Whether a person is a businessman or a salaried employee, the question that how to save money is always there in the back of the mind of every person who is earning money. As after all, Money saved is money earned.
Let us see some tips and tricks which will surely help you in saving :
1) Have separate accounts :
Always follow the method of saving first and then spending the amount that is left.
Earning – Saving = Expense
If you are not able to control your expenses and have a regular habit of swiping a card. Open one more account other than salary account or account which you use for the business transaction. Make a habit of transferring a fixed amount of money to that account at starting of every month.
Check the maximum expenses that you have in a month and transfer few thousand more than that to the other account, and make habit of only using it for all your expenses. This will help you to keep a proper track of expenses that you are making in a month, this will not let you exceed your limit.
2) Set Priorities :
Do you often end up with all your money until the last week of the month and then eagerly wait for next month salary? Do you often need to compromise even in some basic expenses, because you lacked proper money management?
If the answer to above questions is Yes for you, then you surely need to work on prioritizing the priorities while spending money. Always spend first on things which are crucial for proper functioning of life, save an adequate amount of money(refer method mentioned in point 1). If after all this you are left with some money only then spend on luxury expenses.
3) Comparison :
Comparing the price of items while purchasing is always a wise way to spend, check the price of products you need to purchase on different online sites or retail stores compare it, check for available offers or coupons.
Compare brands which provide same product, sometime some brands provide product at expensive rates only because of popularity of brand, in that case, you can check if same quality product is available with some other brand at lower price, if available you can smartly opt for it, this will surely save some good amount of money of yours.
4) Use Cash :
If having an account only for expenses is not an option for you, or if you have a tendency of swiping card frequently without much control on yourself, in this case, Cash will surely prove to be a good option for you.
Whenever going out for shopping take an adequate amount of cash according to your budget, or the amount you have decided in mind to spend to shopping. This will protect you from overspending, as even if you find offers like Buy2Get1Free but you only have money to purchase 1 then you will not fall in this trap and will not run out of your budget.
5) Make a diary/Notes :
Always carry a small diary with you, or in case you can’t carry it all the time then don’t forget to mention all your expenses month by month in it.
This will make you keep track of even a single penny spent, and at the end of the month, you will not have to put pressure on mind that where all your money has gone or where have you spent. Making note also let us know that how much we have spent till now so that we can manage our expenses accordingly.
6) Investments :
Last but not the least, if you are looking for making some big savings for future than there are various available schemes like Fixed deposit, NSC(National Saving Certificate), PPF(Public Provident Fund), mutual funds and many others.
Investments need to be made carefully, by keeping in mind the terms and conditions associated with it, some investments are also subjected to market risks. Make investment wisely according to your requirements, it will surely help you in future.
Use these methods to save your money and comment down below which method you liked the most.