Sometimes, to live comfortably, we don’t need to earn more. All we need to do is, learn to get more out of what we have. Saving, invest wisely, find good deals, plan, track expenditure closely, etc., are some ways to get more out of our pennies. Most often, we spend on unwanted things or lose without realising it. Today, we share some money saving hacks you can use in everyday life.
Reduce access to plastic or digital money
It is the cashless age with the Government pushing for digital transactions through UPI, wallets, etc. However, the ease of digital transactions can make us spend more! When we carry a credit card or use a wallet for payment, we make purchases without restrictions. For the next few months, when you go shopping, prepare a list, and carry cash just enough to purchase what you want. Having limited cash will make you resist the temptation to buy more or unwanted items. Also, while paying through cards or wallets, you won’t get the feel of dishing out the money. But, when you count the cash, you become aware of how much you are spending. It can act as a deterrent. By the way, when you shop in stores, please do so on a full stomach! It seems people pick up a lot of unwanted stuff, especially food, when they shop hungry!
For most items, try shopping online, as you get the best deals. However, to get a feel of the store, research offline. For example, if you want to purchase a laptop, visit the physical stores, check the options, make notes, etc. Then search online for the same configuration and find the best deal to save money. From grocery to electronics, online shopping does provide great money-saving deals. Another way to get more out of online shopping is to use retailers’ loyalty programs or credit/debit cards that offer cash-back or additional discounts.
You can find a lot of good stuff at throwaway prices during the off-season sale. Woollens are much cheaper in summer, and cotton clothes in the winter. An umbrella will cost you more during monsoons. So, you end up paying more for stuff that becomes necessary during the season. Plan for off-season sales that most stores usually keep to get rid of their stock. Most of these things are not perishable and can be stored at home for use during the season.
Track your expenditure
Often, when we keep going from one purchase to another, we lose track of the expenditure involved. It is a good idea to track the regular monthly expenses to understand where the money goes. Use a diary or the digital age money tracking apps that help you connect your cards and bank accounts to give real-time information on your spending. Or should we say saving instead? Fix an amount for monthly expenditures and stick to it other than for emergencies, festivals, some planned tours, etc.
Choose wise deals
Stay away from the ‘Buy one get one free or the ‘Buy three get one free kind of deals you see in-store, whether shopping online or offline. These offers make you buy things that you don’t need! Our minds play a trick when we see such deals into thinking we are saving a lot. However, the truth is we spend on things we did not need or plan to. Learn to walk away from such deals to do a lot of money saving.
Try a no-spend month
This approach is a good idea to save some money. Since we almost always stock on grocery and household items, you could try a no-spend month. Spend only on fresh fruits or veggies or basic needs. It is a bit difficult. But, if you can practice this, you will save a lot. It means you don’t plan on movies or outings, ordering food, vehicle servicing, etc. It will need proper planning. It can become an adventurous month and a test of willpower! However, once in a while, trying this out can be good to make us realise that we can live without some of those things and unwanted expenditures.
There are a few more hacks that you can practice regularly. Every month, save a % of your earnings and invest a % of it wisely in mutual funds or monthly income schemes. Spend what you have left over after saving and regular monthly expenditures. This investment can fund your travel and extra expenses regularly.