The Fight For Financial Independence: 5 Monthly Expenses To Avoid To Increase Your Savings

By BankBazaar | August 14, 2018

This Independence Day, it’s time to fight for your freedom. Freedom from unwanted expenses that is. Here are five expenses you can avoid to increase your savings.

The Fight For Financial Independence: 5 Monthly Expenses To Avoid To Increase Your Savings

In this day and age, most people, especially the younger generation, find themselves waging a constant battle to reduce their monthly expenses and save more. While it certainly isn’t easy, especially if you happen to live in one of the more expensive Indian cities, it is definitely possible to do so.

The fight for financial independence can be a gruelling task, but it is certainly worth it in the long run. And the best way to get cracking is by cutting down on unwanted monthly expenses. After all, what better way to celebrate Independence Day by freeing yourself from the whirlpool of unnecessary expenditure and taking control of your own finances?

Additional Reading: Get Financially Independent This Independence Day

To help you get started, we’ve listed out five expenses that you can certainly cut down on every month, which will definitely help you build your savings over time.

  • Frequent dine outs and pub visits

One of the biggest reasons why the term ‘urban poor’ exists is due to the culture of reckless spending attributed to frequent dine outs and pub visits. Youngsters want to unwind during weekends after a hectic week of work and indulge in spending their hard-earned money, usually through Credit Cards, for overpriced food and liquor at fancy restaurants and bars.

Not only does the urban youth want to party every weekend, but dining out on weekdays has also become the norm. This is a scary trend since spending thousands every week on a night out leaves the majority of working class youth scavenging for money by the middle of the month.

While it is certainly okay to let your hair down by dining out once a month, avoiding frequent partying and pub visits can definitely save you a substantial amount of money. By limiting yourself to maybe one night out every week or two, you’ll slowly but surely find yourself with money to spare at the end of every month.

  • Gym Membership

Don’t get us wrong when we say a gym membership is an unnecessary expense. We are all for physical fitness and a healthy lifestyle. But spending thousands every month on a gym is not the only way to keep your body fit. Many of us become lazy after a while and do not utilise the facilities of the gym to the fullest.

Thus, by paying for a gym membership, you don’t exactly get your money’s worth. Instead of splurging money on a gym membership, go jogging at the nearest park, practice yoga at home and indulge in home workouts to stay healthy and agile. There are tons of fitness videos available for free online that can help you get started.

Additional Reading: Balance Your Investments Like A Pro Gymnast

  • Impulse shopping

How often do you find yourself going to a store to buy a single product only to end up buying twenty? Whether it’s buying groceries, clothes or footwear, impulse shopping is a phenomena that plagues the vast majority of us.

Impulse shopping sends your budget in a tailspin since you tend to spend on items that aren’t actually necessary. So, the next time you get the craving to shop impulsively, be strong willed and learn to curb your temptations.

  • Fuel Costs and Transportation charges

Transportation is the backbone of human civilisation. But transportation expenses shouldn’t be so high that they break the backbone of your savings. Those who own a car must be well aware of the skyrocketing petrol and diesel prices.

With the advent of cab services like Uber, Ola etc. people are willing to spend a great deal of money in exchange for luxury travel. If you travel by either mode of transport on a daily basis, it is bound to leave a hole in your pocket. In order to save money, opt for car pool or public transport. Or better yet, walk whenever you can and as much as you can. Not only will you save a ton of money, you’ll become fitter as well.

Additional Reading: Save On Fuel With These Credit Cards   

  • Credit Card fees and interest

Some Credit Card companies charge exorbitant interest rates and yearly fees. In fact, Credit Card interest is one of the biggest drainers of your hard-earned money. This is exactly why you need to look out for affordably Credit Card option and more importantly know when to stop swiping your Credit Card.

Regularly overspending on your card could saddle you with a mountain of debt that will put an enormous strain on your finances. By limiting your Credit Card expense, you can make sure that you don’t have to spend unnecessarily on interest.

Now that you know all about ways to cut down pointless expenses and help your savings grow gradually, it’s time to put these tips into action and march towards a financially brighter future.

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