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How To Maximize Your Savings By Minimizing Your Debts
How To Maximize Your Savings By Minimizing Your Debts

How To Maximize Your Savings By Minimizing Your Debts


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.


Saving is a matter of common-sense and common sense is not common.

You really don’t need a financial planner to teach you how to maximize your savings by minimizing your debts. It is very simple mathematics and even my five years’ old daughter understands.

The more non-claimable expenses you add on the expenditure side of your account’s book, the lesser you will be able to show as savings. There are no secrets, but tricks of improving the balance of your bank accounts and that too without making any unbearable sacrifices.

Use Cash

Instead of increasing the balance of your credit card; use cash for petty purchases like car fuel, dairy, fruits and vegetables and other minor expenses. Spending cash makes everything more real. And, the biggest advantage of using cash is, you will know exactly when you run out of money, instead of spending more than you own.

Transfer Some To Another Account

It is an awesome solution. Try putting a small amount each week into a saving’s account and make sure that branch is not easily accessible. This is the best way of making savings, especially when you have no control over your withdrawal habits. You will be missing that particular amount every month, but at the same time, your account will be holding a substantial amount.

Stay Home

Now, this epic. Most of the time, every time we leave the house, we make unexpected and unnecessary expenses. At least for me, it is hard to avoid to shop when I am on the road. So, to avoid this, I now prefer to stay at home unless very important and find free entertainment. It is also a good way to raise your family ties.

Throw Catalogs Out of The Window

Do your best to avoid the spam catalogs, offers and email from companies trying to sell things. Their ads discounts on new products are very tempting and if you are a shopaholic, you won’t be able to control yourself. It is better to spam those offers.

Keep A List of 30 Days

Consumerism is the problem. If you are an impulsive buyer and you keep buying things that you do not need very high, make a list and put all those things on that list. In this list, you need to prioritize those items; on top, the items you really need and on the bottom, the items you can do without.

At the end of the month, should you see any scope for the last items on the list, go buy that. In another case, drop that item from that month’s budget.

Cook At Home

It seems a difficult thing when everyone in the house is working. However, preparing the meal for self is not that time-consuming. At least you know what you have cooked and how. When you cook at home, you won’t only be cooking hygienically, but economically as well.

Not on a routine basis, but once a week, if you are not in the mood of cooking anything, instead of ordering pizza or dine-out, try something ready to cook like frozen vegetables or chicken breast; problem solved.

Talk With Your Partner

In many cases, I have seen partners barely discuss their financial matters. It is important that you and your better half must see each other on the same page.

You must have the same financial objectives and must agree to the same general spending plan. A weekly discussion on financial issues ensures this. Communication is very important.

Pays Debts First

When you make a list of your monthly expenses, make sure you start with paying your loans, credit cards bills and other third-party debts carrying huge interests and penalties.

Do not hold your debts until the end of the month; what if you run out of the financial resources. But, once your debts are clear, you know you will still have money to pay rent, tax, food, and fuel for the car.

Educate Your Kids

You need to educate your kids how these advertisements turn them into an impulsive buyer and how to make you buy things that you don’t even need.

Teach your kids about advertising, saving, earning and dedication. If you need to educate children about money. This will help you and your kids in saving money.

Often people buy things because they believe a new pair of shoes, the latest phone, new model car and such consumer things will bring harmony. Ever wondered, how the joy of buying those things fleets in a few days.

It is better to learn to love life. You need to find joy in nature, among the people around you, or in doing something you really love.

There are so many things in life that make us happy. No need to search only in material things.