Saving money is a concern for many families and especially for the people who are doing jobs. Financial advisors always say income – savings should be your expenses but what we mostly do is income – expenses are equal to savings. We keep setting milestones to start savings once we start earning a particular income figure but at times it seems like that day never comes. Many people find this a struggle that never ends.
Below are some tips which help you in your journey and achieve the desire goals in life
Debts: Debts are the first obstacle to your savings. Mostly they are paid back in monthly installments and before you even plan for your monthly expense you have to set aside this amount. Try to clear this off first and make it a priority. It is fine if you are not able to save as per your target but clearing this will ease off your monthly burden and eventually save your desired amount. Apart from that debts come with interest component so if you pay early you will save on that part also.
List your monthly expenses: Making a list of your monthly expenses and figure out what is needed and what is the additional and avoidable expense. Going to shop without making a list will make you go out of budget as many things that are not required can be bought and stored. Plan your meals and buy stuff accordingly to avoid unnecessary storage. Buying groceries online is also a good option to curtail on the shopping as the temptation to buy will not be there as only listed things will be delivered.
Save energy: Just by being careful about small things will help you cut down on your monthly bills. Taking shorter showers, switching off the lights whenever not needed, using LED lights and installing dimmer switches, washing clothes in cold tap water if the weather is sunny, turning off the heaters when not needed, keeping a check on switching off all the appliances and lights before going to sleep. In short, stop preventable wastage and see the magic in a few months.
Homemade food: Though this may not be possible always and especially for working couples yes you can give a try. Form a habit to pack your lunch and carry it along. This will save a huge amount of money which you might not have even thought of. Apart from money saving, we should consider the hygiene and nutrition point which homemade food gives you. Also forming this habit with the kids will be good for their upbringing as they also understand what the value of money is.
Cell phone bills: This is a concern in today’s world of social media and in some cases, it is that exorbitant that is reaches your monthly grocery bill due to costly data plans and packages subscribed for. Try to curtail this and used the free internet wherever available. Cut down on your phone insurance and extended warranties. Meetings can also be fixed in office or in a place where there is a free wifi zone and you need to access your laptop for the meeting. You may have to spend time researching a bit but the outcome is worth it.
Skip a cup of coffee: Oops is that too much to ask for? Well just calculate how much you spend on a cup of latte in a month. Instead, get a pack of coffee beans from a store and brew it at your home and drink with your family. Won’t it give you more satisfaction and contentment than sitting alone or with a friend or a colleague at a coffee shop either surfing your phone or gossiping or cribbing about work? Make a total and trust me you will find it worth implementing.
Do It Yourself: This might seem to be difficult initially but thanks to Google which will teach you all. Think before you empty your pocket for any service to a person for fixing your furniture, mend a pipeline, color a patch, or fix a tile in the bathroom. Get the required tools and keep them at home to use as and when needed. The expense will pay off soon compared to what the service person charges.
Unsubscribe to tempting emails: Emails is a very good marketing technique but if you are a person who gets easily carried away by the lucrative offers on sale and festival discount. Unsubscribe to them so that you can go away with the hankering to when not essential. This also gives an added benefit of your inbox not getting cluttered with unwanted emails.
Borrow then buy: Though this option may not be liked by all but can be implemented by some. It is not always necessary to buy all the things of less usage. For eg you need to trim the trees and plants in your garden you need not buy the trimmer immediately if you are running out of money. You can borrow it from your friend or neighbor rather than rushing to the shop. Ultimately you can buy it when you have spare money to spend as every time you won’t like borrowing it
Earn more and spend wisely: We all love and long for additional income but once it is in your hand spend wisely and not in things like buying the latest phone, or branded clothes, etc. Rather if you are having a debt then utilise to pay that off as you can get rid of the debt soon. If you are a debt-free person then utilise it in accumulating for emergency funds which will help you not to raise a debt again.
You might not find all the tips acceptable but definitely of some help to you. Saving is a habit that you need to cultivate if you have been a spendthrift person so far. Recent pandemic has opened the eyes of many such people and all have understood the importance and need for savings. Let us not wait for any such situation but be prepared in advance.
Spend your hard-earned money wisely !!!! Happy saving !!! Happy Life !!!!