10 Easy Ways to Save Money

“Money”, “Finances” may sound very concerning to most of the people, often because it is easy for people to spend more and save less or save nothing at all. How often you heard someone being in debt? Someone being concerned about their savings? Someone taking up loans for simple things? Well, all of us want to gain control of our finances and pay off debt, but very few can actually do that. Most of the people are trying to find ways to cut back some of their spendings in order to save a little each day. In the case of savings, a little goes a long way. Little savings can add up, especially if you do it consistently over time. For example, Say your favourite cold coffee at a Cafe is priced at INR 100 which you buy 5 out of 7 days a week, costing INR 100*5(days)*52(weeks) = INR 26000 a year. Just by cutting the coffee from 5 days to 3 days can save you a whopping INR 100*2(days)* 52(weeks) = INR 10400 a year and also you will save some calories hence helping your health as well. It’s as simple as that. A little from here, a little from there doesn’t look that big on a small scale but when you add up you can understand how big the savings can be. Cutting back on bad financial habits, splurges, a few tweaks in everyday life can make you rich by helping you to save your money. Find 10 easy ways to save money in 2019 below-

1. Track & Record your Expenses

Track & Record your expenses

The very first step of saving your money is to keep a check on how much you earn and how much you save. Since most people save whatever is left after spending, recording each and every expense that you make can help you check and curb some of the unintended or extra expense. It has been proved, that when you keep a track of expenditures or record your expenses and check that in a consolidated form, you tend to understand bad expenses, extra expenses and expenses that could have been avoided. There are apps in the app store for tracking your expenses as well, you may try one.

2. Pay Yourself First

Pay Yourself First

Make it a rule to pay yourself first on payday. Make a simple thing of setting aside at least 10% ( 20%-30% would be best, though based on your situation) of your net pay to your savings account and promise to not touch that money at all. You can use the rest of the money to go on with your month and at the end of the month whatever stays, put that in the savings account as well. Thus saving each bit of money of your pay, at least the minimum amount you kept at first will be your savings each month.

3. Be friends with Coupons, Discount Codes & Reward Programs

Use coupons, discount codes, vouchers & reward or loyalty programs to save money

It’s very easy to find coupons, discount codes, vouchers and reward programs these days. Just a quick online search or a flyer or a newsletter in your mailbox can give you many of these. Coupons, Discount codes, vouchers, and reward programs are one of the best ways to save money consistently whether you are buying groceries, household items, going out somewhere or eating out at restaurants. There are loyalty programs as well where you can buy and get reward points and later can redeem those points for items or cash.

4. Save Every Loose Change

Save every loose change

Now, this might sound a bit funny to you how loose changes can build savings but wait till you see it in a consolidated form. Even if you save INR 10 every day, you will save INR 10 * 365(days) = INR 3650 a year ( good enough for an outfit you wanted for your birthday or a good meal for two in a 5-star restaurant on a special day). See, it is that much easy. A few loose changes here and there adds up to a saving that you can use for a good treat for yourself without burning a hole in your pocket or adjusting your budget in any month.

5. Think a Day or Two Before you Buy

Take time and think before you buy

We often tend to splurge or binge buy things that we don’t even need. A walk in the mall, simple online browsing, a picture in the Instagram can influence us that leads us to buy certain things and item which we are probably never going to use, never going to wear or never needed on the first place. So, it is a simple rule of 24 – 48 hours. In this, you wait for a certain time to ask yourself do you really need that product or thing? How are you going to use or utilise that? It is really necessary for your life? etc. If even after 24 – 48 hours you feel like you want that and answers of the above questions come as positive then go and give yourself the treat. Else you will be saving money that you would have spent on unnecessary shopping which you would have regretted later.

6. Eat-Out less, Cook at Home

Eat out less, Cook at home

Yes, we all want to eat at a fancy hotel for a fancy lunch/dinner at times, a few takeaways while it’s late from office or just order some meal just because you are too lazy to cook. But, eating out costs a lot more in the long term than you think. Packing your lunches and some snacks and munchies from home save you from buying lunch or eating outside while keeping you healthy and full. A weekly meal plan or quick tasty easy recipes are available in abundance on the internet that may save you loads of money. A 5-course meal at home can cost you INR 500 (with fancy items) while a 5-course set menu with can cost you INR 3000 in a fancy restaurant. A takeaway lunch may cost you INR 250, while simple homemade lunch may cost you INR 50, thus saving INR 200 every time you swap takeaway lunch with a home-cooked meal. That doesn’t mean you should not eat out. Eat out at restaurants lesser than before and always search for food deals, coupons before you go to save some more money.

7. Share Memberships, Subscriptions

Share Memberships, Subscriptions to save money

In this era of Netflix, how many of us are subscribed to at least one of such subscriptions? There are loads of memberships, a subscription that we just go on subscribing for random this and that. A serial in here, a series in there, a subscription for sports, a membership for movies, etc. Cut that out. Most of these memberships have a single user and multiple user choices. You can simply add up your friends and can save on monthly subscriptions. For example- Netflix in India has 3 packages ( INR 500 for 1 user, INR 650 for 2 users, INR 800 for 4 users per month). I guess you can understand that it is wiser to gather some friends and use the INR 800 for 4 users plan (i.e, INR 200 per person), thus saving you INR 300 per month than single user plan, i.e, (INR 300*12) = INR 3600 a year. Also, deactivate or cancel subscriptions that you barely use which will eventually stop your bad expense and you will have more money each month to save.

8. Use Public Transport & Carpool

Use Public transport to save money

I guess everyone of you heard about rising oil prices, thus making rides in a car costlier. You may like to go to your office driving in your own car, but you do not realise how much you can save up simply by carpooling. A car itself comes with many expenses, insurance, paperwork, fuel, maintenance, etc. If you carpool on the way to your office and while coming back home you are reducing carbon footprint as well as carpooling gives you money thus your fuel bill is getting split which in turn is your saving. Also, use public transport as and when possible. Cabs are quite expensive and should be used only when needed. Public transportations are cheap and good for the everyday commute. Saving money by using public transport instead of a cab is huge. Calculate yourself!

9. Shop Eco-friendly & Save

Shop Eco-friendly and save in carry bag prices

How many time do you pay for the plastic packet or the carry bag at a store for carrying your things from store to home? Do you know the price of the carry bag is charged from you? Do you have any idea how much you are spending on Carry bags? If you shop 10 times a month (including grocery and everything) and INR 5 is charged for Carry bag each time then you pay INR 50 per month just for carry bags, which adds up to INR 6000 in 10 years. Instead of all these, you can buy sustainable eco-friendly jute bags to carry in each shopping trip thus saving this earth from plastic as well as saving yourself money.

10. Save Energy, Save Money

Save Energy, Save Money

Simply cut down on energy usage while you’re not at home or not in a specific room. Turn off lights, fan, and other electrical equipment when not needed or not in that room, or simply regulate the temperature in your home, a small thing but that can help you save electricity while saving a bit more. Use natural light source during the day and cut back the light cost. Use CFL or LED lighting which uses less energy than traditional bulbs, regulate the temperature of the air conditioner or heater to ensure optimum use of energy.

10 Simple Ways to Save Money that helps you build a fortune

Something is better than Nothing. A little saving is better than nothing. Review and check your savings progress every month. This will not only help you stick to your savings plan, but it will also help you in identifying and fixing problems quickly. I hope that these simple ways to save money may even inspire you to save more money every day and hit your goals faster.
Savings is a way of accumulation but wealth is a process of building your money for a better future.
Hope these money-saving tips will be of your help, please do comment if this was useful or not. Do you have any other easy money saving plan? Drop that idea in the comments. A post on building wealth from these savings will be posted soon. Till then, thanks for dropping by. Please follow this blog for more updates on all things about love, life lifestyle.

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