29 Sep 2022

When someone says 30 days, what is the first thing that comes to your mind? A month probably?

A monthly subscription to your favourite streaming channel, duration between your salon appointments or salaries to be paid to a house help?

Here’s something else you can associate 30 days with – saving! But how?

A guideline in personal finance states for your purchases, especially those impulsive or big ones – which are discretionary, you must try and wait for 30 days.

For instance, you receive a notification from your favourite cosmetic or clothing brand, which is offering you one product free on every purchase that you make.

Now, you were not really looking to buy that product, but you are tempted to buy it. It may not even be something that you regularly use, but you go ahead with the purchase because you find the offer interesting.

Here’s what you can do instead – wait for 30 days.

If, after that period, you still think that you need that product, go ahead and buy it.

But there is another possibility – you may either realise that you don’t need the product, or you may have simply forgotten about it. The outcome is the same in both the cases – you did not really need the product, and buying it would have just an impulsive purchase.

This has helped you save the money, which you would have unnecessarily spent.

A well-known quote says, “A penny saved is a penny earned”. It means that every time you save money, it is as good as money being earned.

So this is it – a simple guideline which can help you save money, which you could consider investing.

 


 

This article is for information purposes only. The information provided herein is derived from public sources, believed to be from reliable sources. However, no representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. Views expressed herein involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied herein. Kotak Mahindra Mutual Fund/ Kotak AMC is not indicating or guaranteeing returns on any investments. Past performance may or may not be sustained in future. Readers should seek professional advice before making any investment-related decisions and alone shall be responsible for any decision taken.

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© Kotak Mutual Fund.2022
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
© Kotak Mutual Fund.2022
Mutual fund investments are subject to market risks, read all scheme related documents carefully.