Where Did the Money Go? 10 Ways to Save More of Your Paycheck

By BankBazaar | July 6, 2017

Where-Did-the-Money-Go

Nothing beats the happiness of getting your paycheck at the end of the month. After weeks of living off crumbs and staying in, you almost feel rich when your account is credited with your salary. Bless SMS alerts – the harbinger of happiness, albeit terminal happiness in some cases.

If you manage to blow up your salary within days of payday, you really need to read this article. You don’t have to be drawing a big paycheck to be making wise investment decisions. You could start saving with a smaller salary too and in fact, the sooner you start, the more you’ll save!

Why save your hard-earned money while you could spend it on stuff you love? We’ll give you three solid reasons:

  • To Become Financially Independent

Not many people understand what financial independence really is. It isn’t just about earning money, it is about being able to make other financial decisions at free will – like taking a vacation whenever you want, starting your own business or just changing careers.

  • To Never Be in Debt

Your savings can come in handy during a tight situation. If you’ve just lost your job or moved to a new city, are planning a wedding or having a baby, your savings can help you sail through crucial milestones without having to worry about a financial consequence.

Additional Reading: How To Repay Your Debts Using The Snowball Method

  • To Avoid Emergencies

Life in uncertain, which is why it is best to be prepared for emergencies. The worst part about emergencies is they come unannounced and they can be of any kind – right from medical to financial and zombie apocalypses! Having a Savings Account to fall back on always protects you from these emergencies.

Ready to save up some money? Here are 10 awesome ways you could tuck away those extra pennies and we don’t just mean keeping petty change under your mattress:

  1. Make A Budget

The first step to saving is tracking down your expenses. Fire up your computer, open an excel sheet and list down all your expenses – including your luxury binges. Cut down on the unnecessary stuff. If you have troubles deciding what’s unnecessary, just have a sensible friend or family member take a look at your budget to help you cut out a luxury you could do without. The amount you will save would probably surprise you!

Read This: 4 Possible Leaks In Your Budget

  1. Set Up A Savings Account Transfer System

Thank banks for automatic transfer systems! You could always start by saving a portion of your income. Start small – maybe 1 or 2 percent of it. Open a separate Savings Account and ask your bank to set up an automatic transfer system where as soon as your salary is credited, a certain portion of it is automatically transferred into the other account.

Steer clear of using the account for your monthly expenses. Just don’t touch it unless there is an emergency.

Additional Reading: Increase Value For Money in Your Savings Bank Account

  1. Shop Smart

Who said you can’t indulge in some shopping when on a budget? You just have to look in the right places. Ever considered using second-hand stuff? You can get some pretty good deals on used-product marketplaces like OLX, eBay, Quickr etc. Some products are almost new and their prices are half. You could also grab great deals and discounts!

Additional Reading: How To Get Over Your Shopping Addiction

  1. Sweat The Small Stuff

Like, literally! Use your office food coupons to get lunch rather than eating an expensive meal outside. Even better, fix yourself a quick sandwich in the morning to take to work. Walk to work or ride a bicycle to office if your workplace is nearby. Chuck the cab rides. Remember to turn off the lights when you leave home.

Small things can make a big difference.

  1. Sell Stuff You Don’t Need

This is more of a money-making tip than a money-saving tip. Take a weekend, dig up your attic or storeroom and collect stuff you don’t need anymore and sell it off online or in a garage sale! You’d be surprised at the kind of money you could make just by getting rid of the extra stuff you have lying in your house.

  1. Attend Free Events in Your City

Instead of buying your way into the fun, go to some of the free events happening around your city. They can be a lot of fun and could be a great place to network and meet new people! You’re not just saving money but also building a bigger social circle. WIN!

  1. Get A Roommate!

If you are living alone, consider getting a roommate. You don’t just get company but also halve your rental expense! And you don’t just split rent, you also split the grocery bills, the maintenance, and other living expenses. It’s a great way to save up on your paycheck.

  1. Visit Happy Hours Or Drink Home

Who doesn’t like a relaxing drink after a long work week? Going to a pub means spending a bomb but not so much if you go in during happy hours. Even better if you get drunk at home. You could always buy your drinks and invite some friends over and drink peacefully. No tension about drunk-driving either.

  1. Get A Credit Card

There is a notion of Credit Cards being synonymous with debt, which is pretty much misconstrued. Getting a Credit Card actually helps you get better at budgeting. And let’s not forget about the amazing rewards and Cashback that comes with a Credit Card!

If you paid off your Credit Card dues on time, a high-interest rate wouldn’t make any difference to you. If you, however, got a zero percent APR card, you could collect the cash back and put it in a high-interest current or savings account. Pay off your Credit Card bills with the accumulated money and the rest left is your profit! How cool is that?

Check out our wide range of Credit Cards.

Check This: Difference Between A Current And Savings Account

  1. Invest

Think of investing your money into something that could help you double it. There are several investment options available on the market – both high and low-risk ones. Start with a PPF or just a Fixed Deposit. The risk is supremely low and the return is not half as bad.

For more complex investment options like stocks and Mutual Funds, make sure you contact a financial advisor before taking the plunge.

Bonus Tip: Remember that budget you made? Stick to it religiously and nothing could go wrong.

Voila! You are now a saving pro. No more cribbing at month ends and starving at night.

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