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I am so elated to see you, wanting to take a peek. If this is your first time here, know that you have chosen just the right place to start.

I started blogging when I was left with a six-figure debt to pay, as a result of my education loan that I had taken to complete my MBA. One astonishing fact that I came across during those times was that the debt I owed to the bank had not decreased, even by a scruple. Instead, the figures kept on increasing.

How’s this possible? , I wondered. I knew pondering alone would not solve the issue. Something had to be done.

The outcome of that was I finally decided to start the Ispeaksforum (My blog) journey.

With the help of this platform, I advise you on how to save money. Here, I have written down my own life-tested experiments in which I show you the methods I implemented to get out of my own situation.

During that period of saving money, I came across the concepts of personal finance and different kinds of investments that can yield more in the future. I am providing you with genuine information here on this platform and the extensive knowledge I gained during that timeframe.

Courses like MBA are pretty expensive. Hailing from a middle-class family does not help the situation. We did not have adequate funds to pay the entire course fee from our pockets, especially after paying for my graduation. Then again, MBA was something I always wanted to do. The concept of education loans was still emerging at that time and therefore, the banks were also very generous in advertising their special plans. I decided to take an education loan to pay for my course.

Education loans usually have a high rate of interest. That is the reason why I devised the idea of saving additional money from my income. I started from scratch, made a small realizable monthly budget for myself and set aside the rest of the money for paying my debt. I fixed small targets for myself. After a lot of research, I came to know that paying off the principal amount faster helps. So, I made saving money equal to my principal amount the primary long-term goal of mine. I broke up the entire amount into smaller denominations to set up monthly and even weekly targets.

The strategy was very simple. I cut off the unnecessary and lavish things from my lifestyle and only spent on the things I really needed. However, I would reward myself with a cheat day often, just not to feel like I am broke. For example, if I was saving on food, the entire month, I would give myself a one-day rain check by having one meal, out at my favourite fast food joint. But, I was careful not to spend the entire savings on one little treat.

When money is debited from your account at the very moment, you get the chills and then you are motivated to spend lesser. However, the thing with credit cards is, you’ll schedule all the payments for the end of the month. The month-end credit bill can drill a hole in your pocket. I made the habit of using my debit card more than my credit card. In this way, I could keep my expenses in check too.

Another strategy I implied was investing in Mutual Funds. It seemed like a risk, but I was willing to take it. Things in the stock Market were dicy in the beginning but they smoothened out once I got the hang of it. Also, mutual funds required bare minimum investments, so it was easier for me. The profits these funds yielded were astounding. It gave me the courage to invest in another avenue, like buying shares, etc.

Finally, I was able to repay the entire debt. It came as a huge relief to me and I was proud of how I saved up and added penny by penny to achieve my targets. Ispeaksforum is a platform where I share strategies, based on my tried and tested personal experience. It is just a medium of helping people in similar situations as I was in. I hope you find everything fruitful.

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