Tuesday, November 10, 2009

Time and Savings

How many times do we say that we do not have time for prayers, people, phone calls, emails, hobbies, and the list can go on.. Each of us has different reasons to give for not being able to do something and never have one reason why we must consider doing it... I think I have finally stumbled upon that one reason to do all that I would otherwise postpone saying 'No Time'.

Last week, I chanced to read some points that gave me a very different picture about Time. We have about 1440 minutes in a day. Math : 24 * 60 = 1440. I wrote it out just in case you are trying to do a mental math on this. It is as clear as the calculation, that we have a whole 1440 minutes to do all that we want to do in a day..

With this thought, can you just spend a minute to check if you can spend five minutes each day in prayer, 20 minute for friends, 10 minutes to respond to missed calls and text messages, and say another fifteen minutes for music or exercise or some hobby? In all your spend time would still be less than hundred only, but will bring you immense results personally.. You still have another 1340 minutes at your disposal..

If this sounds doable, you have given this math a serious thought.. if it doesn't, try thinking about it once again...You should be able to crack this simple thought.

The same can apply to savings. Every time you think you have not saved enough or you want to save more or want to spend more, all you need to do is check how much you spend for a whole day and then a whole week and then a month. You will be able to separate the need from want, want from comfort and comfort from luxury. Have all these listed separate and see how much you can save per day.

The book said that if a smoker decided to save the money he spends on one of his cigarette packs everyday, then he will have a reasonable savings by the end of the month. Let's see how. Let's say a pack of cigarettes costs about Rs.25. Math : 25 x 30 = Rs. 750. Now, don't you think, this money can come in handy for a quick dinner with a friend, later that month? So, think of that dinner with the friend and cut down on one pack of cigarettes each day. This way, we can identify a lot of things to cut down, to postpone and to minimize until an appropriate time when all these becomes feasible and comfortably affordable.

When we say it is tough to manage the expenses with a given amount of cash, we just need to sit down for a week and watch what is happening to the cash.. and with time, we need to sit down and watch where is it elapsing away like that.. Both cash and time get spent anyway.. The people that claim to have both only invest and spend smarter than the rest of the herd.

As for the savings story, I am not talking about people who are born in royal families and have silver spoon memories. I am talking about those who are earning a monthly pay cheque and are trying to do their best to save, spend and enjoy - all at once.
As for the time story, I am talking about everyone of us. This has no bearing with the financial, social, professional status. You cannot do anything to stop the ticking time which is anyways 24 hours or 1440 minutes for everyone alike.

Small amounts of time invested whole-heartedly and cash invested wisely have their own way of paying you back.

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