When it comes to money, it becomes really hard to get hold of that spendthrift hand. Once you get your salary, you live for a week like a king and the like a pauper for the rest of the month. It often feel that your salary is like that sudden sweet breeze that comes for a moment and then vanishes for a long time. You need to solve this problem. So, here we have for you a list of ways on how to save money or in which you will be able to save more and regret less.
1. Make a budget
The first thing you need to do when you get your salary is to prepare a budget for your entire month. After calculating your expected mandatory expenditures, you can easily know how much you want to save and can thus keep that amount aside without spending that part of your income on any purchases.
2. Record your expenditures
Once you have made a budget, you need to make a note of your expenditures daily so that you know which of your consumption requirements were useless and could have been avoided. This will help you be cautious regarding your spending for the next month.
3. Prioritize your purchases
So, you have a lot of purchases to make but all of that cannot be done in a single month given your budget. This is where prioritizing enters. By prioritizing your purchases for a particular month, you can have a better grip over your monetary life.
4. Use a piggy bank
Yes, the trend is old and you don’t get an interest on your savings in a piggy bank, but the best part about it is that you don’t have an ATM at this bank to allow any time withdrawal. Your savings are intact until and unless you are in extreme need of money.
5. Set saving targets
Out of your income in hand, you need to set a proportion of the same to be saved every month. For this, you must know a saving target that has to be achieved at the end of the year. Your saving target will motivate you to save a little every month. Make sure you make your budget after deducting the amount you will save.
6. Filter useless expenses
Even the non-shopaholics are sometimes seen to be making useless expenses. Going to clubs every weekend, spending too much on fuel and other such avoidable expenses hinder your saving capacity. These useless expenses need to be filtered for better saving.
7. Make your own gifts
Too much, out of the annual income, is spent on buying gifts for the relatives and friends throughout the year on various occasions. This spending is double in India for obvious festive reasons. If you make your own gifts like handmade stuff, you can actually save a lot of money.
8. Cut your bills
Using only that amount of electricity which is necessary for you can help you cut down your bills. Also, using a prepaid talk-time card rather than a post-paid one will save you the monthly rent that you have been paying to the telecom company for no reason.
9. Avoid becoming a brand freak
A lot of people today want to ‘keep up with the Joneses’. A craze for buying brands has set in due to globalization of consumer goods. The fact we all are fully aware of is that the brand is just a label and we can get better goods from non-brand stores.
10. Shop online
When you shop online, you save on a lot of money. Big sales are out every 3 months. You get good stuff at throwaway prices. The best part of online shopping is that most of the online stores offer free shipping and delivery with varied payment options from cash on delivery to card payments.
With the above set of ways of how to save money, you can actually fill your pockets with some extra bucks. A direct control of consumption expenditure may not be possible and that is when these ways come in handy to avoid additional unwanted transactions on your part.