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How can you save more money?

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How can you save more money?

Want to save more money and build up your savings? Here are a few simple yet effective tips that will help you save more money every month and create a healthy corpus for your future needs.

  • Know your net monthly earnings- Always have a clear picture of your net salary. Know the difference between the gross CTC and the money in hand every month. Plan out expenditure accordingly.
  • Have a budget- Always have a budget for necessary expenses and other things. Try and stick to it in order to monitor cash flows and expenses.
  • Have a savings account- You should always put your savings into a savings bank account from where they can be invested later on.
  • Save the change- All the spare coins that you have through transactions on a daily basis, should be deposited into a piggy bank! This can be a transparent jar or other box. You can easily save close to Rs.500 every month with this system.
  • Identify notes that are not usually available- Suppose you get a Rs.20 or other note that is not always available, instead of rushing to spend it, keep it aside. This will help you garner some added savings.
  • Split transport fares- Always use public transport since it lowers overall costs hugely. If this is not an option, split cab fares with colleagues and neighbors. Car-pooling is also a good option in this regard.
  • Carry water bottles- This will definitely help you save a lot of money that is spent on buying juice or water whenever you feel thirsty.
  • Sell of unwanted things- Many a time, unwanted items keep accumulating in your homes. Sell off anything that is not used and is just lying around. This will get you some extra money and also clear up space at home.
  • Cash back offers- Seek out cash back offers across stores, retailers, credit cards and so on. This will help you save money as well.
  • Refinancing loans- Are you paying personal loans or other loans, which are costly in terms of interest rates and EMIs? You can consider looking for financial institutions that have cheaper rates and better terms and conditions. If this works out, you can transfer or refinance your loans and pay lower EMIs, thereby saving more money.
  • Go out for lunch, not dinner- Consider visiting restaurants and lounges once in a while for lunch since they have Happy Hours. This will help you save quite a bit of money.
  • Staying home for a weekend or two- The funny thing is, watching a movie at home and cooking your own food will help you save a ton of cash, particularly if you do this for at least two weekends in a month.
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