7 Golden Questions You Need To Ask Yourself To Save Better

By BankBazaar | April 3, 2018

Looking for ways to save better? Well, here are 7 golden questions you need to ask yourself before you can achieve your goal. Read on to know more!

Still struggling to save and put aside funds for emergencies and other things? Well, that’s a challenge most of us face. The good news, however, is that you can easily overcome this issue and fix it right away. All you need to do is ask yourself seven important questions that can help you save better.

Try asking yourself these questions and see if they make a difference. Here we go:

  • Do You Control Your Spending Habits Or Is It The Other Way Around?

The simplest way to control/modify your spending habits is by running a quick check on them first. Analyse the way you spend and the things you spend on. This will help you understand what makes you spend in the first place. It’s better to get a grip on your spending habits instead of letting them control you and lead you towards a downward spiral of misery.

Additional Reading: How To Automate Savings And Investments

  • Are You Aware Of Your Total Monthly Spends?

This question can give you a peek into how well you handle your finances. Maintaining a budget and making a note of all your expected and unexpected expenses can save the day for you. This might sound like too much, but it actually is the simplest, oldest and best way to save better.

Additional Reading: Top 6 Savings Bank Accounts Of 2018

  • Are You Able To Manage Your Expenses Through Your Salary Account?

Managing all your expenses through one account that mostly happens to be a salary account isn’t the smartest thing to do. To manage your money better, you must at least have two bank accounts—one for your salary and the other one to manage other expenses. This way, you’re more likely to be able to figure things out and understand your spending patterns. It also helps you save better since you won’t utilise all of your salary on non-significant things.

Additional Reading: How To Trick Yourself Into Saving

  • What Are Your Saving Priorities?

Before even making an attempt at saving, you need to set your priorities straight. After analysing your needs and financial commitments, you can easily figure out things that need your immediate financial attention. Remember to prioritise your needs over your wants. If you have an EMI to pay off or Credit Card bills to pay, focus on them rather than spending all your money on a fancy vacation.

Psst…have you tried the BankBazaar EMI calculator yet?

  • Do You Bargain Enough To Get Good Deals?

If you’re planning to buy something expensive, like the latest smartphone, a house or a car, you must make an effort to find the best deal possible. It might seem like a silly thing to do and might all require a lot of hard work, but in the end, you’ll surely be happy about saving your hard-earned money.

Psst…we have some great deals on loans and Credit Cards!

  • Have You Looked Into Money-Saver Shopping Methods?

There are two types of shoppers in this world—ones who shop till they drop without caring about the consequences and others who carefully analyse all available deals and make the smartest possible decisions. Even if that means buying things in bulk (especially grocery items).

If you belong to the second category, you’re on the right path. Trouble arises if you belong to the first type. Don’t worry! Now’s the time to change.

  • How Much Can You Afford To Spend On Yourself?

Last but not the least, you need to ask yourself how much you can actually afford to spend on yourself. Remember that before arriving at this figure, you need to take all your basic and more important needs into consideration.

Deduct all the EMIs, Credit Card and utility bills and other unavoidable expenses from your salary. Then also deduct the amount you need to save. Whatever you are left with (even if it’s just peanuts), that’s all you can spend on your wants. This math can never go wrong if you actually are serious about saving.

Try asking yourself these questions this month and let us know if they helped you save any better.

Looking for tried and tested ways of saving? Open a Fixed Deposit today!

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