With online shopping and easy credit facilities, it’s easy to feel tempted to spend more than you normally would. There’s always a new gadget, appliance or a pair of shoes put on sale. If you are trying to cut down on your expenses and start saving, these things can easily put you off track.
To help you out, here are a few tips on how to save more.
How To Save More And Spend Less
There are many simple ways to save more money without feeling the pain. You can even turn it into a challenge or a game to make it more enjoyable.
1Save your loose change
Went shopping and now your purse is heavy with loose change? Count it, keep what you might need for bus tickets and other needs and put the rest in a special piggy bank. After two months, empty the piggy bank and deposit the amount in your savings account. This is one of simplest tips on how to save more.
2Put it on auto pilot
Transferring cash online from your main account to a deposit account each month can be difficult, especially if you think you need all the money for your expenses.
As a solution, you can open one or two recurring deposits and put your monthly deposit on auto debit. Because the transfer happens automatically, it will be easier for you to stick with your deposits.
3Curb impulse buys
Received a promotional offer from your favorite shopping website with a big discount? Do not click on the link right away.
When you put off a decision and you decide not to take immediate action, you get to avoid unnecessary expenses. So, instead of buying, transfer all or part of the amount you did not spend to another savings account.
4Turn discounts and cash backs into cash savings
Whether online or offline, you may get discounts on specific items, coupons, and special offers that can help you save money. At the end of the month, deposit the total savings you managed to get from various discounts.
5Give up your expensive habits
Cut down on the beer and cigarettes. Not only will this keep you healthier, but it’ll let you save up on unwanted expenses. Even the government is increasing the sin tax on these to reduce their usage. If you don’t stop now, you’ll end up paying a lot more for them anyway.
See Also: 16 Essential Tips for Quitting Smoking
6Visit ATMs less often
Reducing the times you use the ATM can help you cut down on service charges. Instead of turning to those machines, manage your finances well so you won’t have to make unnecessary withdrawals.
Every time you use your credit card, you’re losing track of exactly how much you’re spending. If you’re buying something, buy it with cash. This will give you a clearer idea of how much you’re actually spending. When you see more money leaving your hands, you’ll be warier of spending.
8Carry your own bag when shopping
With the government taking measures to reduce plastic usage, most shops have moved onto jute and cloth bags. These bags, however, are more expensive when compared to plastic bags. Instead of paying for these, carry your own bag.
9Walk, ride a bicycle, carpool
If you’re going somewhere that’s a short distance away, put down the car keys. Walk or ride a bicycle. This not only saves you money on fuel charges, but it’s a great workout as well.
Whenever you need to head to work, bring some colleagues along so you can share the fuel expenses. This way, not only are you collectively working to save the environment, but you’re also cutting down on fuel costs.
10Set a goal
When it comes to saving money, it doesn’t always have to be about big goals. You can also save for small goals, like a new smartphone.
Open a recurring deposit account and start saving for next year’s release of new smartphones. You can earn an interest with this type of account. Even if you get just 100 Rupees, it is still 100 rupees more than you had. You can use it to purchase your goal.
These are just a few ideas. You can come up with more exciting ones, like challenging your siblings or friends on who can save more after a month.
Saving doesn’t have to be boring. In fact, the more fun you’re having, the more likely you’re going to stick to it.