28 great ways that can help you save money - FaqLabs

Friday, 2 March 2018

28 great ways that can help you save money

how to save money each month

1. Buy a good Health Insurance
Health is wealth. This is statement that holds 100% true. If you have a good health you can do whatever you want, but if you don't have a good health even daily routine tasks seem hard. A man should have good health to be happy. Health issue when arise have the potential of wiping out your entire savings in a single shot. 

Diseases do not coming by telling it will be surprise that will comes as a shock and you should be in a position to handle the expenses. Having a good health insurance to you and your family however can protect you from financial shocks. Before you even think of any other way of saving money do this, buy a good health insurance and live a peaceful life.

2. Set a monthly budget plan
Countries run on a annual budget, companies have their own budget plans then why don't a family have their own budget plans. Always plan for the future, map your expenses and needs well in advance. You can set a annual budget for a year but this may not work for day to day life so apart from having a annual budget break it down into monthly budget plan. 

Have a strict budget and follow it no matter what. Consider all things which are important to you and your family members. Remember having a budget does not mean you cut down spending on everything instead it means you finalise the spending expenditure on things that you expect in future. Setting budget gives you more power to plan your future and keeps your worry free.

3. Buy Groceries in bulk
Groceries is one such thing that you will need all the time. Many people buy groceries every week, even every day. They spend little as possible to buy little stuff that is needed for a week or so. Doing this they think they will be able to save as they are buying only what is needed. 

This however is completely opposite, this actually makes you pay more. If you buy in bulk you are obviously going to get discounts and since you will always need groceries 365 days a year why not buy well in advance. You need to buy stiff that can last long in bulk and save by using the discounts.

4. Use Credit card to minimum
Credit cards have been flourishing these days. Every one with little credit history gets a credit card. Having a credit is not a bad thing but using it excessively is a worst thing. Most people forget the basic fact, that a credit card is not an amount you already have. 

People spend more than their capacity or almost utilise their capacity using credit card. This becomes a month after month cycle and destroys your budget and savings plan. A honest advice here would be try to use credit card only when absolutely needed or use it to get the discounts. In fact this would be a great idea to save money, use your credit card to get the discounts. Like there are lots of discounts you get when you travel tickets or movie tickets online using credit cards. Here again you have to remember, don't buy because there are discounts. Buy absolutely needed things using credit cards.

5. Plan for travels well in advance
Travelling is something that cannot be avoided. Most people plan for travel in the last minute. Such last minute travels plans are not only "" but also makes you pay more as last minute travel tickets will always be costly. A better thing would be to plan well in advance and buy tickets as early as possible and hence pay less.

6. Plan vacations in advance
Saving money does not mean cutting down vacation plans instead it means planning vacations well in advance. This gives you better options and better discounts. Vacations are necessary for families and should always be planned. It is in fact a good refreshing things that increases your productivity. Planning vacations in advance will always help you in savings.

7. Decide on mobile plans and buy for long term
Mobile phones have become and integral part of us. Every one including housewives to grandma's have one these days. When such is the usage you need to select the calling plans which suit you the best. Don't buy plans that exceed your needs nor buy small plans that are not sufficient enough. 

Less duration plans ultimately cost you more. Select a plan that seems best for you and go for it. Try to avoid post paid plans as you may not be able to get the flexibility with it. You can also opt for family plans if available.

8. Record the Expenses, use excel sheets or any other apps to record every money spent
Having a budget plan at the start of the year or month is not sufficient. Following it till the last day is. How do yo know if you are n track if your budget plan? Simple. Write down or note 

9. Avoid restaurant eats as far as possible or keep them to minimum
Everyone likes eating in restaurants but it also comes with a cost. Eating out is no a bad thing and everyone should eat out once in a while. But going out very often can be a speed breaker for your savings plan. Hence keep eating out to minimum as possible.

10. Start Recurring deposits
Recurring deposits are similar fixed deposits but here you can do the saving with lesser amounts. You can set a fixed amount to be deducted from your account monthly or even weekly. What this will do is automatically deduct the amount from account and put it into a fixed saving plan. What advantage this gives is, it gives a disciplined saving habit automatically.

11. Start a monthly or weekly mutual fund SIP
Apart from starting a Recurring deposit you can also start a mutual find sip that works in a similar manner. Mutual fund sip is a very good option as the returns are much higher if the markets are doing great. Having an SIP is one of the most preferred ways of doing investments and works as a better option of saving.

12. Avoid accumulating in saving accounts instead go for other options
Saving money does not mean you keep accumulating the money in your savings account. A saving account will hardly give you anything, the returns are very less and it does not make sense to keep bug amount in saving account. Instead move your money into something that could give reasonable returns like mutual funds, or fixed deposits, ppf or any other investment option that you are comfortable with.

13. Don't buy loans unless absolutely necessary
Banks are always ready to give loans to people who are willing to buy. Taking a loan when not absolutely not needed can only be counted as stupid mistake. When you buy loan you are also supposed to pay the interest. It may come with many EMI's but an interest that has to be paid is a valuable money you will loosing. So always think twice before you apply for loan as you will have to pay the EMI's every month. This will hit your saving plan and disturb your budget.

14. Buy a home rather than staying in rented flat or home
Buying a home could be tough thing for salaried person but if possible go for it rather than staying in rented house. A rent is something that will go to the owner of the house but a monthly EMI that you will pay for a home or flat will ultimately make that home or flat yours. A monthly EMI may put a little pressure on your budget but the reward will be worthy of it.

15. Make a list before going for shopping and strictly stick to it
Going for shopping without making a proper list will always end up in buying stuff that was needed or could have been avoided. Prepare a proper shopping lit before stepping out ad stick to the list as far as possible. This discipline will help you save a lot of money every time.

16. Arrange for house parties instead of going out
We all love parties. When it comes to party most people prefer going out which ultimately makes your pocket much lighter. Having a home party is a great option and can save you significant amount. Home parties are not only less costly but also are more friendly and help developing good relationships.

17. Use sharing cabs instead of hiring full cabs
cab companies like Uber, lyft or ola in India have become very popular. Office goers prefer using cabs instead of taking own vehicles. One great option given by these companies is to use sharing facility. When travelling alone you can opt for this facility and hence save a lot of money. Sharing facilities almost comes at 1/4th the times price as that of hiring full cab.

18. Try car pooling instead of taking your own vehicle
Car pooling is an option that is becoming popular and is also encouraged by corporate world. Car pooling is an effective way of saving on travelling expenses and could do magic to you monthly savings.

19. Take your own tiffin at workplace rather than eating in cafe
taking a home made food at workplace is not only healthy lifestyle but can also save you much. Don't be shy to take tiffin to workplace and avoid cafe food as much as possible.

20. Avoid soft drinks, hard drinks
Soft drinks, alcohol are drinks that addictive and they affect your health to a great extent. Avoiding both soft and hard drinks is a very smart decision and this will not only make your life happy but also help you save a lot of money. Alcohol in fact is one thing that has the capacity to make you loose all your money and status. stay away from it all the time ad also encourage others to do so.

21. Never ever try gambling or betting or lotteries
Gambling, buying lotteries can be addictive and has the capability to make you poor. Avoiding such habits is only good and will help you stay on track of your saving plan.

22. Try buying second hand stuff where ever possible
Buying second hand stuff can be a good option to save money. Not all second hand stuff is bad, you however need to do proper check before you buy. Not all things however can be bought second hand. Certain things can be bought second hand and thus can save us a lot of money.

23. Use Electricity with care
Electricity should always be used with care whether you want to save money or not. Its a national property you are taking on lease any misuse is bad and should always be avoided. Electricity bills have to be amid monthly and you cannot overlook it. You can save a good amount if you use the electricity with proper care. Mae a habit

24. Replace old lighting with LED bulbs
Saving electricity by using responsible can is one thing to save electricity. But there is one more way to save electricity as well. Replace your traditional lighting bulbs or tube lights with LED bulbs. What this will do is, save a lot of electricity and hence the overall electricity bill be much lower. Another things is using high star refrigerators which also save electricity.

25. Take advantage of super market sales
Super markets in big and small cities are a great option to save some amount while doing household shopping. What supermarkets do is offer great discounts when you buy in bulk. Go for bulk buying where ever possible and save good amount on shopping.

26. Use public transport whenever possible
Public transport is not good in all countries or all cities. But can definitely be tried in parts. use it whenever possible as it will add to your savings.

27. Avoid mall visits or keep them to minimum
Mall culture has been spreading from city to city. Most mall have shopping options, restaurants that generally cater to above average income people. Visiting a mall can put a hole to your wallet and things are priced little higher than outside. A smart thing to do would be keeping the visits to such malls to minimum and hence save some money.

28. Try window shopping or street shopping
Street shopping is something that most women love. Street shopping or window shopping could be a great option to save money as you can bargain and get things at much discounted prices. You need to check for the quality and then strike a good deal.

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