Insights

3 key tips for saving water and money

March 22, 2017 . Akash Kapur
Water is one of the most crucial resources available to us on Earth. Without it, life as we know it would not exist. So, this World Water Day, let’s talk about water and how we can save it.

Water and money may exist as two separate states of matter, but they do have many things in common.
For one, both are critical to your life. Just as you need water to stay alive, you also need to have sufficient money to be able to live in comfort.

Another similarity between them is the wastefulness that most people show in their use of either of these resources, which can have severe negative impacts on their life. Are you one of them? If so, here are a few things you can do to ensure you optimise your use of both water and your money:

Exercise prudence: It is tempting to use that one extra bucket to splash over yourself, or to spend just that ‘little’ extra time in the shower this once. However, unnecessary splurges today could lead to problems tomorrow.

Draw up a budget for money and water usage and try not to exceed it. This doesn’t mean you shouldn’t splurge your money every now and then (splurging water may still not be advisable), just make sure you do it within your means – too many EMIs or zero balance months may lead to uncomfortable times ahead.

Fix leaks immediately: Even the smallest of leaks can empty your tank, leaving you high and dry. Make sure your taps and tanks are all sealed and watertight, and while you’re at it, fix the leaks in your finances too. Extra expenses, no matter how small, can derail your budget and money plans.

Track your expenses carefully so that you can identify any unnecessary and unexpected expenses and plan for them accordingly. Remember a rupee saved is a rupee earned.

Save up for a rainy dry day: You never know when the rains may fail or the water supply run out. That’s why it’s best to save at least a few days’ water supply in a separate drum or two. This way, when the water supply goes dry, you’ll still have water to survive on – at least for a while.

Similarly, you never know when you may lose your job or face some other emergency. That’s why it’s best to save up extra money for your day-to-day expenses in an emergency fund. This fund should contain at least 6 months’ worth of expenses, if not more. You should keep this fund for emergencies only and should not touch it for any other purpose.

While not a comprehensive financial or water management plan, these three tips can help you improve the way you handle money and water, in your day-to-day life. Once you’ve got these down pat, you can also consider stepping up your game. On the hydrological front, this could entail a more comprehensive water management plan – like a water harvesting system or a way to reuse wastewater. On the financial front, this can comprise of setting up goal-based investment plans to help you fulfill future needs and dreams.

Do remember, the earlier you get started the better it will be for you. Especially on the financial front. Money invested doesn’t grow linearly, it compounds, and the beauty of compound interest is that in the long run, even a head start of a year can make a huge difference to your wealth.

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