Some of us may be naturally good at managing money and saving up for the future, while the rest of us may need a fair bit of guidance to get started. Whichever category of people you count yourself as a part of, it’s always great to have some additional help, so you can get better at managing your finances and saving up for a rainy day.

 

And books can always help. The power of the written word is often underrated.

 

So, if you’ve found yourself in a bit of a dilemma about how you can optimise your savings, perhaps all you need is the right book - to give you the encouragement you seek. On that note, here are 5 books you can read today to save money for a better tomorrow.

 

1. 365 Ways to Live Cheap: Your Everyday Guide to Saving Money

The name says it all. If you are looking for practical, actionable suggestions to help you get started with saving money right from the word go, this book fits the bill just right. The author, Trent Hamm, also runs one of the most popular finance blogs on the internet - The Simple Dollar.

 

You may already be aware of some of the suggestions in this book, while others may be completely new to you. The best part? The book is easy on your wallet and makes for a light read too. Plus, it is available for free on Kindle Unlimited. So, if you already have access to this service, you can read this book without spending a penny!

 

Best for:

Beginners looking for practical ideas to save money

 

2. Why Didn't They Teach Me This in School?

If you have ever wondered why they didn’t teach money management, budgeting and tax filing in school, this book will undoubtedly resonate with you. In fact, its tagline goes - 99 Personal Money Management Principles to Live by.

 

True to its name, this book, authored by Cary Siegel, goes into the details of personal finance in a simple, easy-to-read manner. It is divided into eight key lessons that focus on 99 principles. The interesting thing is Siegel initially conceived the idea of this book for his children, when he realised that they weren’t very familiar with personal finance after school, before stepping into the real world.

 

Best for:

Younger (or older) adults looking to get a better grasp of the fundamentals of personal finance

 

3. Broke Millennial: Stop Scraping By and Get Your Financial Life Together

A part of the Broke Millennial series by author Erin Lowry, this book discusses how you can get out of debt, create a budget and start saving up for your future. It also helps you tackle tricky areas like discussing finances with your partner and managing your loans.

 

The book not only comes with simple and straightforward advice, but also has a bunch of hilarious and quite relatable true stories thrown into the mix. You can read the book on Kindle, or if audiobooks are your thing, you can hear it for free on your Audible account too.

 

And once you master the art of saving, thanks to this book, you may even find it useful to check out the other two books in this series, which are Broke Millennial Takes On Investing: A Beginner's Guide to Leveling Up Your Money and Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations.

 

Best for:

Any millennial who wants to break the cycle of living paycheck to paycheck

 

4. The Psychology of Money: Timeless lessons on wealth, greed, and happiness

Think you have a fairly good understanding of saving and managing money, but want to get better at it? If you answered yes to that question, Morgan Housel’s book - The Psychology of Money - may be just what you’re looking for.

 

It takes a deep dive into how human emotions and biases like pride, existing notions and ego can affect the way people think about and handle money. These insights are offered in the format of 19 short stories, so you’re never bored. The easy writing style makes it all the more engaging.

 

Best for:

Anyone who is keen on exploring how psychology affects personal finance

 

5. The Year of Less

Do you have just too much stuff, and still find yourself buying more things? Well, you’re not alone. In fact, author Cait Flanders found herself stuck in this very same cycle of consumerism in her late 20s. So, she took up a challenge and decided to not shop for one whole year. And that was her year of less.

 

In her book that goes by the same name, Flanders gives a practical yet insightful account of how that year turned out and what she learned from it. Her learnings could be yours too. And even if it does not inspire you to go cold turkey on shopping altogether, you may, perhaps, be encouraged to spend a bit less on your wants.

 

That could help because a penny not spent is a penny saved. And a penny saved is a penny earned.

 

Best for:

Impulse buyers and compulsive spenders who want to become better at saving money

 

Summing up

Having trouble choosing from among the books listed above? Why not read them all? After all, when it comes to learning how to save money, it’s always a smart idea to have all the information you can get your hands on. And once you have all the details you need, make sure you put all that knowledge to good use and save up for a bright future!

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.