Around children’s day, I came across smart things to read about inculcating good money habits in kids. Views from parents, counsellors, psychologists to doctors merged to give a great view on money handling. Naturally a lot of reading resulted in a lot of discussions too.
Interestingly, in my chat with a fellow momey, she confided that she herself has a dilemma regarding money. I asked her what is she talking about and she said that being an avid saver she manages to save 10-15% of her monthly expenses. I complimented her on such a feat and wondered what her problem was. My friend said ever since demonetization came unannounced, she doesn’t know where could she channelize her monthly cash savings. I have to admit the more I thought about it the more I got convinced that many momeys could be finding themselves in the same position perhaps.
I probed my friend a little more and she said she would often be able to collect lac plus amount over a period. And this large sum would find way to her jeweler. She would be able to gift herself latest designs of gold ornaments. I piqued and asked why jewelry. She said the amount was too much to spend on clothes or any kitchen items. All the larger expenses are anyways taken care of husband.
But now she is scared to make jewelry purchases also. She doesn’t want to share her details or make properly billed purchases which can be tracked back to her. Jewelry was meant to be her silent reward to herself.
Having understood her predicament, I asked her why doesn’t she put the money in the bank and to my surprise, she said she doesn’t operate thhe account herself, it’s a joint account with her husband.
Now momeys if you have also found yourself in a similar situation, you have a sweet start to make. The first and foremost is opening your bank account. Once you have your own account, you can simply deposit your savings or open a recurring deposit. It is one of the better ways to harness your saving discipline.
If you want to do better, then monthly surpluses can be utilized most efficiently with a Systematic Investment Plan. It can be a great way to see your small savings grow into a spectacle.
If you still prefer the traditional investment of gold then opt for digital gold. Digital gold is a mix of virtual & real gold. You can pay online to buy gold into your online account. Once you reach purchase worth 5 gms you can either take physical gold’s delivery or keep buying online. This is great if you have long term use of gold like child’s marriage, to ensure safety. There’s also an option of Gold Exchange Traded Fund but that can be your level next.
Its been a year since demonetization and my friend has amassed her year’s fortune. So I am making her an appointment with the bank representative to come over for account opening in the coming week. Did you say? #MeToo