Making Every Penny A Pound

In 2002, a few days before the FIFA World Cup and the football frenzy could reach its peak in my tiny little state of Goa, my father, frustrated by the picture quality of the TV at home set his mind on purchasing a brand new one. Very impressed by the advertisement on a local tabloid of a LG make which was shaped like a football, he sought details and thought of how he could fit it in our budgeted monthly expenditure. He had a plan in mind but only needed a plan to execute the plan.

Still undecided, we broke for rosary, our daily prayers.

In 2014, a few days before the FIFA World Cup and the football frenzy could reach its peak in my tiny little state of Goa, my father, frustrated by the picture quality of the TV at home set his mind on purchasing a brand new one. Very impressed by the advertisement on a local tabloid of the latest line of Sony Bravia LED TV’s, asked me to procure the details. After pondering over the information I furnished him with, he thought of how he could fit it in our budgeted monthly expenditure. He had a plan in mind but only needed a plan to execute the plan.

Still undecided, we broke for rosary, our daily prayers.

After saying our final prayers, as if history was repeating, he decided to hold on. As though through divine intervention, he chalked out a list of things that assumed priority over the TV. My cousin’s wedding; monsoon-related repairs of the shop and other expenditures tightened our purses and made the possibility of owning a new TV in 12 years a distant possibility. Seeing the turn of events and our excitement of having a new TV come crashing down, my mother expressed indifference; my sister, frustration; while me, dejection. It’s then when I explained to my father the secret of making money.

During my engineering days, while staying in a hostel by myself, I realized that a rich man is not one who earns a lot but manages his wealth well. Having more does not mean earning more but spending wisely and saving efficiently. No matter how great your ambitions, by saving a little every day one can amass a fortune.

Every day, the first thing in the morning put a fixed amount of money aside. The amount depends on how much you wish to save over time. E.g. If you wish to save 30,000 in a month, keep 1,000 aside every day. Once you have kept the money aside, promise yourself never to use it till you have achieved your goal, even better, forget about it. If you do not have a safe place to store it, deposit it in a bank or put it in a miller. If you have different objectives to fulfil and working out of one miller is difficult, have a miller for each with a fixed amount going into each of them depending on the amount to be amassed. 

That’s all that’s there to it; pretty straight forward. But if this has to work, it has to be done right. You have to fill your miller the first thing in the morning and every day, no excuses. You have to do it the first thing in the day because it’s important to save first and then spend out of what’s left. Every day, so it becomes a habit and there is very less variance between days. 

Trust me, do this every day and soon you will see you having the resources you always wanted.

I don’t think I need to mention, but still. Yes, the wedding went well, our shop got the much needed repairs and we finally got a new TV after 12 years. Good days are definitely here.