A Ten-Pointer Crash Course On Savings

By | November 9, 2018

Saving money can be a bit tricky, especially if you don’t know how to go about it. Here’s a ten-pointer crash course that will make you a pro at saving.

A Ten-Pointer Crash Course On Savings

We all want to save money. Unfortunately, no matter how hard we try, many of us always end up falling flat. But, don’t worry! All you need to do is implement a few small changes to your daily life to make your bank balance grow over time.

Before we tell you how to go about saving money, let’s take a look at some expenses that you probably take care of every month:

  • Groceries
  • Rent
  • Utility bills
  • Mobile phone recharges
  • Transportation
  • Household products
  • Entertainment
  • EMIs

These are some basic monthly expenses that can’t be compromised on. However, there are many expenses other than these that can be controlled.

Additional Reading: 8 Days, 8 Challenges To Fix Your Finances

So, put on your seat belt because we’re going to give you a ten-pointer crash course on how to save money. Here we go:

  • Write it down

No, we don’t want you to maintain an accounts book and keep writing in it every time you spend or plan on spending. We know you won’t have time for that, and even if you do, you’ll find it extremely boring!

We want you to download at least one finance management app that not only helps you keep a track of your monthly expenses, but also lets you know who owes you how much and vice versa.

Just download any app, like Splitwise, and start making a note of your expenses as and when they happen.

  • Turn your living room into a movie theatre

Who doesn’t like watching movies? We all do, right? In case you don’t, there must be other things you like to watch like cricket or football matches or reality shows.

Regardless, we all need entertainment in life, don’t we? Unfortunately, entertainment isn’t that cheap and often burns a hole in our pockets. However, there are smarter ways to get entertained without spending much.

Instead of stepping out each time, convert your living room into a movie theatre. Get a Netflix or Hotstar subscription and watch movies and sports right in your living room.

All you need to spend on is some food and drinks. That’s it! You could even invite your friends over and have a fun time together. Pretty simple and pocket-friendly, isn’t it?

Additional Reading: Money Lessons From Bollywood Movies

  • Walk it off!

No matter how slim you already are, we all need to work out a bit. Wondering what fitness has to do with saving? We’ll tell you! Transportation forms a big chunk of your monthly expenses. If you try and walk as much as you can, you can certainly save a lot! And the best part is that you also get a chance to keep yourself fit and healthy.

All you need to do is buy a comfortable pair of walking shoes (in case you don’t have one already) and start walking. In case your office is far away and you can’t foot the distance (unless you’re a walkathon expert), try cycling or take public transport.

  • Be an early bird

You must have heard of the term ‘early bird discount’. In case you haven’t, it basically means that you can avail huge discounts on various things if you book them early.

For instance, if you know that you’re travelling next month or the month after that, it’s better to book your air tickets in advance to get cheaper rates. This will certainly help you save a lot since booking at the last minute is almost always an expensive affair.

Additional Reading: A Vacation Spot For Every Budget

  • Plan your grocery shopping

Did you know that if you plan your regular visits to the supermarket well, you can save a lot?

When you’re in a supermarket for your weekly grocery shopping, you often get tempted to buy a lot of other things that you actually don’t need. That’s the power of temptation.

But, don’t worry! You can curb this urge by going in well prepared. You just need to make a list of things you need and stick to it no matter what.

  • Shop smart, get the art

Saving money doesn’t mean that you can’t shop at all. It just means that you need to be a smart shopper. If you want to buy clothes, try looking for discounts around you.

It’s okay if you don’t get to buy your favourite brand each time. At least you get to save, which is exactly what you need to be doing.

Shopping is an art, and once you get it right, you can save better. In case you really want to buy something, plan it in such a way so that it doesn’t affect your basic expenses in any way.

Additional Reading: The Future Of Online Grocery Shopping In India

  • Hone your cooking skills

If you love cooking, try cooking at home instead of ordering in every time. Once you start cooking, you’ll find that you save way more money than before.

So, instead of eating out or ordering in, why not brush up on your cooking skills and feast on some scrumptious home-cooked food? Not only will it help you save money, but it’s certainly healthier than gorging on greasy pizza every now and then.

  • Be your own fitness trainer

Instead of spending a bomb on going to the gym every month, start working out at home. All you need is a little bit of motivation and some willpower.

In fact, there are detailed videos on every type of workout online, so you can do everything you do at the gym in the comfort of your own home.

Additional Reading: How To Check Your Financial Fitness

  • Go the ‘second-hand’ way

Buying second-hand items can actually help you save a lot. The second-hand market for cars, furniture, and other things has grown tremendously over the past few years, so you can get quality products for low prices.

All you need to do is a little bit of research online and identify the best dealers and sellers. There are tons of bargains out there that are just waiting to be found.

  • Watch your diet

Your diet determines many things, especially the state of your health. Staying in the pink of health is necessary if you want to save in the long run.

It’ll help you avoid unnecessary medical expenses and keep you in tip-top shape. Avoid eating out and include more of fruits and green leafy vegetables in your diet. Remember, taking care of yourself indirectly means that you’re taking care of your pocket as well.

Additional Reading: What If Famous Diet Plans Were About Money

Your crash course ends here and your journey towards creating a better bank balance begins now! Start following these tips and let us know if you have more points on saving better.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

Leave a Reply

Your email address will not be published. Required fields are marked *