Useful Tips to Save Money

by Jahaanvi Agarwal on August 11, 2013 · 0 comments

in articles

A lot of us always complain about not being able to save any money and blame the current economy of our country for this. While we are not denying that the economy is going through a dull phase, we have compiled some suggestions which can not only help you save in these tough times but can even help you make some extra money.

Make a Budget

piggy-bankYou don’t really need to hire an expert to do this. You can do this in an excel sheet in your computer or even your mobile. The idea is to keep a track of your montly expenses and make sure that you are not overspending. You should first keep money aside for your core expenses like transportation, food, rent, fuel etc. and whatever money is left can be used for activities like shopping.

Plan ahead for big purchases

Do you need to buy an expensive dress, gift or even a car. Well if you plan to buy it well in advance and keep aside some money every month, you will be able to afford that. This is a good trick to buy something which at first seems out of your reach.

Keep aside some money in reserve

You should always keep aside some money to fall back on for situations that require quick cash. Try to make small adjustments in your spending habits and it will save you the embarrassment of asking someone for money when you really need it

Use a Debit Card

Whenever possible prefer using a debit card over a credit card. If you spend only what you have, you will tend to send less and also there will be no stacking up on debt. Since you don’t have to pay anyone, there will be no late fees charges.

Use a prepaid mobile connection

When you choose a prepaid mobile connection, you will always be aware of the amount you are spending on your calling. This way you will only spend what you will be prepared to. Also you can customize your prepay plans as per your need. If your calls generally last a few seconds, you can get a pay per second plan or if you send a lot of messages, you can can an SMS pack

Avoid Transaction Charges on ATM

If you are using an ATM outside of your bank’s network, you can do only 5 free transactions in a month. Thereafter you will be charged Rs 2 per transaction. So, regular withdrawals from ATMs outside the surcharge-free network can turn out to be expensive.

Think before you buy Insurance

 Before you actually buy the insurance that the sales guy has made you believe that you absolutely need, pause and think whether you really need it or not. Do you have any dependents to take care of or are you already covered as a dependent on someone else. It always helps to take a second opinion before you write that check.

Shop Online

You will find that a lot of product being offered online cost much less as compared to actual stores as online websites have much less expenses to take care of and they are able to sell the products for much less. Moreover you can find a lot of good deals on websites like this one. One other websites which offers daily deals around the web is wedealforyou.  Also you find a lot of coupon websites in India which can further help you save online

Be patient

If you are planning on buying the latest phone, waiting for few months can help you get reviews of the product and also it might even bring down the price of that mobile. Similarly, a lot of stores offer big discounts during festive seasons like Diwali. So you can consider waiting before you go on your next shopping trip

Shop with a list

When you see all those shelves filled with tempting product at the mall, its easy to fall prey and fill up your cart. When you go shopping with a  list and a pledge to stick to it, you will have more money saved with you at the end of month

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