Don’t be reluctant to face the hard reality. Being drained out of your hard-earned money and savings can be stressful. But regulating your spending sprees and saving even just a little can definitely alleviate some of the concerns. When you take a pledge to save money in a systematic way, more often, they result in saving a very small amount while losing the scope to save big. You try to save by denying yourself your favourite cappuccino or by putting off your interesting family vacations, family get-together, etc. Saving a small amount is not irrelevant. But it’s clever to plan various ways to decrease your expenditures in a more prudent way to save more. All these expenditure-cutting-down strategies come with some possibly petrifying ideas – modesty, financial planning, savings account, spending habits, and lots more. If you can introspect and observe your patterns of behaviour, your future desires, and the tangible impact of your regular choices, you’ll be astonished at how easy and fun saving money can be. Let’s concede that practical money-saving methods can help you in getting ahead with your savings and investments.
Use these money-saving tips to give birth to concepts about the best methods to save money in your regular life –
- Reduce Your Debt
If you’re trying to save money by cutting down on unnecessary expenses but are still comfortable with a bulky debt liability, then think about reducing or eliminating your debt burden. This suggestion may sound outlandish but actually makes sense. Calculate the monetary amount you spend servicing your debt every month, and you’ll quickly understand where you’re going wrong. As soon as you’re free from your debt liability, that money can simply go into savings without any ifs and buts.
- Save First for Yourself
Contact your bank and set up an auto debit from your checking account to your savings account for every salary day. Whatever the amount save it in your savings account as interest rates are generally higher for savings accounts than they are for others. Never deprive yourself of a healthy and secure long-term savings strategy.
- Select a Bank that Gives Back Amply
There’s no shortage of public or private banks and financial institutions, especially in India. Consider the ones that are more useful to your cause. Then decide how you are planning to save. Are you going for a savings account, term insurance plan, or mutual fund or you’re satisfied with a fixed deposit? Most banks offer these various products of savings but the rates of interest may differ somewhat. For example, one bank may provide more returns and deals on the savings account, and the other might offer a better rate for fixed deposits. So, be a little proactive and contact your chosen bank and enquire precisely about all these savings products.
- Scant Usage of ATMs Dealings
ATM transactions are smooth and available. But that doesn’t mean you should be there at the drop of a hat. It’s most appropriate to withdraw a prefixed amount every week and limit your expenses within this amount. This will restrain your unjustified expenses and also you won’t be obligated to visit the ATMs of other banks and get ruined by high ATM charges. To further streamline your expenses, you can distribute money into different envelopes and mark them according to the name of the expenses like groceries, electricity, and others. Again, using cash rather than debit or credit cards can keep you more grounded financially.
- Plan Cash Drawings
Even after a lot of ATM withdrawal planning, you end up there at regular intervals; plan each visit wisely to escape usage fees. You are permitted free transactions a limited number of times in the beginning, but after that, you will be charged for every transaction and enquiry. Visit your own bank’s ATM as much as possible. Also, try to swipe your card at the time of withdrawing cash.
- Check Your Account Intermittently
Keep checking your bank accounts from time to time. Sometimes certain proceeds and hidden charges can give you a financial blow. It’s the time of electronic banking, but that doesn’t ensure that the system is impeccable. Always maintain all your account sips and bills for at least some time. This way tracking becomes easier and you can avoid needless expenditure.
- Stop Smoking
Nope, it’s definitely not easy to stop smoking. But smoking isn’t cool anymore. Also, smoking a packet on a daily basis can amount to a lot of money. Just calculate the amount you can save by simply giving up smoking and then you’ll realize what a loss you’re incurring. So, join the club of non-smokers and build on your savings.
- Indulge in Staycation
Nowadays, ”Staycation” is in vogue. But the logic behind is very concrete. Instead of investing such big amounts for overseas airline tickets, check out some beautiful places in your own backyard or within your own country. Drive to your vacation spot or book your seat on budget-friendly domestic airlines. So, save money while relishing your vacation.
- Save on Various Forms of Entertainment
Entertainment is a very important factor in our daily life. But wasting money for it is certainly not justified. Since almost all your days of entertainment news is obtainable online free, and, in real-time, the magazines you keep getting delivered to your doorstep are a complete waste of money. So, cancel all your subscriptions and, if possible, arrange a refund for the undelivered magazines.
Many treat health club membership as a status symbol rather than a means to stay healthy and fit. If you don’t have enough time to spend in the health club, it’s just a waste of money. To avoid such wastage and to stay fit hit the streets for a walk or run, or get some exercise equipment at home and use those to stay at the top of your game. Don’t invest in a bunch of machines you can’t use.
So, save on your unnecessary entertainment cost and add to your savings.
- Save on Domestic Energy Consumption
Use energy-efficient appliances to save money on everyday electrical costs. Make it an indispensable habit to turn off your computer, to unplug the television, mixer grinder, etc. when you’re not using them. Not only you’ll save energy but your electricity bill will be much less. However, there is no one particular trick that will significantly decrease your domestic energy costs, but being alert to an array of things will definitely aid you to save a substantial amount of money over a certain period of time.
You may have your own innovative ways to save and enrich your savings account but the above pointers are some of the sure-shot means to save money.
