Updated: Jul 17, 2021
In times of economic crunch, it is advisable that we encourage saving some bucks in hand. Money saving tip is something that gets better with time and repetition. It has been instilled in us. As kids, we were given piggy banks (that’s what you call them, right?) wherein we deposited every bit that we had in hand, and those small bits turned in to large sum of money in the course of time. These were the habits that our elders inculcated in us and as much as we know what financial steps to take, just knowing them is not enough. Taking the right financial decision is crucial to futuristic endeavours.
Given below are some of the money saving tips:
1. Record your expenses each month. It’s important to track down expenses to make saving decisions. Unless we know how much to spend each month, we won’t know how much can we save each month.
2. Once you’ve tracked down expenses, list out ways you can cut down on your spendings.
3. Keep your priorities straight. Some expenses are negotiable while others are not. Get hold of what’s important for your livelihood and what’s not. It eases the decision making process. After all, goals are the biggest motivation behind saving money.
4. After that is done, set aside a said sum of money each month without fail. This sum could be any amount that is convenient for you.
5. Sales are a good way to save some cash especially if you are on a tight budget.
6. Avoid vicious debt trap. Spend only what you can, and not what you want.
7. Let your savings earn you interest. There are savings account offered by different banks and financial institutions that help your sitting cash earn for itself. Invest in securities such as stocks, bonds or mutual funds.
8. Ditch public/personal transport whenever possible. Walk your way to a healthy lifestyle while saving some money.
9. Pay your bills on time to avoid the burden at the end of the day.
10. Save by cutting down on your vices. Binge drinking is not only a bad idea but an expensive one as well.
11. Avoid impulsive purchase. This will help you in eliminating the habit of hoarding and will aid you in adding up your savings.
Saving money will not only help you on rainy days, but will give you the flexibility to take new financial decisions and take calculated risks. The security that this concept of money saving holds, will help you fall back safe, lest something unexpected happens.