Money Saving Tips

Money Saving Tips

Most of the people earn money but only a few people are able to save money. Saving money is one of the important tasks in everyone's life as money is the important need to survive in this costly world. So we should keep a tab on our expenses to save money. Having a control on your expenses is good for your bank balance and for your peace of mind. It is very important to control small expenses also as they make a huge amount when combined together. Keeping a record of your income and expenses will help you to save more money for future requirement. The following money saving tips can help you a lot to cut down your expenses and save more money in your account.

Some Money Saving Tips

Keep a record of your expenses

The thumb rule of saving money is to know where and how much you are spending every month. You have to make a note of everything you spend to examine them at the end of the month. It will take less than five minutes to write down your expenses every day. This way you will come to know about your useless expenses. This data will also help you in making your budget for the next month.

Plan a monthly budget and stick to it

Now you have an idea of where and how you are spending in a month. On the basis of this now plan a budget for the next month expenses and income. Also, keep at least 10-15 percent of your income as saving every month. If you are unable to save that much then this is the right time to cut your non-essential expenses. Making budget not only limit your habit of over-spending but also encourage you to find some ways to earn extra income to increase your savings.

Plan your purchases

Always go shopping with a list and buy the things from this list only. Wishes do not have any limits. Avoid buying the things which are displayed in the store and not having written in your list. Before going to market for shopping look for online discounts also. Buy some of the household items in bulk as you will get plenty of discounts when buying in bulk. This habit of planned purchases will control your impulsive buying and keep you in your budget.

Set goals for saving

You should have some goals for which you are trying to save money. For example for buying a new car in near future or after two years, saving for children higher education or saving money for retirement. Different people have different goals for saving money according to their needs. Setting these types of goals will make it easier to save money for that particular goal.

Avoid usage of credit card

Always avoid usage of the credit card for making payments to avoid extra spending. Credit cards offer an easy way to payments so we can spend more freely without any worry. Usage of credit card also encourages buying a non essential item. If you are using the credit card then pay your credit card bill every month otherwise you have to pay a higher rate of interest on the balance amount.

Cut your phone bills

Find a plan suitable for you on the basis of your usage (number of calls made, SMS sent and data used) by reviewing your last few months bills. Post-paid mobile connections are always giving you surprises at the end of every month in the form of a long bill like credit cards. Using a prepaid mobile connection will always keep a tab on your huge mobile bills.

Walking is good for financial health

Always look for walking opportunities as walking is good for your health. This can save you a significant amount of money in long run. The prices of auto and taxis are very high these days. If you have your own car or bike, the prices of fuel are also high. If the distance is within a kilometer it will take only 15 minutes to cover that distance by walking. It will be healthy for you and your money. Using public transport is also good to cut down your monthly fuel bills.

Home cooked food and party at home

In normal cases, we go out for a lunch or dinner on some special occasions and the outside food costs us a lot. Prefer home cooked food rather than going out for dinner or lunch at costly restaurants. By eating home cooked food, you can save a lot of money that would have been spent in restaurants. By organizing a party at home you have to work a little extra but you can save thousands of rupees.

Cut down your electricity bills

Saving electricity at home has become the necessity because of massive electricity bills and rising power cuts. Saving electricity is not a rocket science rather it is easy. With little care and effort in using various home appliances, electronic devices and instruments can help you in keeping your electricity bills down.

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Entertainment at home

Planning to get out of the house to watch a movie with family members can spoil your monthly budget. Instead, find various ways to keep the children entertained at home or a home movie. You can also opt for some exhibitions, festival celebrations, sports events, picnicking etc. If you have decided to watch a particular movie then catch that movie on a weekday as you will get lower price ticket on weekdays. Also look for one on one free offer.

Hope the above-mentioned money saving tips will help you to cut down your expenses and save more money in your account.

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