Saving money sounds easy but actually takes a lot of effort and planning. Isn’t it? How many times have you thought of becoming rich after landing up with a job? Why does it look like your bank account savings have stagnated for days? Why do I face money problems at every month end? – We all have been in situations where we have asked these questions at least once. Well. If you belong to that group, you’re in luck because we are here to help you.
Let’s start with bad habits – smoking! Smoking is not only bad for your health but also for your pocket also. Let’s say you smoke a packet of cigarettes costing Rs 100 every day. By the end of the year, that will amount around Rs 36000 which is the average monthly income of a middle-class Indian household. That is a significant amount of money which you could have spent on some productive activities.
The next option might seem a little conflicting but we recommend that you choose quality over quantity. Yes, this can sound costly already but in the long run, you will find that the quality products will last longer over the other product. Moreover, they are less prone to damage and is sustainable for a long time, assisting your budget-friendly lifestyle.
The third choice is using online services rather than offline. You can connect this to gym memberships, car rentals, online courses and more. Want to learn dancing? A regular dance teacher will charge over Rs 10000 for a monthly course. Instead, you can search for cheaper tutorials from dance websites or learn tutorials from YouTube for free. Workout at home by researching on the internet instead of availing costly gym memberships.
Only avail those services and things which you can afford. Luxury and convenience come later. You need to sustain in the society properly first and that requires maintaining a savings account. Cut the cable subscription. Get rid of the Amazon Prime and Netflix subscriptions.
The next tip is important – Sticking to the grocery list! Yes, we know it can be hard but you got to stick with the plan! Avoiding impulsive buying can save up to 23% on grocery bills. Hence, stick to the list if you want to save money.
Spend time on making a savings goal. Visualize what you are saving for. If it gets difficult, make regular saving target so that you can assess how much you have to save on a daily basis. This will not only boost your motivation but allow you to focus more on your target. There are a number of free online budget calculator on the internet, use one and make up a monthly budget immediately. You need to check out where you want to spend, on what you want to spend and why you want to spend on a particular product.
And then, you need to keep a track on your progress. Research states that you need to save around 20% of your financial money for creating a good savings account. Don’t feel ashamed about it. Instead, start from scratch today. Every day beckons new opportunities, so you need to track your progress daily by starting with a small amount now and later increasing it incrementally.
Spend your eating habits at home. In other words, spend less time at restaurants and make your dinner/lunch at home. Buy cheap appetizers to spend less on entrées. Look out for happy hour specials, promo codes, and coupons whenever you can. Unsubscribe the email promotions or advertisements that tempt you to spend more on ordered food. Look out for free complimentary food if you are ordering something from Swiggy or Zomato.
Instead of spending money on expensive vacations, you can go on a cheaper vacation nearby to your residence. There are a lot of applications like Goibibo and BookMyShow which offer weekly getaways and cheap nearby tourist destinations. Some of these websites even offer discounts to new players. If you don’t have a nearby vacation destination, you can book cheap flights online before one month of your getaway date.
Take our advise and pay off your credit cards. Many people don’t realize how much extra money they pay off over a considerable period of time in credit cards. Most of them don’t take into account the time for which they will be paying the interests which will affect your monthly budget planning for a long time.
The last saving tip is very simple – use public transportation more often. This is one of the best ways to save money that many people don’t take into consideration. If you have a car or bike, you can also use that. It will be cheaper than renting an Ola or Uber. In this fast-paced modern lifestyle, it is very convenient to rent a car for the daily commute, but you will eventually see how much you will save within a month by getting a public or personal mode of transport.
In difficult times, these additional money-saving ways will act as a cushion to cover your unexpected expenses. Even if you don’t have a money problem, it is always good to make savings as your number one priority. All it takes is one single day to make an impact on your finances.
Please note: The article is contributed by Varun Kumar. Opinions expressed by Free Press Journal contributors are their own.