Nowadays, people are more focused on increasing their incomes to achieve their targeted saving goals. Savings bear the brunt of increased fixed expenses and lifestyle needs as they take away a major chunk of the disposable income. Taking cue from the well known phrase – “A rupee saved is a rupee earned” , consider these 15 handy cost minimizing steps to effectively boost your savings –
1.Pack your office lunch – Try to carry your lunch every day as on an average, a single lunch outside costs around Rs. 200-300 and cutting it down can multiply your savings.
2.Eat-out less- With both husband and wife working, weekend is the time to take a break from the routine and weekly eat-out trend is on a rise. Dining out on a single day for a family costs over Rs. 2000 and so reducing it to once or twice a month can add up to the savings.
3.Be a part of Reward program – Make full use of your credit card to avail the facility of reward program. So, every time you spend money through a credit card, you save something or get reward points, which can be redeemed later. Be careful to keep tab on your spending though.
4.Walk for shorter distances – Walk to a nearby medical or grocery store instead of riding in a car or motorbike, which will help you save fuel
5.Skip the Mall – Most of the things in the daily utilities are available in the local market at an economical price, so why buy it in a mall?
6.Buy in bulk – Bulk buying of goods like wheat, cereals, soaps can get you a discount from the wholesale market, which otherwise would cost more.
7.Online deals – Always be on look out for online deals as online portals such as Flipkart, Snapdeal frequently offer books/gadgets/services at a discounted price.
8.Break a bad Habit – Reducing even 2 sticks of cigarettes costing Rs.5 daily can help you save Rs. 300 monthly. This figure looks small, but will make a huge difference in long run.
9.Replace your light bulbs – Electricity costs money, therefore, switch to energy efficient florescent bulbs which will save your ever increasing electrical costs.
10.Control Movies time-out– Watching a movie at the theatre is leisure but watching every single movie at the theatre is spendthriftness. Watching movies come with associated costs like transportation and snacks, tripping it down can help your savings immensely.
11.Embrace fitness at home – Most of the times busy schedules force us to skip our gym, which clearly states that joining a gym is a waste of money. Instead, try to exercise at home which gives you flexibility of time and space and can save you a lot of money too.
12.Off-Brands – List out branded things which could be replaced by off-brands like vegetables/grocery or even clothes.
13.Discard Multiple connections– If you have multiple internet connections like a mobile internet device, Wi-fi/broadband at home and data connectivity on your phone then discard the extra connections and effectively cut on extra bills.
14.Choose a service provider wisely – Compare and select the best service provider, be it internet connection or DTH. For example, a DTH service cost per month can vary from Rs. 300 -500, for same number of channels among different service providers.
15.Be at home – Every time you go out of your home, you will at least spend on a coffee or small snacks or buying something else. Keep away from going out and you will notice the difference.
These changes need to be accompanied by a thorough tracking of your day-to-day expenses as well.The above steps if incorporated in daily lives can bring about a positive effect on your savings.