With the rising inflation, It has been difficult to meet ends, especially after the COVID pandemic.
Taking small steps to cut expenses and building healthy saving habits can help you make the most of your hard-earned money. For example, Switching to LED lights could save you up to 80% on your electricity bill. Or cooking at home instead of eating out could save you hundreds of rupees a week?
So, whether you’re looking to pay off debt, build an emergency fund, or save for a dream vacation or house and wondering how to save money, we’ve got you covered.
We’ve compiled a list of practical and effective tips in this blog which you can implement without sacrificing your lifestyle while adding up to big savings over time.
Practical and effective Money saving tips
Reduce your biggest money obstacle— Debts:
Savings is quite a game of mindset rather than numbers. Paying off debts and getting rid of monthly installments and their interest can prevent you from the largest money obstacle when it comes to monthly saving.
The fastest way to pay off debt is to start by paying small debts first and then proceed toward paying off large debts— commonly referred to as the debt snowball method. Once your income is freed up you can finally use it to progress toward your saving goals.
You can also consider Paying off credit cards in full each month. The miles and cashback you earn through it are only valuable if you’re not falling into debt or paying interest.
Make a budget. Today!
Realizing your spending habits and creating a budget is a great way to jumpstart your month. You can start this by looking at the receipts of what you have purchased, for example— personal care, groceries, and restaurants of last month. You can also check bank statements to know your spending habits.
You will be amazed to know how much these small purchases add up at the end of every month and blow your budget.
Note: While making a budget, consider giving cash value to every category, mapping out big purchases, and sticking to it can help you save big.
Save on shopping!
Switch to buying used stuff instead of paying full price for new things, including toys that can be used for more years. Look after discounts, cashback, and coupons, have a no-buy week, or limit how much you buy for a month or a year to save some extra bucks.
There is a probability that you may be paying a lot of money for automated services, subscriptions, and memberships you don’t use or need anymore. If that’s the case, canceling them will also help you save some money. You can always resubscribe them if you need those someday.
Consider sharing subscriptions for things you can’t live without, borrow or barter or rent formal gowns and tools, Trade your accounting expertise for someone else’s interior design advice, Pet sit your neighbors and ask them to return the favor when you leave town. Buy gifts in bulk, stockpile discounted items like kid’s birthday gifts, hostess gifts, gift wraps, and wine for dinner.
Shop groceries smartly:
Take small steps to restrict eating out from fewer times to once each month, instead prepare your food at home. This way, you will not only maintain your lifestyle but also save.
Similarly, Growing your veggies, making your snacks, and buying groceries like rice, beans, nuts, spices, soaps, etc., in bulk can also be a big savior. For grocery shopping, you can create a grocery list, and sticking to it while shopping will help you spend less than what you have been spending on extra small things.
Small tweaks to your lifestyle spending can save you alot:
Did you know you can save money by doing small things like repairing your home, maintaining your car service and your utilities, and landscaping your yard by yourself?
Small tweaks like home energy audit insulation, taking shorter showers, fixing leaky pipes, washing your clothes in cold water, unplugging electronics, and using energy-efficient appliances and LED lights can lower your bills.
Need help with planning your budget and finances? Book a free one-on-one call with our experts. They’ll make managing and planning finances simpler for you!