We all know that saving money is important, but sometimes taking the first step becomes very difficult. This is why we have created a simple list which will help you save money. Even if you apply a few then also you would be able to save a few extra bucks.
- Move your savings to bank accounts that earn more interest
New banks like Kotak Mahindra bank offers a 6% saving bank interest as compared to more established banks which offer only 4%. This means you save 2% more! You can also compare fixed deposits interest of various banks and the take the final call.
- Don’t be a couch potato
Don’t see spending-inducing ads; rather than this focus on improving your health by going on a short walk or by starting a side business.
- Start selling
Don’t be a hoarder! Start selling unwanted stuff on Olx and quikr. You can also think of selling your old clothes on sites like Elanco, etc.
- Don’t buy expensive clothes – rent them.
Do not buy clothes that you are not going to use later. Rather than investing money on expensive gowns, it is best to rent them from sites like flyrobe, etc.
- Check rewards program
Before you head out to shop, do check if your local store is running up any offers? IF you are looking to buy grocery, then you can check for it on online apps like Big Basket and Grofers. This will not only help you save on fuel costs, but it will also enable you to resist impulsive shopping. You can also check out on best credit card offers for grocery shopping.
- The 30-day rule.
Avoid impulsive buying, wait for 30 days and then decide whether you want to purchase the item.
- Make a shopping list – and stick to it.
If you love to shop and you cannot resist making unplanned purchases then you should probably make a list of items, you want to purchase and then steer away from sections from which you do not want to purchase anything.
- Enjoy a house party rather than going out.
A fancy dinner with friends or an evening out at lounge can burn a huge hole in the pocket. Having a house party can prove to be much cheaper than going out. You can chill out by playing cards and other games or by watching NetFlix, etc.
- Don’t buy expensive toys for kids
Children especially the young ones only want your time and attention, they have a very short memory span, and they do not like to play with one toy for a very long time so do not put money inexpensive toys. A coloring book and few colors and paints shall do the trick.
- Choose your credit and debit cards wisely
Different cards have a different purpose, so choose your cards wisely. If you are not a big spender, you should probably go for a credit that has zero annual fees. If you travel a lot, then you can choose the best travel credit card that comes with free lounge access and frequent flyer points, etc.
- Don’t order food cook it
Order food can prove to be expensive. A fancy dinner bill is almost equal t your fortnight ration bill. If you can’t bring yourself to cook, then you can hire a maid who can cook on your behalf.
- Quit smoking.
Are you’re still a smoker? Not only by quitting to smoke, will you save money that you spend on buying cigarettes’ but you will also spend less money on health issues late on. Double bonanza!!
- Turn off lights/ appliances
Turn off all the lights and appliances when they are not in use. Don’t just switch off from the remote, completely use the power it off from the main button. Who knew by saving money you would also help Mother Earth.
- Buy Online
Buying stuff online can get you great benefits as we can often get things cheaper online. Moreover, we don’t spend on parking, fuel costs, etc. This also saves us from unnecessary unplanned shopping
- Make full use of offers
Whether its Diwali Dhamaka sale or Republic day sale, make full use of available offers. If you were planning to buy an appliance, then do so during sale time.
- Use referral codes
Whenever you are trying a new app, try to get a friend to refer you. This way both you as well as your friend would be able to get free shopping credits.
- Install LEDs wherever possible
Yes LED Lights may be expensive but they lower the cost of electricity tremendously. They also are brighter and more durable.
- Buy quality stuff:
Very often we buy products just by looking at the price tag. But this often proves to be a costly mistake as such products don’t last very long and they prove to be a hassle in the long run.
- Buy second hand, when you can:
Looking to buy a baby cot? Why should you buy a new one when you can buy a secondhand at almost 70% price drop! Even beds and other decorative items can be bought at highly reasonable prices. So try and buy second hand whenever you can
- Maintain your appliances.
It makes much more sense to maintain your appliances and make them run longer. Maintaining them is cheaper than buying a new one.
- Shop during EOSS:
Love shopping? Can’t resist trying out new outfits? Then shop during the end of season sale. You get the same outfits for 50% lesser price.
- Join a volunteer program.
When you join a volunteer program, you dedicate your weekends to them. It means less time spent outside on movies, dinners, shopping
- Buy CNG fuel-efficient cars:
CNG cars prove to be more eco-friendly and pocket-friendly. So buy a CNG car and forget worrying about fuel hikes.
- Pay your debts: Pay off your debts first so that you have more money to save. So next time you get a bonus don’t go for binge shopping pay off your debt first.
- Carpool: Use carpool whenever possible. Now uber and ola also have started their carpools, so why pay the full fare when you can save tons of money!
Which hack has resonated with you the most. Do share your saving hacks with us.