Most of us have different goals when it comes to acquiring and spending money. It's obvious that you first deal with basic needs. When everything is sorted out you can shift to wealth accumulation. How do you know that you are becoming richer ?
It is really a good idea to check your progress in wealth accumulation. After all if you want to improve something you have to measure it first. But in reality wants are unlimited and it is never going to end. I am a spendthrift and it is really difficult for me to save money. That is why I thought there should be something that compels me to save money. I opened a recurring deposit in a bank and every month I have to put some money into it. I have seen people who are very strategic in controlling their expenses and saves a good amount of money. But still it is something very difficult for me.
When I am done satisfying my basic needs then I can begin to measure the amount of wealth I have been able to accrue. One simple way I tend to do this is take a look at what I have been to acquire and their worth. If I have any money being owed and any form of savings I will equally factor them in.
I never measure my social status against my wealth for I am an average salary earners. I work in the government for 25 years and as of this writing I have already retired. I am humbly richer from my starting meager salary to a better one. Wealth accumulation is beyond my perception or plan. I would rather be rich spiritually that temporary things which wouldn't stay.
The only wealth that we have accumulated are our home and 2 cars. Our priority is to maintain our expenses in consonance with our disposable income. We are fortunate to have an extra thousand pesos or two each month which goes to our savings account. We also put a premium on our travels so we set aside a budget for that. At the end of this month, we have a trip to Malaysia for a short vacation.
I don't really make an extra efforts to avcumulate wealth as such as I am of the notion that we come empty handed and go empty handed. I believe in doing good deeds and being happy in the present moment. Therefore, I spend on all that I feel is a good deal and whatever is remaining I try to save. In order to have a safety emergency fund I try and fixed deposit a certain sum so that I don't have to be indebted to others. I try and avoid debts of any kind. This I believe is the best habit when you are trying to save. I have learnt to live in whatever little that I have and the phase just passes.
We need money to sustain our livelihood, for medical purposes and for the old days when ability of doing work shrinks. Saving for the uncertainties is necessary, but what amount will suffice the needs that is something no one knows. I'm not an extravagant person. Whatever is there after meeting the regular requirements, I save it. There's no additional effort to accumulate more.
