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According to recent reports, India’s GDP grew up by 5% in the financial year, 2012-2013, which was the lowest since the last decade. It seems that the 2008 recession still looms large on the daily lives of the Indians. While the lawmakers are there to take larger and bigger decisions about the nation’s GDP, the common man can’t do much about macro-economic indicators. As we’re about to step into 2015, we need to organize our finances and revisit, learn and imbibe some timeless personal finance lessons from the maestro Warren Buffet so that we can overcome the financial shocks that may be in store for us in 2015.

1. Review 2014 before you start: Before taking any step, start off with a review of 2014. How did you fare? What points did you miss? Which financial tasks are still pending? Where did you commit some of the biggest blunders? Were all your investments on track? By evaluating your strengths and weaknesses that you’ve portrayed in 2014, you will easily be able to deduce the steps that you need to take to improve your finances. Write down everything in points so that you don’t forget anything while planning for 2015.

2. Create a frugal budget: Budgeting is a basic but important tool. When you know what you earned and where your money went, you can be aware of your current financial situation. Often times, when your expenses are high, a large part is accounted by all those unexpected and unplanned expenses like entertainment, eating out, coffee shop bills, which are difficult to control and restrain. So, you should first know the excess outgo and then analyse the spending habits so that you can limit each expense. Live within your means and check yourself whenever you see that you’re outdoing your budget.

3. Spend wisely and live thriftily: Warren Buffet says that if you buy things that you don’t need, soon you will find yourself sell things that you need. Most of us suffer from the urge to splurge and most often we justify our expenses using the pretext of special occasions, lifestyle, family emotions and even smart decisions. Most marketing companies understand this urge and they try to exploit by giving us offers on products. Unhealthy carbonated drinks are sold with promises of adventure, youthfulness and happiness. You may also take the example of EMI options on expensive smartphone. Little do they understand that through the EMI option, people tend to pay more in the long run.

4. Save money for the financial odds: Remember that someone is sitting under the shade today as someone planted a tree long time ago. All of us are aware of the fact that saving money is important to have a better future. But it is indeed an alarming fact to observe that most of us don’t even save enough money for the emergencies. This happens due to our extremely myopic view of our personal financial condition. Today, instant gratification matters more than saving for tomorrow. In fact, saving is considered as sacrifice by most people. Follow the “pay yourself first” principle. Set aside some money for your future.

5. Plan for the long term and be patient: No matter how great are your talents and effort, there are some things that just take time. Can you ever produce a baby in one month by getting nine women pregnant at the same time? Money is also a part of nature and it can’t grow overnight. However, we always overestimate money that we can make in a year and underestimate what we can make in 10 years. People should make money by staying invested for the long-term instead of dancing in and dancing out of the portfolios and changing them constantly. According to India’s growth, you can benefit only if you invest for long term and stop panicking for short-term fluctuations. Based on your risk appetite and financial goals, make a diversified portfolio. Pick right financial instruments recommended by your financial advisor.

6. Borrow within your limit: Remember that you can never become rich by living on borrowed money. Initially people think that borrowing is manageable and to later on repay the previous borrowings, they take out yet more loans like the debt consolidation loans. This is more like fighting-fire-with-fire approach towards debt reduction. Borrowing should never be done without an objective assessment of future cash flow and other financial needs. Have a solid plan to pay the debt back and not become its slave.

A debt-free life is indeed the best life. In spite of knowing this, there are many who hardly take the required steps to stay on the right track. If you’re not willing to spend a life immersed in debt, take into account the above mentioned financial tips by Warren Buffet.

How often have you stared at something at whatever store, feeling that you want it, but you kept telling yourself ‘no ‘because the price is a bit too steep? You don‘t need the item, per se, but you‘d definitely purchase it if it didn‘t cost so much or if the budget at your disposal would be with a few more zeros. Quite a lot, I imagine. As a student, that happens to me a lot, and I‘ve heard other people complain about the same problems. Things are just too pricey nowadays, and there‘s nothing we can do to change that. Sometimes we just have to let go of something we want.

Though, I have a remedy for that. Ever hear about Overstock? Yeah, that place that‘s literally overstocked with awesome stuff? Well, it has these things called overstock coupons which will definitely make your day a bit brighter. Just picture this with me for a second – you‘re staring at let‘s say a new laptop. You have a laptop already, but the thing‘s so slow you feel like years pass by before your operating system loads, hence why you‘d love to get that hardware upgraded to something more recent. Alas, you figure the price is too high to invest in something you don‘t necessarily need. But oh, wait, a bright light starts shining from the ceiling on you like it‘s the Martians trying to abduct you. Yeah, Mars Attacks never gets old. Yet, suddenly and totally randomly, a 20% off overstock coupon appears in the palm of your hand. Huh, maybe now you can afford to buy the laptop after all.

Overstock has a large assortment of things that can prove to be useful in one way or another, and what makes the deal even more approachable are the available overstock deals at your disposal. Saving financially is something that matters quite a lot, especially if you‘re someone who has to support not only yourself, but others like relatives or family. You can‘t just put yourself in a position where you buy something for yourself and end up not being able to buy diapers for your kid. People depend on you. However, there are in fact loopholes to this, like the deals I mentioned. Buy what you want, and you‘ll have money to spare for others! Pampering yourself once in a while is always a good thing.

With Christmas and the New Years approaching, you might as well grab one or two overstock promo codes to buy those presents for your kids and wife (or husband). You don‘t want your wallet to be empty after the holidays, do you? And you surely don‘t want to buy something small and be called cheap by your colleagues or friends. Remember what I said about pampering yourself? Well, buying something extra special for your family works wonders too! Your son‘s in college, and he‘s about to rip his hair out of his head in frustration because his laptop is slower than a snail. Save him the trouble – buy him a new one. College is hard enough as it is without having to worry about a slow computer.

Autumn is not a period you should spend much money. Moreover it is time before holidays, that is why you are supposed to save for gifts. As for me I try to reduce any extra spendings.

Here you can find different ways to save money in the following period:

Cook food at home

Many of us like going out for food. But if you want to save some cash, you should decrease such spendings. You should start to prepare food at home. You can try different recipes and improve your skills.

A good variant is to use a crockpot. I prefer cooking with it, because I need just to put all ingredients in it and forget about it for approximately two hours. And then you will have tasty food with no hassle. This will obviously cut down your spendings and make your food healthier. Also you can find cooking as a new good hobby.

Stay with opened windows.

The weather at autumn is wonderful, so you may enjoy it with your windows opened. In such a way you can save on your air conditioning or heating. Also it will bring nice smells and different colors of autumn leaves.

Stay outside more.

You can use this weather to make different sport activities. You may run, ride the bicycle, or do other gym exercises, play football, basketball or tennis. All this will help you to save on your gym membership. Also you can use all staff you can find at home to work with appropriate weight. This will not only improve your body state, but will also have positive influence on your health.

Relax outdoor.

You should not spend time at home or other places, you may just go out and enjoy the autumn. It is always much better to meet friends not in the crowded bars, but in your garden. In such a way you can transfer all your activities outside, if it is not too cold of course.

Also there are many outdoor activities that you may like. They can be really cheap, especially if you have chosen and bought some particular necessary staff. But if you do not have appropriate equipment you may always rent it. For this you can use quick & easy loans online service. It provides short-term loans, so it will be easy to pay it back within a month, that will not harm your budget.

Below I name some activities you may like:

Hiking.
Kayaking or canoeing
Riding a bicycle
Making BBQ
and many others

Make a swap of clothes

You always want some new jeans or skirts, but buying them in the brand markets may be expensive. That is why you should try to exchange clothes with your friends or even make a list with photos of what you have in the Internet. In such way you can find someone who wants especially what you have, and you can change or even sell it. Making such swaps will help you to get rid of the clothes you do not wear and to find new ones. Also you may meet some interesting people.

So you should try the recommended tips to save your money. This will also help you to make changes in your life and feel something new.

Home budgeting is a crucial topic which is discussed by almost everyone at some point of time. These days are the times when income increases at the speed of turtles and the expenses shoots up at the speed of hare. It is important that you make the hare rest before the dead line (and make the turtle win the race) to keep your savings and budget under control. Going off track managing the budget would put you in financial crisis. Some even end up taking heavy loans to meet their needs. A smart home is the one which fixes a monthly budget and sometimes, even saves out of the lean budget too. If you have been unable to manage your budget and end up spending a lot extra than the target, then this guide is for you. Today let’s discuss some areas wherein there is scope for saving and managing a smart budget.

Grocery shopping:

You must have noticed that grocery shopping from the mall would cost you much more than doing it online. At mall, the products are displayed to tempt you and the purpose is served when you pick things that you don’t actually need. You can overcome this hurdle by making a list of the things that you need for the home and stick to the list, no matter how tempting the offer is. Finish your grocery stock before you go shopping. If you have kids, who go picking things and filling the carts all by themselves, then avoid taking them. If you are unable to do so, do you shopping online from various stores that offer free shipping. You can also buy clothes and home décor essentials online from stores like Nordstrom. You can also pick Nordstrom coupons that are available online for free. Nordstrom helps you save majorly on your clothing and home décor needs.

Water and electricity:

These are one among the common areas wherein you can save. How to save water and electricity is a question that needs no tutorials. Even the kids these days know how to cut short your water and electricity consumption. Teach your kids the techniques to save water and electricity and follow it yourself to reduce the consumption cost and save on the budget.

Manage medical expenses with insurance:

There are many insurance companies that offer great medical insurance schemes that can secure your family members health. Medical expenses are unavoidable, but can be managed effectively if you have insured your family’s health. Check the right medical insurance plan that suits your budget with your insurance officer and gift your family a medical insurance policy with which your and their health is secured.

Avoid eating out:

You must have noticed that single trip to the restaurant tosses up the budget. Slowly reduce the frequency of eating outside. For example if you did it every week slow it done to biweekly and then gradually to a monthly one. Avoid parties where you are expected to bring in gifts.

Follow these simple rules and see your bank balances increasing. These tips have helped many families to manage their finances effectively.

You have a number of resources available and it is up to you to make the best of them. By organizing your available resources you will know which one can be used for what task. You will avoid duplication and end up saving money. Take a look at how you do things today and then work out how you can do them better tomorrow. Small things can make a big difference over a long period of time, so no change is too small to be not considered.

Optimizing Use of Resources at Home

Home improvement projects are important; just don’t start something which is more cosmetic than useful. For instance structural reinforcement is important but getting new cushion covers every season is not. Using coupons is good; just don’t buy something you don’t need simply because you have a coupon to get it cheap. Just because you have a coupon to get tomato soup cans at half price is no reason to buy them when you hate tomato soup. Don’t pay for a service that you can get for free elsewhere, for instance some shops charge for home delivering groceries but others may do it for free. Learn to compare deals at different shops to get the best bargain possible, this is time well spent when you are being frugal, rather than time wasted.

Optimizing Resource Usage at Work

Start with getting to work in a car pool. This way you save money on fuel, make the carbon footprint a bit smaller and do your bit towards going green. You also get saved from the hassle of driving through traffic on your own every day. The company in the car makes for a more pleasant and relaxed drive. At work, check if you need all the phone lines you own. If your job requires you to be in the office the whole day, you don’t need a mobile phone. If however you have a job that takes you all over town, you may want to consider disconnecting the landline. Buy the office supplies and stationery you need in bulk. You know you will be using pens, pencils, paper and printer reams. So get them cheap while buying for the full year’s supplies. You save frequent trips to stock up on office supplies as well.

While ready cash is your most liquid resource, it is not the only asset you own.

An asset is a resource you own that can be used to generate more income for you. If you have a large space that you use only part of the time, you can rent it out to others. Your holiday cabin can be let out during the time you are not using it to generate more income on the side. You can use this rent for the general up keep and maintenance of the cabin. That way it pays for itself. Think about other assets you own which can be put to better use. It will surprise you to see how much extra income you can generate with a little creative thinking.