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When you have the habit of splurging on expensive items, it’s difficult to save your hard-earned money. Once you start following the “saving journey”, you won’t regret it. If you don’t have an organized budget, perhaps you need to get one or if you spend it on the go, then you need to become a miser to manage your money efficiently.
That’s why we have compiled a few easy tips and tricks which will add up to your savings over time and will help you draft your budget efficiently.
It’s a small change that you need to make today to save a few bucks for yourself. It’s the first step towards managing your finances optimally.
It gives you a broad view of your money and helps you save some, whenever you get the urge for unnecessary shopping.
Also, it keeps you informed about your spending and helps you to make a decisive saving decision.
Prepare a budget
Start by preparing an excel sheet and keep comparing your income(if you have any) or expenses for the next year. How do you fare? (is your income or savings greater than your expenses)? Keep an eye on your savings, every month.
And if you aren’t doing great with the savings, then start cutting off your unnecessary costs, start introspecting your budget and try to analyse where you went wrong.
Keep track of your spendings
In the world of technology, you can easily keep track of your spendings, with the help of a few budgeting apps like GoodBudget, Mint, PocketGuard and Wally. When you keep observing your spending, you can easily track your spending patterns. Why is your cash outflow greater than inflow? It will help you make a change in your budget.
Adhere to your budget
Planning a budget is an easy task but when it comes to implementation, it becomes a cumbersome process. You need to enforce the budget or put it into action. Make sure, you don’t keep the budget rigid. Keep it dynamic, so if any changes are required, you can do it easily.
#2. Shop Wisely
In the era of splurging, it’s quite tempting to purchase everything. Don’t be extravagant, instead focus on your “needs rather than your wants”. The best way to save money is to resist spending on frivolous items. Think before purchasing anything, ask yourself a question: whether it’s that important to you?
Resist Impulsive Shopping
As mentioned earlier, assess the budget and then decide before purchasing anything impulsively. Look into the repercussions before making any shopping decision.
Shop at a discount or Offseason
The catch is, whenever you’re shopping for in-demand times, you’re more likely to pay the premium prices. Hence, always look for a sale and off-season bargains to save up some money. If you’re a good thrift store or flea market around you, then you can go for that. Trust me, prioritising things ends up saving a lot of money.
Don’t chase after the Brand Tags
It’s futile to run after the millennial brands and shop on unnecessary items. Don’t be brand conscious and if you purchase clothes to brag in front of your friends- it barely counts.
During the pandemic, people have become more inclined towards purchasing subscriptions for streaming platforms (OTT platforms). Hunt for free entertainment or alternative apps before it breaks your bank. Instead of availing of a gym membership, try cycling (it’s great for your health!) or join a sports team. Look for better alternatives. Cutting down subscriptions add to savings and that will make your planning more feasible.
#4. Start Cooking
Dining in gourmet restaurants or expensive cafes, won’t make you save money. In fact, it’s the costliest option to prefer. Once in a while, it’s fine to dine out but frequently overspending the money isn’t a safe option. Instead go with a to-make-yourself attitude, as it helps to save money and enhances your cooking skill.
Cook for Yourself
I know, hanging out in the cafe and overspending on expensive dishes sounds good, but apparently is a bad option to consider. Try discovering new recipes and store the leftovers for the next day. This will help you save a huge amount of money. And if you’re a university student, then probably try running an errand at once with your friends to save up a few bucks. Stalk up on the necessary food items at once, so that you don’t have to go for a separate shopping trip every time.
Resist Fancy Frappes and Lattes
Make yourself a coffee instead of splurging money on these gourmet beverages every day, and you’d be shocked to see the saving results. Purchase coffee beans in bulk and a travel mug, so that you can serve yourself a cup of coffee while keeping it warm.
Saving money is as great as making money, make sure you get in the right direction. It’s vital to organize your budget schedule before it gets late. And if you’re running out of savings and craving expensive stuff, to get the pursuit of pleasure, then it’s the right time to indulge in savings!
What tips will you use to save money? Tell us in the comments section below!
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