We live in a world of instant gratification. And that inevitably calls for instant expenses. Yet, when the thrill of the purchase is gone, aren't you often left with regret? 'Oh, why did I swipe that card? Why did I click on that ‘Pay now’ button?'
Also, it might seem like a good idea now to put off saving until a few years later, but the 'few years later' will come up much faster than you'd expect. There is no better time than right now to begin putting aside a little money for your future. And all you need to do is make some small changes in your approach towards life and expenses. Before you know it, you will start to see the savings add up.
They say the easiest way to save money is by not spending it. However, that is not only impractical but also impossible. And no, we're not advising you to live a stingy life. Instead, follow these 20 surprisingly simple ways and save money in your daily life effortlessly:
- Learn how to give yourself a good pedicure. You'll be amazed by how much you'll save every year by avoiding regular visits to fancy salons. And those salon aunties are too nosy anyway, aren't they?
- Minimise eating out. And reduce the number of times you pick up a coffee. When you eat at home, you save money, taxes and calories too!
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- Plan your errands so you can do them all together and cut down on fuel costs.
- Like to read? Join a library. Good books cost good money, and a library membership is cheaper. And all those books won’t even take up any space in your cupboard.
- Feeling down? Shopping isNOTthe way to give yourself a 'pick me up'. Your bill at the end of the month will undo all the good done by the retail therapy.
- Don’t try to keep up with anyone, least of all the Kardashians. You have nothing to prove to anyone.Instead of splurging to look as good as someone else, reduce your expenses and deposit more money intoHDFC BankDream Deposit Accountthat will not only help save money but also bring you closer to your goals. Eventually, you will turn out to be the smarter one.
- Clear all debts and pay your bills on time. Pay your credit card billin fullat the end of every month. This habit will keep you from paying interest that can quickly run into thousands of rupees.
- Buy groceries in bulk, and at wholesale rates. Plan your meals every weekly so you buy only what is necessary and there is no wastage. Like we said earlier, eat more meals at home and see how the pennies pile up while the kilos drop.
- Check out online deals before making a big purchase from the store. Visit second-hand stores and boutiques. With a bit of research and effort, you can get amazing deals on branded products as well. Plan your major expenses around festivals and sale periods.
- Talking of sales, wait for a couple of days before you shift those impulse purchases from the shopping cart into your life. Often, you will realise the deal wasn’t that great or that you never really needed another pair of black shoes.
- Say goodbye to expensive gifts; instead create your own meaningful ones. Sometimes those make the best, and, the most memorable ones. Did we also say cheapest?
- Love to socialise? Instead of spending big bucks on food and drinks every weekend at expensive restaurants, organise potluck parties at home. This also makes meetups more intimate and fun.
- Have you tried Airbnb or other lodging rental sites to find a vacation home? Not only do these costs less, but the experience is so much richer.
- Choose quality over quantity. One rookie money-saving mistake is to go for cheaper items. But these wear out quickly and you end up looking for replacements more often. Instead, buy fewer but high-quality products. They will last longer and often don’t even go out of style.
- Reconsider your cable or satellite TV packages. Come on, do you really need to spend so much when there are paid entertainment apps?
- Always look for the next best mobile phone plan. The rates keep changing, and new plans are introduced regularly. Find the cheapest one that suits your needs.
- Unplug appliances that are not in use. Even with the appliance off, there is ‘phantom energy’ that continues to drain electricity slowly.
- Do not neglect your car. Yes, servicing it might feel like an expense, but you will save more in the long run by avoiding expensive repairs and by getting better performance.
- Maintain a file of with the receipts of all purchases, month-wise or store-wise. In case anything breaks down, you will have the proof of purchase necessary for any repairs that come under warranty.
- And lastly, don’t leave all this money that you save in a savings account. Shift it into a fixed deposit that pays better interest, so the saved money earns you some more money.
Find the ways that work best for you, and gradually start including these in your life. To keep yourself on track, set some time aside every week to check your finances and make sure you are sticking to your budget and plan. Use the HDFC BankMobileBanking Appsthat will happily do the job for you.
Yes, saving money does not come easily to most of us. Even if you manage to implement a quarter of these ideas, you will be on your way to a neat sum by the end of the year, which you can then splurge on that big purchase you've been waiting for, don't just save, #SaveToSpend!
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*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action.
