How To Save Money

What comes into your mind when you hear the word savings? Checking accounts, emergency funds, banks? Let me inform you that you are a victim of finance-sophistication. What if I tell you that you can save money every day without even opening a savings account? Don’t believe me? Read on to know the simple yet effective ways to save more everyday.

Use public transport

Ditch your personal vehicle and take a hitch-hike or the public transport for a change. On an average, a city dweller spends around Rs.2430 per month on fuel. As a country with the lowest fuel affordability, using the public transport is both sustainable and cost-cutting in nature. A simple change in lifestyle has proven to be a great saving technique. 

Invest in improving your kitchen

Investing in appliances that could help you in avoiding visits to banquets, restaurants and morning rounds to coffee-shops. It's obvious that high-end dining experience comes with endless bills, but sometimes visiting restaurants regularly, ordering-in food and spending money on coffee each morning could sum up to a grand total of bankruptcy.

So, go easy on your wallet and invest wisely on appliances that you might use on a daily basis, like kitchen appliances or a coffee-maker. 

Follow DIY ideas to save up

There are many Do It Yourself blogs that you can follow in order to shrink your household expenses. DIY craftwork can be used to decorate your house or you can follow DIY blogs to make furniture from scratch. The Internet has come up with various blogs and articles that can help you in re-doing everything in your house by yourself without shelling out big bucks.

mymoneykarma, unfortunately, doesn't have blogs on these topics. We have DIY credit repair though!

Saving electricity

Saving electricity has been on the agenda of governments and scientists alike for a long time. Simple habits like switching off the lights and fans when not in use and buying energy efficient electrical appliances might seem futile but they can help you to save a cosmic amount of money in the long term. 

Get rid of that cable TV

Technology is going through a brilliant metamorphosis each day, backed by the internet. Nowadays, cable TV is a thing of the past. OTT services like Netflix, Amazon prime, Hotstar, etc. have revolutionized how people consume media. Let's move ahead, shall we?

Getting healthy with a Gym membership?

Are you one of the lost souls who overcompensate for their unhealthy diet and non-existent physical activities by joining a gym? If your answer is yes then, let me break this to you: it’s not going to help you in any way.

Paying Rs.5000 each month for the gym that you visit once in a week is neither going to improve your health nor your wallet’s. So, ditch that gym membership and give a kickstart to your healthy lifestyle by practicing yoga, following trainers on youtube or making use of a variety of fitness apps.

Become a coupon-tracker

More often than not, we are oblivious of the good that surrounds us. Coupons are one of them. If you’re someone who loves to shop online, you can make use of coupons to avail of many discounts on your purchase.

You can track a plethora of such coupons online on a website or use apps which list out all the coupons linked with your retailer or the shop that you’re buying from. 47% of millennials believe that they have increased the usage of coupons in the past year. Blend in with the trend and grab on those coupons before they expire! 

Switch to sustainable alternatives

Sustainable living is one of the most cost-effective and energy-efficient ways of life. Avoid the use of plastic cups, straws and plates. Instead, you can use edible or reusable cutlery which is cost effective and beneficial for the environment as well. 

Mission Budgeting

A fine sense of budgeting could help you in saving a substantial amount of money. Complex financial planning, like investing in mutual and index funds, is essential for safeguarding your future in terms of finances, but the painless habit of budgeting could help you in saving up to Rs.100 each day, which is 3000 bucks a month and Rs.36000 a year!

A simple practice of daily or monthly budgeting can help you in saving up to Rs.36000. Pull up your socks and take control of your finances by following this easy guide on how to design a personalised budget system. 

“Buy nothing week”

Ever heard about “buy nothing week”? Yes, it's exactly what the name suggests - not buying anything for an entire week. Have a “buy nothing week” each month. Plan your shopping around this week and spend on nothing but necessities. This practice can make you more disciplined in terms of managing finances and, of course, generate some savings at the end of the month. 

Avoid impulse-shopping

Impulse-shopping is one of the major setbacks to sound financial planning. Know what causes you to shop on impulse and follow our guide to avoid splurging to steer clear of this practice. 

Always compare the prices before making the purchase

Planning on making that big purchase? Make sure to compare the prices in different stores and online platforms. If there’s a low-variance in the quality offered, then go for the lowest priced good. 

In conclusion

We can say that saving money doesn’t necessarily demand massive sacrifice from your side. You can make petty changes in your lifestyle to save more money. If you wish to accumulate enough money to lead a financially stable life, it's essential to know how to live below your means.

For example, you can make gifts for people on their birthdays instead of buying, which requires you to put a little effort but is considered to be a thoughtful gesture. So, next time you’re stressing about how to save money, consider this: Even cooking a meal for your loved ones instead of eating-out makes a difference.