I always try to save money by buying only what is necessary for me, I avoid to the maximum of superfluous expenses (although I don't live without them sometimes). Not to mention the fact that I always try to deposit a part of my salary every month on my bank account (and I try to forget that it exists ).
My father taught me to invest the money instead of saving them, but I knew better when I grew older. First, I save on emergency funds, at least in the amount that can cover me for 3 to 4 months without any earnings. Then after that, I put some of my income on life/health insurance and mutual fund. If my income can pay for my monthly liabilities and there's something left, then I spend them for shopping, traveling or maybe invest in business.
We have always believed in saving and that culture is helping us to live our life post retirement comfortably Whatever was earned even if needed more than that to live we made it a point to keep aside a bit of it and saved it As our station in life improved we bought shares debentures and mutual funds. We also saved in banks where fixed deposits earned interest for us. We do not have credit cards but only debit cards as we need that facility or shopping offline and online
@iamawriter I think it's a misconception that using a credit card increases your expenses. It could be true if the credit card holder is not using it responsibly but if you look at the brighter side of it you can get credit card at zero annual fee with lots of benefits including use of credit without interest for a certain period. If one uses his credit card sensibly there are better chances of taking advantage rather than ending up a loser.
@Ray1 I have not stated anywhere that using credit cards increases one's expenses. Just that I am fine with just having a debit card. Having said that I am sure there will be advantages owning credit cards as you have pointed out but I am comfortable as I am. To each their own I suppose.
@iamawriter Thanks, I thought you were suggesting using a credit card increases one's expenses. Thanks again for clearing your point As far I am concerned I have always thought that using credit card sensibly decrease expenses to certain limit. Thanks again
