Sometimes, trying to save money is almost as hard as trying to light a match during a hurricane. However, here are 3 sure-fire ways you can save a ton of cash in 2019.
You’ve probably tried to save money a gazillion times over the course of your life and you’ve also probably failed a gazillion times at doing so. That’s the funny thing about saving money. You know what to do and how to do it, but you just can’t.
Another interesting thing about saving money is that most of us can’t seem to figure out where all our money goes every month. We’re usually left scratching our heads every time we see our Savings Account balance, wondering where it all went. Well, here’s an eye-opener. It really isn’t the big purchases that drain your finances, but the little ones that go unnoticed every day and every week.
We tend to treat certain expenses just like ‘breathing’. We don’t even notice when it happens, but it does, and we’re all the poorer for it. The spending we mean, not the breathing.
Additional Reading: 5 Daily Habits That Make For Frivolous Spending
Well, it’s time to open your eyes a little bit wider and take a gander at three of these ‘unnoticeable’ expenses that take a toll on your wallet.
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Smoking
We aren’t ones to preach, but cutting down on smoking can certainly save you a lot of money every year, not to mention drastically improve your health at the same time. Most smokers don’t even realise how much they spend on cigarettes every month.
To put things into perspective, a pack of cigarettes these days costs about Rs. 150, and if you are a habitual smoker, chances are you buy at least 2-3 packs a week, which works out to Rs. 300 – Rs. 450 a week, which in turn works out to Rs. 1,200 – Rs. 1,800 per month. And if you work that out over a year, it adds up to a whopping Rs. 14,400 – Rs. 21,600 a year.
That’s quite a chunk of change if you ask us. Instead, you could invest that amount in a Mutual Fund scheme or even a Recurring Deposit and watch your money grow over time. By giving up this nasty habit, not only will your physical health improve but also your financial health. Sounds like win-win to us.
Additional Reading: Solutions To Common Behaviours That Wreck Your Financial Health
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Alcohol
While it’s always fun to get into the ‘spirit’ of things, alcohol has a sneaky way of ravaging our bank accounts while we least expect it. How many times have you swiped your Credit Card or Debit Card for eye-watering amounts during a night out on the town, only to weep over the state of your finances once the hangover subsides?
Think of it this way. A typical night out at a pub or a restaurant in a metro these days could cost you anywhere between Rs. 1,000 – Rs. 3,000, depending on where you go. If you go out every weekend, in all probability, you’re blowing approximately Rs. 4,000 – Rs. 12,000 every month, which works out to a jaw-dropping Rs. 48,000 – Rs. 1,44,000 every year.
Sure, we all need to unwind after a hard week toiling away behind our cubicles, but by exercising restraint, you could go a long way towards saving a substantial amount every month and every year. You could maybe go out twice a month, or limit yourself to a couple of drinks or even host a BYOB session at home, which is sure to save you a fair amount.
Remember, all you need to do is put your foot down and say enough is enough.
Additional Reading: What Your Choice Of Alcohol Says About Your Financial Acumen
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Movies
Going to the movies in this day and age can certainly be an expensive affair. Not only do movie tickets cost anywhere between Rs. 300 – Rs. 500 (or even more depending on what class you choose), but it’s the snacking that really chomps away at your wallet.
So, it wouldn’t be unreasonable to say that a typical night at the movies could cost you anywhere between Rs. 600 – Rs. 1,000 (including snacks). While this may be alright once a month or so, if you’re a movie buff, like so many people are nowadays, you could end up spending close to Rs. 4,000 a month easy, which for all you mathematicians out there, works out to Rs. 48,000 a year.
Cutting down on this particular expense shouldn’t be too hard though. All you have to do is get a Netflix or Amazon Prime subscription and you can watch movies to your heart’s content in the comfort of your own home. However, if you’re really insistent on going to the theatre, try and get yourself a Credit Card that gives you discounts and offers on movie ticket bookings.
Additional Reading: 6 Best Credit Cards For Movie Buffs
Shocked at some of the figures above? Well, now you know where all your money is going, especially if you indulge in all three regularly. All you have to do this year is tighten those purse strings and be amazed at how much you’ve saved once the year ends. All the best!