If you earn a certain income and decide to save Rs 1000 today, then you’re free to put it to constructive investments.
We must also understand what kind of value addition it will have on your lives. Of-course, your money will stay intact even if you keep your savings into an account. What is important to understand is that it may impact your secure earnings in future.
Basically, the same Rs 1000 can be used in many ways without changing its value. It’s a personal call to decide which where do you want to invest your money & how much return do you expect. You can conveniently create a basket of your choice, where you can spend, save, invest or gift.
Spending a Rs 1000 can be done in a multiple way like:
When savings takeover investments:
- Supply of fresh vegetables & fruits on a weekly basis.
- Online shopping of clothes, shoes, etc.
- Recharging your phone or paying up your phone postpaid bills which could be used for work or personal engagements.
- Chilling over coffee with friends, family etc.
- Buying books of fiction/nonfiction to widen your imagination, language and life skills.
When you know investments can be more valuable in life:
- Investing in a short-term debt fund for 12 months which will give back returns.
- Put back into a bank FD for 11 months for a better rate of return
- Investing in diversified equity fund or PPF
- Buying gold after 12 months of saving which may give you a lot more than estimations
- Ownership in a property after 12 months of saving, amounts to Rs 12,000
Lastly, is the aspect of Gifting which gives you immense satisfaction:
- Indulge in gifting if you have been able to build some savings
- 1-2 mid-day meal to needy children over 6 months period atleast
- Provide education to a needy child, Rs 1000-1250 a month
- Gift your niece/nephew/house help’s child or neighbor’s child for countless blessings
- Gift a blanket/food/essential to someone homeless
You basically understood our points which reveals that the joy of sharing & blessing is unaccountable. However, kindly note that it’s best undertaken when you have spare savings with you.
What you actually do with your money is upto you completely!
It’s important to balance the future value and immediate gratification in you and learn to use your money effectively to add to its future value rather than spend on something which means zilch.