Spending too much? Saving too little? Want to become wealthy? Forget luck, the lottery or a hot stock tip. The one, sure-fire way to become wealthy is to put money to work. That means learning how to stash a portion of your hard-earned cash on a regular basis. Here's how:

• Step 1: Have a goal. Saving money for its own sake does not work. Start by defining what you mean by becoming wealthy. Does it mean having a net worth of Rs.15,00,000 in ten years and Rs.50,00,000 in 20 years? Being able to afford a vacation home or retirement in Abrod? You decide.
• Step 2: Set a Rupees amount to save each month. Some people use a percentage of their gross income, such as 5% or 10%. Others use a flat Rupees amount, such as Rs.200. Neither be too demanding (trying to save Rs.500 each month on a Rs.10,000 income) nor too undemanding (deciding to save Rs.100 a month). Others start with the goal (such as Rs.50,00,000 in 20 years) and then decide how much to save each month to get there.
• Step 3: Be disciplined. The key to becoming wealthy is consistency -- sticking with your savings plan month after month after month. Make a conscious effort to start saving money. Make choices and be willing to say NO! to impulse spending.
• Step 4: Pay yourself first! Don't pay all your bills each month, with the intention of saving what's left. Instead, set aside the first Rupees from each month for yourself. Put a bill to yourself in the bill box, with a due date, and pay it faithfully each month.
• Step 5: Decide where to put your money. Many people set up a savings account at their local bank or post office and make deposits each month. (Later, as the money builds, it can be transferred into higher-yielding financial vehicles such as Share, Mutual Fund, Insurance, etc.,) Others arrange direct deposits from their paychecks or make e-transfers to investment and other accounts.
• Step 6: Take advantage of today's competitive financial vehicles. Select accumulation vehicles with the potential to pay a competitive rate of return. This also means you should utilize tax-favored programs, it will work for your long-term goals.
• Step 7: Track your progress regularly. Some people chart their wealth accumulation on a graph. This kind of feedback is important, so you can see how, each month, your financial strength is steadily growing.
• Step 8: Watch your money grow. The keys are consistency in saving, time and the "magic" of compound interest. If you save Rs.100 a week, or roughly Rs.500 a month, and that money averages an 8% return, it will grow to nearly Rs.2,50,000 in 20 years. But in 30 years, it will be nearly Rs.5,55,000.

Tips

• A painless way to save: The next time you receive a raise or you get an additional income, put the entire amount aside until you have reached your goal.
• Have money deducted automatically from your paycheck and either deposited into a checking account or ECS deposits.
• Get good financial advice. It is generally available from an INSURANCE AGENT or FINANCIAL ADVISOR at no cost.
• Tax-deferred or tax-free financial vehicles can save you money on taxes today and help your money grow faster.

Warning

• One common mistake when saving money: being too ambitious. Demanding bread-and-water sacrifices on your standard of living today to accumulate funds for tomorrow does not work. Don't be afraid to start out small, then increase the amount later.