from compulsory savings to radical budget.

They never gave me a single lecture on money management. Their actions did more than any lectures.

Its 4 years now I've started to handle money on my own. And I was terrible with it. Oh! God knows!   I loved useless crap.

Same cut dress in 4 different colors?? - Yes, Please!!

Sandals that I won't / can't even use?? - Add to bag!!

A book just because its cover page is red?? - Totally!!

A coffee mug just because I want to reach the count of 20 mugs?? - Can't stop!!

Now I look back, all I have is too much of guilt and possession of more useless crap. Yeah I ended it eventually and I have to. Saving money just works like dieting. Losing weight or getting rich- Both not gonna happen in one day.

Here are few tips, we follow.

1. Savings account that we can't access:

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        When I want something, I definitely want it. And when I handle the money, I easily buy it. And Arvind never says no to anything I buy. So the first job was to make Arvind strict towards me. The second job- we started a account where it requires both of us to withdraw/ transfer. So all my needy list goes through Arvind and the useless crap gets filtered out.

2. Be a Cheap Date:

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        Do not try this when you date, before marriage or even after few months of marriage. Once the glamour part is gone, when it is comfortable and familiar seeing the partner after a tiring sleep or walking around the house with night dress, that is the best time to take this step. 

A SWEETHEART is milk, A BRIDE is butter, A WIFE is cheese, as someone rightly said.

        Think creative. A carpet, some cheap wine, battery operated fairy lights/ a candlelight, homemade gobi manchurian and watching Friends can be as romantic as an expensive date. The best part is you feel the same and maybe a bit more proud saving few bucks.

PS: Don't be a cheapskate too. When the wife feels to dress up and go out, please do so. 

3. Cut down eating out:

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        Though I love cooking, I can't handle if its 24X7. We eat out a lot, like 4 days a week. Then we challenged ourselves to eat outside only twice a month and failed miserably. So we formulated a new plan, to start slow and now its eat outside once a week. Draw a plan which will work out, stick to it and it just feels great. 

4. Pay your bills, Pay your Savings too:

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         Treat your savings like a bill. At a particular date a large chunk of money automatically goes into our savings account. Its non negotiable. This way money adds up real soon. 

Do not save what is left after spending, but spend what is left after saving- Warren Buffet.

5. Make a Pact:

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        I started a no-spend August. But mid week I stapled my finger unfortunately and ended up crying all day. Convincing me became so tough for Arvind and eventually he ended up buying 2 gowns for me. So again its no-shopping September. I've taken a vow not to buy anything that isn't food or household or transport related.

PS: Don't beat yourself too much. At least you have to keep yourself alive and happy.

6. Cut back movies:

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        Every Friday is a compulsory night out. Its there in our family rules. Staying home at Friday nights, I literally feel like I am being punished. We used to go to meaningless movies, just for the pleasure of popcorn and coke. So Arvind switched the household shopping schedule to Friday nights. Its a win-win. 

        1st and 3 rd Fiday nights- House hold shopping. 2 nd and 4 th Friday nights- Movies.

So all Fridays are a night-out and the family rules are obeyed too.

        All these are nothing new and I am not an expert too. Just few things we follow. It is not always easy. But it's completely worth it. After all these years, if we don't learn to manage money, the future will make us learn in a hard way. And that is not the risk we wanted to take.

Happy Saving !!