Ways to Start Saving More Money

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Ways to Start Saving More Money
Ways to Start Saving More Money
Photo Credit: Akhilesh / Bigstockphoto
Kumar Sunil

Kumar Sunil

Dreamer & Enthusiast

Creative. One word says it all for Sunil. A engineer, an enthusiastic and conscientious Information Technology consultant by profession, Sunil shares a special interest with entrepreneurship and lifestyle.

HIGHLIGHTS

  1. Saving money is easy if your desires are less.
  2. Differentiate between your needs and wants.

Who doesn’t want to be able to save more money? Of course, everyone does but only a very few people actually succeed in making that happen.

It doesn’t require astronomical science to start saving money. It is mostly about spending on things you need rather than on things you want. Read on to learn more about ways of saving more money.

Private Transportation

Everyone knows how expensive it has become to own a vehicle these days. It happens to be one of the areas where people tend to spend majority of their salaries on.

For one, you have to spend on purchasing a vehicle, then the petrol/diesel that goes into it and then its maintenance.

You incur recurring cost on transportation.

We understand the need to own a private vehicle but use it when you really have to. For commuting to work every day, jump on a bus or car pool with a colleague.

If you have to move around the city, go green and use a bicycle. It will not only reduce your expenditure on transportation and improve your health, but will also help you start saving.

Eating Out

This is something that each one of us has to work on probably. With so many fancy eating joints and ease of food being delivered at home, eating outside or ordering food in has become so convenient.

What we don’t consider is that this is where most of our money is going. Money that could be saved is being spent on things that could easily be made at home.

A typical meal for two at a restaurant would be nothing short of a 1000 Rupees. If you happen to go out 2 a week and calculate it for a monthly basis, you are draining down Rs 8000 every month.

Would it not be better if you went out only once or twice a month? Do the math yourself and see how much you could normally save if you started eating more at home.

Use of Credit

Use of credit has never done any man in history any good. It is very difficult to get out if the credit debt once we get inside it. There may be many reasons to convince yourself that having a credit card is better, but trust us when we say it is not.

If you have to buy anything on finance, it just means you are not doing your budgeting right. More so, the interest rates on credit cards are so high that you end up paying so much more for the item than you should.

Monthly installment schemes may seem very attractive in the beginning. But when you have to pay every month a part of your income, it will start becoming difficult soon.

On top of that if you fail to make a payment, your credit score gets affected and your chances of getting a loan in the future become meek. So think wisely before jumping into getting a credit card. If you already have one, make sure you pay off your debt as soon as possible.

Use the 48-hour rule

The 48-hour rule says that if you hold your urge to shop for 48 hours, you will probably not want to shop at all. This method lets you know whether you need or want something.

If it is a desire, then after 48 hours it will probably lose its importance thereby making you not shop. By using the 48-hour rue, you also end up spending way less of an amount on impulsive shopping.

Next time if there’s anything on your mind you want to purchase, give it 48 hours time and see if you still want it. This also lets you make a wise decision as you spend that time thinking why you should or should not purchase it.

We have given you some of the best ways you could start saving money by the end of the month for yourself. Do it one step at a time and we are sure you’ll succeed.

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