Make a Plan: How to save money

Make a Plan: How to save money

Make a Plan: How to save money

Importance of Savings

 

If you look around you, you will find two kinds of people. There will be ones who live beyond their means and others who don’t. Imbalance in earnings has nothing to do with how you design your lifestyle or how you battle those surprise expenses! It is about how you perform magic with – Savings!

 

Penny-wise is a term coined for careless spenders like us, who do not account for inflow against outflow and eventually are unable to fulfil many of their dreams due to sheer overlook. Ever since the day we had an epiphany of Savings being the only saving grace to remain unscathed from the ever increasing cost of living; we looked around us and realized that we had the power to combat this!

 

And by observing discipline you too can increase your monthly savings remarkably. Here is how –

 

SAVE CONSCIOUSLY

 

Eating Out: It is one costly habit! But don’t stop. Cut down to just one planned dinner a month. The restaurant mark-ups are insane and they contribute to large portion of your expense percentage. Cooking at home ensures health, hygiene and ample of family time together.

 

Clothes: If you’re shopping for couple of times a year then you’re probably spending more than required. Unless your old clothes fall apart or you outgrow them, a visit to the mall is quite uncalled for. Browse through some fashion blogs and check out how to mix-match and get a fresh look from your existing clothes.   

 

Cable/Internet Plan: Yes, we are all leashed on to our gadgets. There is no disagreeing to the fact that you will only be secretly glad that your whatsapp was off for 4hours. Imagine running on a low bandwidth and not watching those ‘monkey eating banana’ viral videos till wee hours, instead catching up on 8 hours of sleep! Same goes with cable, take the bare minimum package, maybe the one that family unanimously decides. Save money on the sports / cartoon channels.

 

Gym Membership: Why pay a truckload of fees for maintenance of your Gym so that others can use the facilities! (We know how many times we all must have paid annual packages and not turned up at the Gym for more than 20days! If only we could turn back time, we’d all be rich!) Yes, health is important. So, alternatively, pick up a nearby garden or a sports stadium and go for a run twice a day. Free of cost!

 

Grooming costs: Are those pedicures / manicures a must? How about washing your hands and feet clean every night and doing some D-I-Y facials to your spouse and get one in exchange? Increases so much love, and saves so much of that hard earned money!

 

Fuel: Whatever happened to the joyrides of Carpool! You may not be able to erase the fuel cost entirely, but opt for walk, or a bicycle. Mybyk is a great government initiative. Shy is not worth the potential money saved! Small changes will result to significant savings by the end of the month.

 

Disposable diapers: For those new parents, here is a dime worth of advice: Go primit

ive! You’ve grown up just alright using cloth to a diaper, haven’t you? It might sound like a lot more work, but the resultant savings will make the effort worth it.

Movies / Books: Get them online! It just makes sense, movie goers on an average spends 500 Rs. per person, do the math for a family of four. Online content providers are comparatively cheap and give you option to access content at your convenience. Win Win.

 

SAVE AUTOMATICALLY

 

If you don’t trust yourself to be disciplined enough then the easiest and the most efficient way is to save automatically. This is how millions of us save tons of money until retirement.

 

The best way of automatic saving is just a single decision away. Once you decide that you want it, it will happen for you on its own, on your command.

 

  • Your employer can deduct a certain amount from your pay-check and transfers the rest to your bank account. After 20 years of service, the lump sum amount along with the competitive interest amount is only going to make you feel wiser about yourself.

 

  • Your bank can transfer a fixed amount, monthly, from your account to an investment account. Talk to your account representative and set this up.

 

 

Without a further ado, brace yourself to the not-so-generous budget this year and be pennywise to start saving at the chime of the clock tonight!


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