Although some people believe that plans are overrated, but in reality, it is just the opposite. Some planning can help you make smart decisions which can, in turn, help you can save tons of money. Although January is the ideal time for chalking plans, it is never too late to start setting the tone right for the next few months. Lets us today talk about the things about which you can plan in advance so that you can save money throughout the year.
Make the most of end-of-season or festive sale
We all love to shop, but that does not necessarily mean that we shell out huge amounts of money. We can always stock up seasonal clothes like woolens at the February end-of-season sale. These sales are also a great time to buy gifts for family and friends without compromising on quality. Electronics can be brought online on well-known shopping portals like Flipkart and amazon which take out electronic sales during Diwali and other popular festivals. Clothes and cosmetics can also be brought online when Nykaa and other beauty sites offer sale. Grocery shopping can also be done online, Grofers and big basket offer sale days on the starting week of every month when most of their products are on sale. The best shopping credit card can get added discounts and benefits on your purchase!
Plan for birthdays and anniversaries
We all love to celebrate birthdays and anniversaries, but sometimes money becomes a constraint. However, if we plan in advance about the guest list, venue, menu, return gifts, etc. We will not only be able to eliminate unnecessary expenses but it will also help us plan the event better.
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Check your investments
After the budget has been announced, it’s time to revisit and revamp your investment portfolio. Look at the avenues which have given you the most attractive return and which have given the least. As the investment tool has a reduced lock-in period, it is imperative that you take a close look at the progress of your various investment tools. Take into account the maturity date of your FDs and find a better investment strategy. You might also want to dispose of dead investments. Research and take a decision wisely. Also, think about what you will do with the money and what tax implications you might face because of the decision you choose to take.
Mark dates for premium payments
We all have taken insurance to take care of our future well-being, but in order to ensure that cover, we have to pay premiums. Unfortunately, a lot of us forget to make annual premiums and hence have to shell out extra money for penalties, something that can be easily avoided. So look at your premium dates and rates and set up a reminder for the same. Also, ensure that you have enough surplus money that month to clear your premium payments.
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Plan your vacations
We all love vacations and want to go in for as many as we can sneak in. If you want to go for more than one vacation a year, then you must get to planning. Do research of tourist destinations, try and travel during off-season time when hotels are cheaper. You can book flight tickets in advance when airlines launch their sales. You can make excellent savings on flight and hotel booking with the best travel credit card. All you have to do is to finalize a budget and then find the perfect place for your vacation. Maybe you’re traveling credit card can help you cough up enough savings that you can travel another weekend trip to a nearby location.
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Take into account seasonal expenses
Most of our impulsive buying happens during the festive and seasonal times. So take into account these expenses, maybe you can allocate some extra budget to take care of your impulsive shopping needs. You can also take a look at your other seasonal expenses like electricity bill might spike due to usage of ACs in summers and heaters in winters. Try and find creative ways to reduce these expenses.
Planning can help you save money without worrying too much. Once you know about your financial commitments as well as shortfalls, you can meticulously prepare for it. So what are you waiting for? take control of your finances now.