29/03/2020
to Save Money: 14 Simple Tips
_Hay friends you’ll only start saving money when you develop healthy money habits and your future needs become more important than your current wants. A lot of times, our goal to save money isn’t a big enough priority to delay the purchase of that new smartphone, laptop,Bikes,kitchen table New dress or TV. So we spend our money away & go into debt to fuel our latest bout of want-itis.That debt then turns into monthly payments that control our regular paychecks and our lives.
Sounds very difficult right?
It doesn’t have to be. With a few tweaks to your spending priorities, you’ll be on the fast track to saving money in no time.
***Friends check out our this top 14 money saving tips:
14 Practical Ways to Save Money
1. At first say goodbye to your debt.
Monthly debt payments are the biggest obstacle to saving money.
Debt robs you of your income! So it’s about time you get end of that debt.
The fastest way to pay off debt is with the debt snowball way.
This is where you pay off your debts in order from smallest to largest.
Sounds kind of intense,right?
Don’t worry, it’s more about behavior change than numbers.
Once your income is freed up, you can finally use it to make progress toward your savings goals.
2. Cut down on your groceries.
Most people after they do a budget are shocked to find out how much they are actually spending at the grocery store each month.
And if you’re the average Indian family, you’re probably spending around 10,000/-
Chips,Colddrinks,chocolate, etc like those product in your monthly grocerie bag is very common .
But those little purchases (or budget busters) add up quite a bit and end up blowing the budget every single month.
Save money on groceries by planning out your meals each week and taking a good look at what you already have in your pantry before you head to the store. Because why would you want to buy more of what you already have? You might also want to leave the kids at home so you can stick more closely to your list.
And if you’re really trying to find ways to save money, try grocery pickup. Most major grocery stores offer it (sometimes for free). This is valuable because picking up your groceries gets rid of any temptation you would’ve had once you smelled the scent of those freshly baked chocolate chip cookies wafting throughout the store.
3. Cancel automatic subscriptions and memberships.
Chances are, you’re paying for multiple subscriptions like Netflix, youtube, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off “auto-renew” when you make a purchase.
If you cancel it and decide you can’t go without it, subscribe again but only if it fits into your new (and improved) budget.
Consider membership sharing with some family or friends on the subscriptions you do want to keep around. Many streaming services, like Netflix and youtube let you watch your favorite shows from two or more screens (with an upgraded account). That way, everyone wins and saves!
4. Buy only generic.
In most cases, the only thing that’s better about brand-name products is the marketing. I mean, look at that box! Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and paper products cost far less than their brand-name, marked-up friends and they work just as well.
5. Save money automatically.
Did you know that you can save money without thinking about it?
Yes! you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Pretty nice, right?
6. Spend extra or unexpected income wisely.
When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank.
If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund you know, for emergencies.
7. Reduce energy costs.
Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold tap water, and installing dimmer switches and LED lightbulbs.
While new, energy-efficient appliances are a great way to save money on your electric bill, they’re expensive! But if you work it into your monthly budget, you can pay cash for those small improvements.
8. Borrow don’t buy.
Need a tree trimmer for some weekend yard work or a handheld blender to make a batch of soup? Borrow it from a friend or neighbor instead of taking a trip to the store.
9. Pack lunch and eat at home.
According to the Indian habits the average household spends approximately 12000/- on food outside of the home each year.3 That’s 1000/- per month.
Buying lunch a few times a week may seem harmless in the moment, but you can save quite a bit of money just by packing a lunch.
Not only that, you can often purchase a week’s worth of groceries for the same price as two dinner meals out. Instead, prepare your food at home and watch your savings pile up, month by month.
10. Ask about discounts (And pay in cash).
You never know until you ask and you should always ask. Next time you’re getting tickets at a movie theater, museum or sporting event, check to see if they have any special discounts for seniors, students, teachers, military or AAA members. If not, never underestimate the negotiating power of cash.
11. DIY . . . everything!
Before you shell out the cash to pay for a new backsplash, fancy light fixture or bench, think about doing it yourself! Usually, the cost of materials and a simple Google search will save you a ton of money on your latest home project. (Plus, you won’t have to pay someone to do something you can most likely do yourself).
But if you’re the type that can’t seem to hit the nail on the head, you might want to ask a friend or neighbor for help so you don’t have to spend money on new drywall.
12. Skip the coffee shop.
This one is painful we get it! But instead of spending 20/- to 50/- on that daily, you can save money by just making your coffee at home.
Listen, we’re not saying you should only drink instant coffee (unless you’re into that sort of thing).
But even purchasing a bag of local beans from your neighborhood coffee shop and brewing it at home will save you a lot of money in the long run.
13. Try a “staycation.”
When your goal is to save money now, a vacation is the worst thing you could spend your money on.
Instead of whisking your family to goa, try being a tourist in your own city. Not only will this save you hundreds (or potentially thousands) of rupees but you can also explore your neighborhood with fresh eyes and have some fun while doing it.
14. Sell workless everything (that doesn’t bring you joy forever).
Siddhartha Mukherjee has the right idea. Get rid of the things in your home that you don’t use, or that you’re willing to let go of for the sake of your financial future.
That vintage chair your aunt gave you?
Sell it.
That Old cycle you found at an antique shop? Sell it. You’d be surprised at how much clutter you have in your home (that you don’t even use or think about).
And the cash you can make on those things can be the difference between living paycheck to paycheck and having a fully funded emergency fund.
*How to Start Saving Money
You can stop the cycle of living paycheck to paycheck with a simple secret:
a zero-based budget before the month begins. A budget is all about being intentional. It helps you create a plan so you can see where your money is going and find out how much you can actually save each month. When you make a zero-based budget, you’re giving every single rupees a name or assigning it a job to do before you save or spend it.
***Remember: ((It really doesn’t matter how much money you make it matters how you spend and save the money you make.))
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