Everyone wants to live a comfortable life without stressing about their finances. But we often end up spending little more on our lifestyle and wants. Well, the important thing is – Earning money is ever enough if you want to succeed in life. Saving money is equally important as earning, this is because the money which has been saved is an asset that can help make more money when invested. So, here are some money-saving hacks that can help you to save more and can make your wallet thicker.
Hacks to Save More Money
1. Don’t ever spend more than you have. Avoid developing habits such as, borrowing from friends and family and spending on unnecessary stuff. Always maintain your lifestyle according to your income.
2. Making a monthly budget, remember it should be your needs on the top priority while wants should be avoided.
3. Make a list of groceries which you need and always try to purchase from shops or online portals that provide offers or discounts.
4. Track your expenditures, doing this will help you to analyze your spending, which in turn will help you rectify the places where you spent more and will help you save more in the future.
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5. Whenever you buy anything, be it the grocery or gadgets, always ask for a receipt from the shopkeeper. This way you can track everything.
6. Don’t be a brand freak! What is the use of buying a dress of ₹ 5000 which you can easily get at ₹ 500? Any fashion trend has a very short life of only 2-3 months or a maximum of 1 year, after which it becomes out-dated. Hence it is never wise to spend much on dresses and accessories.
7. Try to purchase most of the things online, this is because online e-commerce websites, be it Myntra for shopping or Amazon to order groceries, give you the best deals and offers online which you cannot get offline.
8. Go cashless is a common saying these days, but when you use digital mode for the payment you are somewhat less alert comparatively when you pay by cash. When you pay by cash you have comparatively more value as you can evaluate your expenditure in a better way.
10. Frequently dining out and having lunch outside, whether with friends or alone, this is costlier than having homemade food. So, if you want to save more, this is one of the things on which you need to cut down.
11. Paying bills and EMIs on time, doing this not only helps you to maintain a good CIBIL score but also prevents you from paying penalties and late fines. So, why not try this and save some more and make your wallet thicker.
12. Don’t be an impulsive shopper. In the age of e-commerce, there are multiple online players in each domain, who always try to provide a deal better than their competitors. As a smart shopper, one should always research online and compare the price of a product across different websites, to avail the best price. There are websites which even offer a live comparison of prices of product across different websites, in one place.
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13. Use your credit cards, this is a different one, right? Well, yes! you might have heard people saying don’t use your credit card often. But using your credit card properly and wisely can help you save some more. If you use your credit card more under your repayment capacity then in that case you can get multiple discounts, offers, points, and cashback. Redeeming these can save much more than what you think. But before you start doing it, always remember you have to use your credit card as per your repayment capacity and have to pay the bill within the interest-free period.
14. If you have a plan to visit someplace, book your tickets in advance. This will help you save some money as last minute flight tickets can cost a bomb.
A clear and well-defined goal is a must for achieving anything in life. So, before you start taking steps towards your financial management, it is important to set up short term financial goals. Once you start reaching your short-term goals it becomes easy to work on long term goals and achieve financial success in life.
Amrita Agarwal 