Money plays an imperative role in any individual’s life to meet the demanding daily needs of each one of us. Are you a spendthrift? Then it is high time you realize the importance of money and, stop spending on unnecessary things due to the rising financial crisis these days.
There are many simple ways to save money, which needs to be followed in daily life without which survival can be difficult.
Well, saving money makes your life peaceful by eliminating the stress about financial insecurities and can be helpful at times of crisis or emergency needs. This makes every individual conscious about their expenditure in making them a more responsible person. Saving can avoid dependencies on others for your future needs and, for achieving your dreams in a short span of time.
Having a good backup of your income can be a great need at times of decision making, giving you the confidence to quit from a stressful job and take a break. It is critical to save to meet the urgent needs of you and your family members. For instance, savings can be beneficial in paying the initial payments for your new home or car eliminating the need for taking loans and paying high interests to the private banks.
Let us look into 20 simple ways to save money for the betterment of your future.
1. Invest in Short–term and Long–term Funds Smartly
One of the simplest ways to save money is to invest in fixed deposits or recurring deposits or insurance that can help you to be at ease with financial freedom. These savings give hand in times of life-threatening events like job loss, where it offers great support to recover the loss. Invest prudently by choosing the appropriate scheme and save your money.
2. Cut down Your TV Expenses
Disconnecting your cable can be the wisest option to save money. It can be replaced with wide options like Netflix, Amazon Prime, etc. that can cut down your unnecessary expense and, add some benefit to your savings plan.
3. Unsubscribe from Online Past Subscriptions
Check on your past subscriptions that you no longer use due to the hectic schedule. Unsubscribe them to avoid deductions from your bank account that happen automatically.
4. Make use of Sale at Stores to shop your favourites in bulk
If you are a shopaholic, make sure you grab the discounts on clothes to save a good amount of money.
5. Uninstall Shopping Apps or waitlist things before you buy them hastily
Saving money can be testing in the initial days if you are someone who gets attracted to new things. Take time to decide before wish list your favourite items to add to your shopping cart. Uninstall shopping apps to overcome the temptation to buy new items, which may cost your money.
6. Utilize Credit Card Reward Points Wisely
Yet another simple way of saving money is to make use of the credit card rewards by availing them at your favourite shops, on time. This would save a major amount of money that can go into your savings account directly.
7. Have a Comparison Check of Prices in Different Sites before you own them
You can save big if you try to weigh the prices of items across various platforms and find the best reasonable rate. This is called comparison-shopping and, you need to be active on many websites to enjoy the benefit of getting things at the best price.
8. Shop Via Online Apps to Save Handsome Amount of Money through Cashbacks
Purchasing essentials via websites that provide cashbacks can be one of the simplest ways to save money. Paytm and CashKaro are some examples from which people have benefited more in recent days.
9. Purchase in bulk numbers to avail Attractive Offers
Buy items in bulk to get an exempted price and save money on a long-term basis. Amazon subscribes and save is one good option to subscribe to if you are a frequent buyer of some essential item. This can reduce your expenditure by enhancing your savings plan.
10. Don‘t Waste Money on Non-Essential Items
Avoid spending money on fantasies such as exploring new foods or having a coffee in Starbucks frequently. Branded coffee costs more and can exhaust your money in no time if you are a coffee addict. So, ensure you prepare your coffee so that you can save something in your pocket.
11. Use the Coupons and Gift Vouchers Judiciously
Collect coupons from stores and make use of them at the right time to make use of special discounts on foods or clothes, or be it anything. Keep the codes safe and encash them at the checkouts to claim deductions.
12. Utilize the Gift Cards on Time
Buying gift cards from online stores at offer prices is a thoughtful way to save money as you can get them at lower prices that can be used for purchasing your necessary items, thus saving your additional spending.
13.Maintain Your Cibil Score by Paying Bills on Time
Paying credit card bills on time is also a good sign of saving as you become eligible to place a request to banks for lowering the interest rates that can further encourage you to pay your bills on time and you save your money.
14. Pay Your Debts on Time to Save Big
Clear your debts on time to avoid late payment charges that are an extra burden. Rather, focus on saving for the future.
15. Expand your Savings by Opening Joint Savings Account
Open a joint account and, activate auto-transfer of a certain amount of money every month to another account to aid in a smart savings plan.
16. Cut Down on Your Mobile Bills
It is time to cut down your postpaid expenses on mobile with excess data limit that you may not be utilizing. Adapt flexible minimal plans that suit you and set aside for your funds.
17. Keep a Track on your Savings by Following a Strategy
Adapt a budgeting strategy to keep track of your spending and, look for ways of improvement to lower your expenditure.
18. Switch Off Lights When Not in Use
Monitor your electricity bills by avoiding excessive usage of power. Cultivate the habit of turning off lights when you leave a room.
19. Make Customised Gifts at Home for your Friends
Save your money by avoiding picking up expensive gifts to parties of your friends and loved ones. Instead, make it more memorable by creating a home-made gift on your own, with a lovable note.
20. Avoid Outside Foods Strictly
Another important strategy for budgeting is to avoid hanging out at restaurants and eating unhealthy foods. This would cost more money as well as make you addicted to visiting restaurants often that might provoke lavish spending. To avoid this scenario, make sure you pack your food wherever you go to lessen the chances of trying outside foods at unhygienic places.
Saving money is essential to overcome challenging times of economic loss. Many simple ways of saving money in daily life can save huge money and make us realize the value of money in every instance.
Money saved in personal accounts can be easily withdrawn by liquidating the funds at times of emergencies like accidents or the death of family members. Hence, it is suggested to spend sensibly by cutting down unwanted expenses to achieve financial freedom.
Don’t you think it is crucial to shun superfluous expenses and save money? Remember, being frugal does not mean that we do not lead a better life. It is the best way to be safe and is the portal to financial independence!