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Mona Kumar, a Fashion Designer was brought up with solid middle class values and lifestyle. She often felt that her parents were at times too miserly. But now that she is married and has two children of her own, she realizes how difficult it is to manage a home and family. She realizes that it is not always possible to meet all the demands of her children. Both Mona and her husband try to scrimp and save in order to be able to provide the best for their children. Mona has shared some of her best money-saving tips with us and we are including all of them in our articles in this series.

Did you try inculcating the tips and suggestions we gave in our previous article in this series? Congratulations if you did, coz you must already be on your way to financial security. If you did not, then you must! Here are a few more tips to help you save more of your hard earned money:

Learn to distinguish between wants and needs. While a television is definitely a need today, a 42 screen or a home theatre system is probably a want for most of us. Similarly if you drive yourself to work, a car is a need. But a Merc is a want. Theres no harm in aspiring or wanting things. But first it is important to fulfill all the needs of the family and secure your financial future. After you have done these two things, you can fulfill all your wants.

Conduct Your Research. When you get a life insurance policy, or even auto/home insurance, do your homework. Properly research all the policies and plans before you opt for one. Look for the one that is cheap, offers the best cover and also gives tax benefits.

Sell off old stuff on ebay. We all have piles of stuff that we are not going to use ever again. Why not get rid of it and get some money for it? Get an account on ebay and use it to the max. Obviously, you can also look for good bargains and deals for second hand stuff on the same site.

Make the best of the festive season. Most shops have great offers, discounts and deals during the festive season. Make all your big purchases at this time of the year. So if you plan to buy electronics or jewelry or other expensive stuff, Divali is the right time. Apart from the discounts, this is also the time when you get the extra cash in the form of a bonus. So use it!

Plan vacations in advance. Whether it is a trip to Goa, or a trip to Las Vegas, plan everything in advance. This helps in getting the best deals and there are few, if any, emergency expenses. Most airlines give cheaper tickets if you book a month or two in advance.

Learn to say no to your children. It is very difficult, but it has to be done. Your child will surely attack you with those lovely huge eyes filled with tears, but you have to be strong and firm. Just remember that you are doing this not only to save your money, but also to teach your child the value of money. If you can do this, you can do anything!!!

In the next article in this series, we will discuss effective shopping strategies that help you save money.


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