“I don’t make impulse purchases”
Businessman Mehernosh Colombowalla shares his tips, which include waiting for the festive season for big purchases, restricting himself to home food, and sticking to quality products.
Mehernosh Colombowalla, founder of Beyond Borders Travel Company, shares with us his tips for saving money, which drive home one main point – think before you buy.
What are your money-saving tricks?
Spend on what you want and not what you desire. If you have to make big buys, such as home appliances, wait for the festive season sales and exchange offers. I save by spending money on quality products that last longer. They may cost a bit more but if you buy a cheap product, you need to replace it three times in a year. A good product lasts so much longer. I make purchases after a lot of thinking so that I don’t make impulse purchases. I try not to eat out just because I’m lazy to cook. That way, I can feel less guilty about spending when I need to go out for a lunch or dinner socially. I also try to travel by train and avoid rickshaws on long distances, or drive when I can.
What was the last great deal you got?
A home appliance I bought last Diwali in a sale offer and my Samsung S4, which I got for a really good price at a local shop. I always check prices at at least three shops before making a purchase so that I can get the best price.
Is there any product or service you would not mind paying a premium for?
Any product that has a long life – I would not mind spending a bit more on it if its going to last long enough.