Save money by incorporating these simple changes in your life.
The right time to save money is as soon as you have some. Saving money is not as hard it sounds. Try incorporating some of these changes to your life and observe your bank balance soar. Let’s get right to it:
1. A rupee is a rupee, not a percentage of what you’re buying
Remember, saving 5% on the Rs 1,00,000 television is not all like saving 5% on movie tickets worth Rs 1,000. In order to process problems at different scales, the brain tends to normalize so the two cases appear similar. And yet, we see people spending lots of time on coupon websites trying to save a buck but never stop to consider whether they could move to a cheaper apartment, drive cheaper car etc.
2. Keep a tab on food you eat.
This one in many ways is harder to change than others because it might require changes in lifestyle/social life. Food expenses start small but infrequent take away meals fast turn into all out buffets every other day. Stay frugal in the food you eat- it will help you save some money and more importantly keep you healthy. Stop eating out as often as you do right now. How about abstaining for alcohol for a little bit? Learn to cook yourself.
3. Be careful with periodic payments
Companies introduce cheaper cell phones all the time! Just because you bought your phone two years ago does not mean the call rates are the same. Ask around, and get better rates. Same goes for bigger stuff like apartment rents- 10% mandated hike by the house owner does not make sense if the rents are falling in your locality. Be on a watch for these periodic payments and always search for alternatives that are cheaper.
4. Buy Used
Buying used often makes sense, depending on why people are selling the used item. Things people get rid of for purely aesthetic reasons are especially likely to have a lot remaining use in them.
Websites like OLX and Quikr are huge markets to buy almost anything used. Make sure you check them before heading out to the store and purchase the latest shining phone.
5. Spend on experiences, not things
Learn to control your impulses. Sitting it out for at least an hour before you hit “Puchase” on Amazon is a good habit to inculcate. As a rule, spend on experiences (vacation, spending time with your friends, learning tools etc.) than saving money for an expensive TV, a better computer or a smarter phone.
Got some more ideas? Comment below and tell us!