Saving money is a desire that everyone has. But no matter how much you try, how much you decide, it doesn't happen and by end of the month, you reach a financial stage where your bank balance becomes almost zero. This is the story of every person who has a lot of responsibilities on them.
But, if you keep wondering how to save money or how to save some money in every month. Then, let me tell you, without trying it will never become possible.
The best way to save money is by starting saving from now. Though it is the hardest thing, saving even a single penny from your expense will make you feel great and will motivate you to go on.
There are many ways to save up money, that can help you but you are not realizing that knowingly and unknowingly you spend a lot on the unnecessary things that you won't be using. Important is to realize that every single piece of money is important.
Today we have brought the best saving methods that make it practically possible to save money and if practiced and inculcated in life, it will help you in a positive way. So, Let's see.
1. Get it real
Have you realized when we spend the most? it's when we get pleasure from some situation or from a person that makes us so happy that we don't hesitate to spend. And we gift or give a party too. These kinds of events do happen in everyone's life and we spend money without thinking about the rest.
Though giving a party is ok but keeping in mind that you don't want to cross your spending limit will help you to save some amount. In such a situation, ordering the minimum required food based on the requirement will help to save food and alongside you saving your money.
Also, it is not appreciable to spend your salary on people just to make them happy. Your friends of the circle, society should accept you based on your behavior, thoughts and not based on how much bucks you spend on them.
2. Purchase brilliantly
There's no human that lives a day without spending. Every day we do a purchase or spend some money on some of the other things. Though, some purchases are a must/need, while others we spend just for our pleasure.
Many a time, we buy stuff thinking that it will be useful but then it ends up lying in the corner forever. Isn't this has happened to you? We save money on offers that sell 4/5 sweaters at a very less price and think it's a great deal and we buy without thinking whether we are going to wear this many sweaters or not.
Or many a time it happens that seeing our wardrobe empty, we buy clothes in large number for us, but then after some years you realize that they are no longer fitting you well. This is the main reason why even after having many dresses, we keep complaining that we don't have anything to wear.
It is best to buy just two dresses per year and make sure that you are using the previously brought clothes before they get out of fashion or do not fit on your body.
3. Planning
You will agree that without planning nothing works. It is planning that helps in executing your actions in a proper way. So, when it comes to saving money, do proper planning and accordingly work. Everybody knows their needs, so you too.
Maintain a diary or an app that will help you to keep a note of the things that you need to buy and escape things that are not must-haves.
4. Realize the difference between need and luxury
Need is something that we should have for living a basic life and luxury is something that is not compulsory to have, but we buy for making us feel great.
Realizing what is a must for you and what is luxurious for you will help you minimize your expenditure and save money.
5. Restrict buying online
Shopping online makes you spend a lot of money. Sometimes the cost of shipping charges, and other charges exceeds the price of the product that you are buying. So, buying locally from the nearby market will help you to save the extra amount of money that you would have to pay for delivery.
6. Always compare
Comparing is the quality that very few have. Sometimes we get attracted to the stuff so much that we go ahead buying without comparing the price of the product on various websites or with other sellers. Comparing can help you to get the same quality product at a cheaper price.
7. Avoid becoming a premium subscriber of apps
There are many famous apps on the play store that gives you free use for a limited period and then ask for a subscription for future use. Also, there are many similar apps that give the same quality services to you for free. So when you can get something for free, why spend money on subscriptions.
This decision has to be based on how critical the app is for you. If at all required, buy the app that are available for one-time purchase fee and not subscriptions. Here also you should decide whether the spending is justified in terms of benefits you would receive from purchase of app or you can use it for trial period and keep the decision pending to see whether you really need that app.
8. Cancel auto-renewal
Other than apps, there are many other services that ask for subscriptions. One such is OTT platforms. Netflix is one of the popular OTT platforms that telecast newly released movies, web series. We go ahead subscribing to it but in reality, it happens that you hardly have time to watch the series online when you have a lot of work pending to do. In such a scenario, the amount that you spent on subscribing gets wasted.
Hence, it is best is to try out the service for free for one month which will available with most of the services, and see if you really have interest and time in watching those web series.
9. Buying on EMIs
Though no one wishes to be in debt but in everyone's life there is at least one debt they have. Sometimes it becomes necessary to purchase something on EMI.
Since you can't help yourself in such situations, never overburden yourself with EMI's. Never let EMI be more than 30% of your income.
10. Believe in yourself
Always believe that being simple is the best thing. There are such situations in life where, in order to show high status, we make ourselves believe that simple living is equal to poor life and no one asks people who live in a simple way.
Living a trending life is in fashion and it is by showcasing that you're living a lavish life, people will respect you. Our mindset changes and we start living by following the habits and lifestyles that are thought as acceptable in society, without thinking about whether we can really afford it? As a result, we end up losing our entire salary on exhibiting a lifestyle that was never ours.
Living a life that showcases the real you is important because ultimately it is you who will get hurt when you will spend all your savings, salary on living a lavish life.
11. Saving as a priority:
Buying list never ends and we end up spending the salary on the day we get it. If you want to make a habit of saving money, start practicing a habit to save before spending.
Deducting little money every month as savings will help you accumulate large amounts over a longer period of time.
12. Consider having two bank accounts instead of one.
Normally, we save our money in a single bank account but, if you're trying to save money, it's a smart idea to open a separate saving account without obtaining ATM, credit card, and internet banking facility.
This will help you to get a clear glimpse of how much money you're saving in the account.
If you get the temptation of shopping with this saved money, you will end up not buying anything since you won't be having cards and an internet banking facility on the account.
It is noticed that, we tend to do more online shopping when we have ATM cards/ internet banking facilities or credit cards of particular banks in our pockets. But when it takes you to get into the bank branch physically to withdraw money, many times you procrastinate and you end up deciding not to spend.
13. Becoming a smart consumer
Knowing your rights is important especially when you have a lot to purchase.
The most common incident that occurs is buying and selling the product above Maximum Retail Price (MRP).
Though it is wrong from the seller's side for selling the product above the MRP price, the same way, it is wrong from your side as a customer too to buy a product above the MRP price.
Hence whenever you buy something, locally or on online sites, make sure that you see the MRP, quantity, and expiry dates. Though they are not so important they do matter when it comes to consumer rights and saving your valuable money.
14. Plan meals based on available grocery
Planning what to prepare for lunch or dinner often ends up ordering food online. Hence, the best idea is to prepare a menu in advance. It will help you in numerous ways.
Preparing food by using available vegetables and groceries will help you to consume your older available stock and avoid letting it get spoiled and not discarding it.
Secondly, preparing food for lunch and dinner at once will save your time. You can use that time to take a rest after spending a tiring day or for some productive task as per your wish.
Thirdly, after spending an entire day in the office, many people don't prefer to prepare food and end up spending money on ordering food online. So, deciding what to prepare for lunch and preparing it in a little extra quantity will help you a lot in many ways.
15. Have an active lifestyle
A healthy lifestyle is a need for today's generation. Working from home, spending the entire day on office chair, watching movies by laying on the couch, and consuming fried food not only affects and getting in the catch of diseases but also affects your bank balance too.
Diseases like blood pressure, diabetes are nowadays commonly found in people. And to get cured or maintain their well-being, people spend money in thousand's on medicines, doctor visits, and so on.
Medical science is a career that will be never booming away because of the unhealthy lifestyle that makes us prone to attract many diseases and it is doctors whom we consult for a cure.
Hence, if you want to save your money, the first thing you can do is buy a decent medical insurance policy for you and your family so that in an emergency you won't get trapped in debt.
Secondly, practice healthy habits. Walking every day, performing yoga, cleaning your house without taking the support of the maid, washing your car. All these are exercises that help in burning the calories you consume.
So, these are the top easy saving money tips that can help you to save your money.
There's a saying that "money saved is money earned". It is on you yourself how to save money. It is not possible that there can be no spend a month but rather if you believe in spend less than you earn will help you to spend less money and save some money. Even saving cash every day is one of the best ways to save money as a student.
We always equal saving money to giving up enjoying life. This is not true because we get life once and enjoying when we are young is what gives a meaning to life in true sense. Saving money means, to save your hard earned money from spending on irrelevant and not so required things. Always have a thought in mind that "it is better to save money than to spend it". These lines are magical, such thoughts will help you to keep yourself away from buying luxurious products. Another trick that you can try is following the 30-day rule wherein you wait for 30 days before going ahead and buying it. After 30 days, You will wind up saving the expense by forgetting about it or realizing that you don't need it.
There are many extreme money-saving ways/money-saving tips that can help you to save a penny a day for a year.
Do you have any other ideas? In which way do you save money that helps you to save alot of money? Do give your reply with us in the comments.
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