Thursday, August 7, 2008

switching to cash from cards

'Cards are in. Plastic is the money. You are as rich as the credit limit in your cards.' Nice to hear, but all these phrases made my initial money management a hell.

When I was bachelor I was known among my peers and family as good finance managers, so I was really shocked when I saw that we are spending more than what we are earning. And worst part was I still have a big important purchases list ready for next month. This is where I decided to take control of my house finances.

For the initial month, I did nothing and just make a note of every rupee (penny U can say) spended. Then at the end of the month took some time out and analyzed where am I blowing my money! List of cuplprits was long and included,

1) Big Bazaar and alikes (Our Walmart :-( ) - I always over spend there and that too mostly on things I hardly need.
2) Eating out - Newly married and not staying with my in laws. Trying to manage home and work and fun. Losing some good nutritious food and huge sum of money.
3) Petrol (Gas) - I have to visit my in laws and my family every week. And what more, we really like to go out as well. :)
4) Gifts - Yes. I love to give a gift and am one of those who find the occasions to gift someone.

And the worst part was, we were using my Husband's credit card, and in the next month's beginning, most of out salary used to go for last month's bill.

So i decided to take some preventive measures, right from now. I know I am newly married and this is the time to best enjoy the life, but I still prefer enjoying judiciously. :)

1) Credit Card will only be used for Petrol.
2) We will take out 15K and try to manage all our monthly expenses from it. If we need more, we will again get cash but will keep the tempetation of using cards to least.
3) Will try to manage my home well, so that can avoid eating out.

Well, it worked just OK for me last month. I could manage in that money, except the electricity bill. I am following the same trend this month too. Let's see if I could succeed this month as well or not.

One week has already gone and I am quite on target. I spended less then Rs. 2000. All the best baby.

Anonymous Indian.

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