Money Saving is Money Earning : a Half Truth

by msanglikar

Know when Money Saving is not Money Earning. Many times saving money does not pay.

You would have read or heard the quote 'Money Saving is Money Earning' for a lot of times. you should save money by avoiding unnecessary expenses going on because of any type of your bad habits and addictions. You will find the total amount you spend for unnecessary things per year is handsome one. If you avoid such expenses, and save the money, it is like earning money. But did you know that this is not an every time truth. If you run behind a bus or taxi to reach your destination, it is not money saving.

To Save, You Have to Earn

Avoiding unnecessary spending of money and saving it for yourself and your family is a must thing. But you can save only if you have real earning sources. Further, there are limitation for saving money as you can not save more than what you earn in real. Let me explain it this way: If your monthly income is 5000 bucks, you can save only a part of this, but never more than this. If you have to save all of the 5000 bucks, you have to increase you income to the amount which will cover all your monthly expenses + 5000 bucks. Only then you can save more.

What I want to say is that to save money, you have to earn in real.

Money Saving and Time Factor

Many people like to save money by doing thing by themselves, like washing and pressing their cloths and so on. It saves money for many people, but this method of saving money is not useful for all. If you have a lot of time to do things yourself, and if you can not earn more than the amount you would have spent on it if you would have outsourced the work, then this method is good for you for saving money. But time is money, and you should not waste your time in 'Earning money by saving money' by doing everything yourself. Rather you should outsource your work and save your time. Your saved time can give you more money than saving by 'Do it yourself' method.

Always think big. You should concentrate on earning money. More you earn, more you can save.

So you must know that when money saving is money earning, and when it is not?

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Spend Money to Earn Money

Further, if you spend money for right things, you can get big returns. But that is an another subject to write. I would like to write a separate article on it, So please wait.......

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Updated: 12/06/2012, msanglikar
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Rose on 03/05/2014

That's a good point. It's down to Opportunity Cost - is the time spent saving/doing things yourself better spent earning money at a higher rate?

Ragtimelil on 12/05/2012

I know all too well that you can't save if you need all your money just to live.

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