When you need to get rich, it’s time to start saving more and spending less. Easier said than done! Most of the times we do get a decent paycheck which seems to disappear right under our noses by the end of the month. But, hey, saving is not so difficult! With a little careful planning, you can save significant amounts and be in control of your life.
Here are some simple lifestyle changes we’ve rounded up for you, trust me, it will help you save huge amounts in the long run.
1) Lower Your Cost of living
You can significantly reduce your cost of living by not staying in the most expensive part of town. For e.g. every city has areas with high rentals and this could be just due to proximity to strategic locations like schools, hospitals etc.
Try saving up on rents/home purchase and also on travel expenses by staying close to your workplace or kids’ school rather than expensive localities.
2) Recycle and Reduce
Recycling is very important to help you save money. Switch to power saving bulbs, grow your own vegetable garden. Recycle old clothes sewing them up as cloth bags, etc. You could also switch to buying recycled stationary and find numerous creative ways to save money.
3) Grab Coupons and cash backs
Don’t forget to shop with coupons and cash backs. Online stores have become a significant part of every young Indian’s lives and what’s more, they are preferred for their amazing offers over offline shopping.
Try to get your hands on as many coupons as possible, no matter how low their values are. You’d be surprised to see the difference in your bills the next time you shop. Know when you will get cheap products. For e.g. electronics goods cost less after festivals like Diwali and Christmas. Shop for clothes during clearance sale to get maximum discounts.
Same goes with cash backs! Use mobile wallets like Paytm to get significant cash backs for whatever you pay. Even travel sites like Makemytrip offer cash backs when you book tickets through them. Get a cashback credit card for services you often use. Check out unbelievable Mobikwik offers which even offer 100% cashback for recharges.
4) Prioritize your Savings
Most of us save what is at the end of our paycheck every month. Rather try saving at the beginning of every month. This way you are telling yourself to save for some important goal in hand, like health, travel and so on. Once you get into the mode of saving early, it will cling on to you for the rest of your life.
Most importantly, mere saving will not grow your money. The saved money should be invested to really unlock the potential of these savings.
5) Reduce Impulse Buying
Do not buy on impulse! Always plan your shopping. The best way when you shop at retails stores is to prepare a list and stick to it. If you are shopping online, save any item you feel like buying, bookmark it. Come back later and see if your interest remains the same. Another important trick is to add items to your shopping cart and abondan it. In many cases, it helps you get discounts on that very product from the online store.
Another important trick is to add items to your shopping cart and abandon it. In many cases, it helps you get discounts on that very product from the online store.
6) Shop in bulk and during sales
Shop for groceries in bulk as they would definitely cost less. For e.g. A of Pillsbury Chakki Aata costs Rs.45 whereas a 10 kg be can be purchased as low as Rs.329(Rs.32.90) in sites like Grocerkart. You can also shop for all necessary clothes when there are big sales to save more.
These are just a few main tips! Here are some more easy to follow money saver tips from day to day life.
- Keep fit! Good health has financial benefits, too.
- Avoid eating out often. You can easily make your favourite pizza at home with a little effort.
- Ditch postpaid connection. Use a prepaid phone and get cashbacks and vouchers for recharges.
- Buy good quality appliances and furniture. Do not look for cheap rates and compromise on quality.
- Carpool when you go to work. You save money and protect the environment as well.
- Shop right after holidays when rates are lowest.
- Carry your own water or get regular water at restaurants.
- Find cheaper ways of entertainment. Invite friends over, visit parks and have fun without expenses.
- Do not visit malls unnecessarily and end up overspending.
- Track the rate of items over a period of time to check for lowest prices.
- Shop online for high-end designer brands. It’s here you bag the best deals.
Follow these simple lifestyle changes that save money and live up to your dreams. If you have got any more ideas, please let us know in the comments.