Jun 03, 2018

5 easy ways to save money

We have all saved money at some point in our lives, whether that’s the bank account our parents open when we are born or whether we save up to buy something we want, we have all experienced what it means to save. However, the truth is many of find it difficult to save consistently as we juggle many other expenses and sometimes lose sight of why it is important to save.

Often times the easiest way to save money is to limit spending to the absolute necessities only. We thought exploring 5 ways where your expenses can be cut out and show how to save money more regularly.

1. Being conscious of Food related expenses

Food is a bare necessity of life; however, we often are guilty of overindulging whether that’s eating out quite frequently or feasting on junk foods whenever the opportunity presents itself. You may enjoy going out with your friends and eating and spending to your hearts content, but this is a habit that must give way if you are to save money on the long term.

2. Excessive shopping patterns and credit cards

Now immediately after seeing this you may think that you don’t engage in excessive shopping as you don’t buy luxurious items and you are right. But excessive shopping does not mean buying luxurious items.

You know when you go grocery shopping or even go to buy a dress or a t-shirt and end up buying way more than you expected to buy before you went in?

This is an excessive shopping habit and can save you a lot of money immediately if you avoid this. Also, if you have a credit card be really careful when to use it. Know that credit card is fantastic tool if used right, it’s a tightening noose if not used right. Best way to make advantage of the credit cards is to keep your payments on point and avoid paying interest by paying off the amount within the due period. Also, make use of deals that come with your cards to offset your buying patterns.

3. Consider buying into a data plan or a voice plan

The ability to use the phone and browse on the internet, Social Media and many other entertaining sites is a wonderful thing. However, what is not so wonderful is because you end up buying data card after data card, often running a bill of thousands of rupees without ever knowing you had spent that much. The same is true for voice calls, especially if you are someone that uses phone calls a lot you will often end up with a massive cost. You may not feel as you’re spending a lot because you reload only small amounts but if you find yourself reloading every couple of days, that’s a clear sign that you will be better off switching to a more appropriate billing-based service with limits. It will naturally enable you to manage your costs better.

4. If you want the buy the fanciest phone, don’t

Now this is mostly a problem for those who are young. We feel as if we want the best smartphone out there, one that has the best features and enables you to become the one with the best phone among your friends. This is indeed a nice feeling, but should it come at the cost of saving? Absolutely not. The phone you have today is perfectly good enough. Unless absolutely needed don’t spend on anything beyond your capacity. This is true for not just phones. If you were to consider buying anything always think, is this purchase improving my life in a significant way and is this within my capacity to purchase. If the answer to even one question is a no or a maybe that’s a good signal to not buy that.

5. Be careful when taking payday loans

PayDay loans are attractive to us because they can be arranged relatively quick with little documentation barriers. But you have to keep in mind these come with relatively high interest rates. Thus, you have to be mindful of where you obtain a payday loan and what conditions are attached to it. Check what repayment options are there and always ensure you are not in a position to not pay it within the given timeframe.

Jun 03, 2018