Different Ways to save money
Simple Ways to Save Money
It has become very important to save money for a better future. One must make spending habits in such that one does not waste a single rupee of the hard-earned money. If we spend money wisely we can save thousands of rupees per month. Here are some tips to do so.
Make Monthly Budget
Though budgeting and keeping a track of expenses is a boring job to be done yet it is a first and important step towards saving money. One can save a good amount of money if you go as planned in the budget. Keep your budget simple and first include all important expenses in it. You must keep a track of cash and credit card transactions for one month and it will be easier for you to prepare a monthly budget for you from the very next month. Just record the following expense and see where you can save.
- Cash
- Rent
- Education
- Travel
- Daily needs like grocery, dairy, and vegetables
- Credit card expenses or outstanding payments
- Money spent on online shopping
- Mobile, internet, electricity and TV bills
- Dining in restaurants
- Travel expenses
- Insurance payments
Use prepaid mobile plans insteat of post paid
- It is easier to track expenses on prepaid mobile plans
- Sometimes unwanted paid services are been activated unnecessarily
- There is no upper limit control
- You can pre-plan and decide the expenses on recharges and date
- You get good offers on prepaid plans
- Multiple prepaid sims can be used to avoid roaming charges while traveling
- Jio is one of the cheapest
Go shopping with a shopping list
It always happens that you go to buy one thing and come back with several items. the shelves in malls are well planned and the marketing is done in such a manner that we end up buying so many products. For example, the is always a shelf full of items near the billing counter and everyone once at least ends up buying something from there while waiting for their turn. Taking a list with you is an excellent way to keep yourself reminding what is important to buy.
Avoid offers and deals
This is very important. We always buy an extra pair of jeans when we see a buy 2 get 1 free offer. we end up spending some extra money on these offers. The same way a 100% cashback deal means just a 50% off discount.
Select a good Savings account
Many people keep their money in a savings account but the loose interest that they can get in fixed deposits. Every bank offers various interest rates one must wisely select the bank after analyzing every bank’s interest rate.
A Health Insurance Policy
It is better to spend a yearly premium of health insurance than paying the big amount of bills of hospitals on treatments. Unforeseen things may happen at any time. Diseases and accidents never come by invitation. In an emergency, one can save a couple of thousand or lakhs if you are ready with health insurance.
Saving money by income tax
This is one best way to save money. Tax payment is what no one wants to pay but everyone wants to earn more income. The government also offers many ways to save income tax but it is sometimes difficult to understand those plans. There are some investment options like LIC premium, FD in Banks or Posts, PPF, etc.
Investments
There are various investment options like LIC or fixed deposits. People working in IT companies nowadays invest in mutual funds. There are multiple investment plans to save money. Buy the term insurance and invest in fixed deposits, LIC, Mutual Funds Bonds, etc. There are risks in some plans but you can take chances may you get a good return.
Taking a little bit of risk and increase the chances of making great returns.
Shopping Online
There are many discounts and deals on online shopping.
- Compare the prices on different websites before buying a product.
- Check cashback offers as an additional benefit you earn.
- Use payment wallets like Paytm, MobiKwik, free charge, google pay you may get an additional discount or cash back depending on the offer given by each.
- Go for interest-free EMI, many cards give an offer of interest-free EMI on various sites. Compare and opt for the best.
- Use the free shipping option. Don’t waste money on shipping charges. You can save money on shipping buy comparing the websites.