8 Simple Ways To Save Money

Save Money

The hardest thing about saving money is to actually start doing it. One has to be quite determined when planning on to save money as it would require them to cut down on the unnecessary expenses and stop splurging on those weekly or monthly shopping trips! It might sound difficult but it is really important to start saving in your early 20s as it would help you learn the tricks well in advance.

  1. Know Your Expenses

The first step, to begin with, is to learn about how much you spend. Make a note of all your expenses. Divide all the items on the list into different categories such as grocery, electricity etc. to help you track how much you are spending on each item so that you can plan on what can be cut down.

  1. Plan A Budget

Having a budget is very essential. You need to make a budget for a week or for a month. Once you have your budget ready, it will be easier for you to decide what you should spend on and how is to be spent on each item. You need to plan your budget strictly according to your earnings. After planning the budget, keep out a small portion of your savings. If you find out that your expenses are too high and keeping aside some amount of savings is tough, then you need to cross out few items on your list. Distinguish between “wants” and “needs”.

  1. More Chilling Indoors

It is hard to say “no” to friends for plans but that is an important thing to do when you are in your saving mode! Do more of in-house chilling than going out and spending on movies, dinners, brunches etc. Doing less of fancy dinners, day brunches, coffee dates and movie nights will actually help you save a lot as these are the major areas where you spend more than required at times! A lot of movies these days are available online soon after their release. Also, food ordering sites like Foodpanda, Swiggy etc. get you your favorite cuisines at home with a minimal delivery charge which saves you from paying the extra taxes at restaurants. Also, hosting a potluck can be beneficial and fun as well!

  1. Expensive With Less Expensive

One way to stop splurging is by spending less on expensive clothing and accessories. It is not necessary to wear everything expensive or branded. It is completely OKAY to pair up a 3k Top with an 800 bucks jegging! You don’t always have to pair up expensive clothes with equally expensive accessories!

  1. Less Of “YOLO”/”FOMO”

Do less of “you only live once” (YOLO) and “fear of missing out” (FOMO) purchasing. Sometimes people tend to purchase things just so that they can keep up with the ongoing trends or so that they can grab the limited period stuff. Trying to satisfy these wants is costing you a lot!  Understand what you need and what you don’t instead to trying to compete with people. Surely, you live only once but you’ll need money to survive this one life as well. Spend wisely!

  1. Be The Seller

Surely you have large cabinets filled with stuff that either you never wore or you wore it once for some summer party last year. Get rid of all the unused stuff! Stop piling up things in your closet unnecessarily. Sites like OLX help you sell your used stuff, just upload the ad, find a buyer nearby and sell it off! This way you can earn some money and also get rid of the piled up junk!

  1. Have A Goal

It’s always good to be goal oriented in life. Do the same when you are saving. Have a goal, say you want to buy a new phone, set this as your goal and save for it. Having a goal always helps as it keeps you motivated. You need not always start with setting up big goals. Start with setting up small goals and then go ahead towards the bigger ones. Once you achieve the smaller ones, it will be easier for you work for the bigger ones!

  1. Track How Far You’ve Come

Track your progress every month. See how much you have saved and what are the shortcomings and how can they be fixed. The first month might be difficult for you but if you stay persistent, the results will amaze you soon. By tracking your progress you will also get an idea of what all unnecessary expenses you’ve been doing and what are the things that you ACTUALLY need.

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