Does your salary hardly last a month or are the expenses too high to be able to save. We will discuss 10 amazing smart tips to save money. These money-saving ideas are the best advice for saving money and you will be able to save money fast.
- Compulsive Habit:- Be it smoking or drinking too much tea If you have any such compulsive habit And let's say you spend 50 bucks per day on it. And even if you can't stop that but only reduce it from let's say 50 to 20 bucks And save 30 bucks daily i.e 900 bucks in a month. The returns you can get from this saving can be really high.
- Work Stress:-This is similar to the 1st point. Basically, when you try to find temporary relief for your stress and spend on that in that case some people like to shop for a lot of smoke for example a person started drinking a lot of cold coffee in cafes. Each cup coasted 250 bucks So in a month he would spend a minimum of 1000 to 1500 on that Now he is able to save that 1000 bucks So we will suggest that if you are stressed, don't go for any temporary relief instead that Find a permanent solution like exercise, meditation, healthy lifestyle to reduce stress. But if you are really stressed/depressed then consult a specialist and don't try to save that.
- Eating Out (shopping for food on a budget):- You must be aware that you pay at least 5 times the amount when you dine out as compared to cook at home. If you don't have time and even if you hire a cook, you can save a good amount. For Example, a person used to get no time to cook and he used to go dining out 3 to 4 times a week. Here in that case if he hired a cook then he could save 2500-3000 even after making his payment, buying groceries, etc. And this saving is even after including his once a week dine-out. We won't suggest that never eat out but reduce it as much as possible as it will not only save money but will also keep you healthy.
- Impulsive Shopping:- Now we'll discuss various types of shopping where we tend a spend a bit more. Impulsive shopping is when you made an impulsive decision to buy or had to quickly decide and end up buying Like in a never before sale Or very high discount of let's say 90% even if the product is not even worth sale value or you don't really need it. So whenever you are in a store and are about to buy something then just wait for a while. Put the items in your cart but before making the purchase, give a thought to where and when will you use it One more way to decide is Calculate COST PER USE Let's say you purchased a dress for 1000 bucks but wore it only once so cost per use is 1000 and let's say you purchased another dress again for 1000 bucks but this dress can be worn at multiple occasions like formal party, events, casual hangouts, etc and will definitely wear it at least 10 times then the cost per use of this dress will be 1000/10 which is 100 buck. So definitely give a thought to cost peruse while shopping. So definitely buy stuff that can be repeatedly used we would suggest going for basics in a fashion that can be styled in different ways.
- Planned Shopping:- Sometimes we plan and still end up spending more than we should Like if you are fond of watching Own a good watch collection but end up using your apple watch only and then you liked a 10000 bucks watch in the shop Simply, don't spend that money Always remember cost per use as discussed Or another case when you want to start something Let's say you want to study something and buy a lot of books, courses but never end up using that So I would suggest if you want to start anything Like daily gymming, Studying a course or then, don't buy everything in one go Start with 1 or 2 products and see if you develop an interest in that work then, you can buy other products as and when required. Never buy everything in advance.
- Grocery Shopping:- We all need to shop for groceries and sometimes we tend to overspend. So here are the four tips 4 tips to save money on grocery shopping
- Whatever you buy on regular basis, try to buy larger packs Because larger packs are cheaper and have a lower cost per quantity But remember this is only for products that you use on regular basis and will definitely get utilized.
- Plan to shop once a week/fortnight And if there is any market near your place like a weekly market where you can get good stuff and at attractive prices then prefer to shop there.
- Whenever you go shopping go with a list buy only items as per the list and if you feel like buying a snack, then avoid that and if you still want to buy something out of the list then as we discussed earlier, think if that is really needed if yes, then go ahead.
- Have a snack before shopping as a hungry person tends to buy more snacks while shopping and also hunger can make you feel irritated. So have a snack to have a good shopping experience.
- Online Shopping:-Add items in your cart but never check out immediately. Usually, add items in the car at night then check again in the morning and buy whatever is needed. You will see that you will end up discarding a lot of items. Also, never save your payment details Because if paying is easy there is a greater chance that you will immediately / impulsively shop whenever adding to your cart. But if you need time to enter payment details, you might take some time. This can change your decision and save money.
- Subscriptions:- You might have taken some subscription-like newspaper, magazine, TV Hotstar, Amazon Prime, or any online product. So if you have any subscription that you are not using currently then immediately unsubscribe because every month you are paying for it but not really getting any benefit out of it. If you are using all subscriptions, then ignore them.
- Conveyance:- For Example, a Cab costs about 100 bucks from office to home while shared cabs around 60 bucks and bus-only 5 to 10 bucks. So see the difference between the cab and public transport So try to use public transport, if possible Otherwise at least take a shared cab instead of a regular cab to save a good amount. Another tip is for shorter distance like 1 km then instead of public or private transport try to go by walk as this will not only save your money but will also be good for your health!
- Avoid Wastage:- As parents tell us to avoid wasting food or electricity we would also suggest if you can save on food, electricity, water then not only you will save 200-300 bucks but This will save our resources as well Please do not waste.
Let's calculate the savings so you can save roughly 7000 per month which means 84000 per year- awesome!! and if you invest this in a good investment then how much will this amount to in 5 years. Think
Bonus Tip which is budgeting if you write and keep records of all expenses and track what could have been avoided then you can definitely save a lot of money this will give clarity on income, expense, and investment