• 
• 

Published on March 10, 2008

Most must work overtime to make ends meet.

Regrettably, working overtime to earn more income for wealth accumulation increases your level of fatigue and decreases time spent with your family, making happiness and a balance between work and family difficult to maintain.

Financial planning does not require financial-guru-like skills or studying dozens of investment books. Only one basic rule - the 90-per-cent rule - will almost certainly guarantee your financial success. The 90-per-cent rule is that you live on 90 per cent of your income and save the other 10 per cent.

To make the savings plan succeed, a few small changes in habits and ways of thinking can reduce monthly expenses and return you to enjoying time with your family, rather than spending your extra time working to make ends meet to support your lifestyle.

Mind utilities. Basic home utilities add up so much faster than we realise. Check what utilities are unnecessary for you and your family and get rid of them. Watching your electricity use will save costs amid the present spikes in energy prices. Turning off extra lights or adjusting thermostats can add up to hefty savings.

Use mass transportation. The price of 91-octane petrol now exceeds Bt30 a litre, so riding electric trains or public buses can save money. You can save more if you buy a monthly ticket.

Try store brands instead name brands at the supermarket. Prices of store brands for drinking water, clothing and cleansers are probably cheaper than name brands by at least 10-20 per cent. For example, a 5-litre bottle of one brand-name drinking water costs Bt45, while the in-house brand at one supermarket is Bt38.

Buy in bulk, not single packages. Economy-size containers are cheaper than per-unit prices.

Oranan Paweewun

The Nation