I didn't save much in Canada, eventhough myself and my wife are both working here. Even in India, I could not save as I was only working and paying all savings for donations for kids schooling at each new place of transfer.
I am wondering what are my fellow desi thoughts on this and any successful strategy they have followed for savings?
agree with ashedfc ,
My biggest saving is my health , I was growing asthmatic in Delhi/Gurgaon Pollution, was living on a puff pump !! 5 days per month I used to spend coughing and holding nose. Sneezing was routine activity. Used to remain half active half cramped during hot afternoons.
I love Canada and earlier US/europe for that and for weather. Even my looks have improved :-). Now thats called Saving !!
Monitory Saving ? I was never into it ! I do not believe in it ! The moment I collect 10k in bank, something comes up !!
Location: Western Hemisphere
Posted on: 11-05-12 12:48:34
Quote:
Originally posted by smart desi
I didn't save much in Canada, eventhough myself and my wife are both working here. Even in India, I could not save as I was only working and paying all savings for donations for kids schooling at each new place of transfer.
I am wondering what are my fellow desi thoughts on this and any successful strategy they have followed for savings?
This is what I have done in the past and do periodically as an "audit".
Create an excel spreadsheet where you can document every spending you do during the month. When I mean every spending, it means everything and requires discipline to gather the data. Do that for about 3 to 5 months to get a decent trend. Then compare that with your take home income. See what your cash flow looks like.
Use that spreadsheet to discover mandatory and discretionary spending.
What do you see and can you identify means to reduce / eliminate any of those spending?
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Dimple2001
You need some SAVING but SAVING lot and not to use it is not the way of living life.
If you are not satisfied from current income/saving/living standard, I'll suggest you to work on different options (depending on your skills, availibility of time and your interest) and plan to increase your family income to live life better. I am sure, you will find the way.
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by smart desi
I am wondering what are my fellow desi thoughts on this and any successful strategy they have followed for savings?
Little Preaching:
Avoid temptations...There are thousand justifications to get what you feel u want...just go for what you really need,..
Ashedfc said there could be various reasons for not having savings and sometimes it may not be due to your wrong decisions or tempatations.
Quote:
Originally posted by ashedfc
Finally, I would say:
Save your health "its the most important thing you have", wealth will follow..
I strongly agree. Nothing can replace your health and most of the people realize when they become over 50.
A lil over 10 years between US and Great North and I am a solid half a mil ahead; if it weren't for savings and a lil mix-n-match with folks, I would have returned to Africa, where weather was great and girls were cute! (don't read anything offensive into the girls part above)... I was always blessed with great health so that has never figured into equations... One thing sourly missing is the tasteful Indian cuisine (work as much I might, it always turns into a tasteless mess; I think unless you learn good cooking early on, you never learn it well 
