Hey there! This is Daimary John, and in this post, we will be talking about Savings, and how to save money. I’ve been wondering how difficult it actually is to save money. Every time we make a decision, we see something really very attractive, so attractive that we start to poke our “Wallets”.
See in this age of technology, it’s really very hard to not buy a smartphone. But later we realize, how much money they actually keep digging. From re-charges to Net packs and why not Apps & Games?. Everything digs more and more deeper into our wallets.
But no problem. A strong person with a strong determination can seriously save a whole lot of money. Here I’ve gathered some very common but very effective tips to help you understand how to save money.
1. Expenditure plan
Very common. Very simple. Super successful.
Having an expenditure plan is as much as necessary as a Smartphone is today. It will really help you control your expenses over your budget. You will then get to know where and how your money is being spent. Somewhere, where we spend the most of our money and still have no record of it, is our “Daily Needs”. This includes food, home needs, transportation etc.
2. Buy cheap
Make sure to buy those that will value your money and will help you improve your life. Do not buy anything for Show off or for Brand.
3. Stay inside
There actually is no need of travelling around the globe and keep spending Lacs of money. Seriously.! Every money that you earn, use it wisely.
Travelling won’t count only for transportation cost. You will have to pay for hotels, foods, shopping etc. It will all add up.
4. Public transport
Okay okay, this has to be it. If you are really serious about saving money, consider this. Public transport can save you a whole lot of cash.
But, It’s really very difficult to use public transport as your primary mode of transport. And here in India, it’s even more tougher.
Here is how actually it sounds. Seats might be, say 30. I’m sure you must be thinking of travelling with the rest 29 Passengers? right ? LOL. There’s going to be double the number. It’s super crazy in here. That’s not only it. You won’t even get a place to keep your feet.
But this can obviously save you a bunch of cash! And that’s where we’re focused on.
5. Piggy Bank
And when you receive, small ₹1-2 coins, just drop it in the “Mini Bank”. After a time, this will take the face of “Thousands”. If you save daily, You might be saving around 5-10 thousand Rupees a year!
EMI stands for Equated Monthly Installments. Which means, say, buy a product that costs ₹75,000 and pay the amount “Monthly”.
It’s a great way to actually save money coz you won’t have to pay the amount as a whole.
7. Savings bank account
A rough calculation here: You have saved ₹1 lac in your savings account for a whole year. Now bank will pay you ₹6,000 in extra! So now you have earned ₹6,000 in extra by just saving money.
Related: How to open a Bank Account?