When it comes to saving money, most of us end up drawing the short end of the stick. With daily expenses and the end number of taxes on almost everything at an all time high, it is impossible to squeeze in some savings into your account. Despite all your valiant efforts to push money into Systematic Investment Plans, Recurring Deposits and Fixed Deposits, you find yourself penniless at the end of the month. So how exactly do you save money?
We’re here to tell you that every effort counts. We’ve taken the liberty to list out 5 easy things you can do to save your precious money.
 1. Save First, Spend Later
What is the first thing that you do when you get your salary? Do you go out with your colleagues and friends to celebrate? Do you buy those lovely shoes you’ve had your eye on since last month? Do you buy new clothes? If you’re doing any of these things, we’ve got bad news for you – You’re not going to save anything! Instead, if you’re keen on saving, invest a specific amount in savings. You can do this by transferring money to another account, putting it in a FD, SIP or a RD. Before you save, ensure that you’ve paid your pending bills. Set aside a budget for your daily expenditure. If you’re left with anything, that becomes your leisure money. Planning your finances in advance can literally save you from going broke in the future. Which brings us to the next point…
2. Avoid Borrowing
Whether you’re broke and want to have a drink with your buddies or if you’re tempted to try out the latest eatery in town where all your friends are going this weekend, avoid borrowing money from them with the hopes of paying them later. It can hit your next month’s budget really hard and you may find yourself in a constant loop where you’re always borrowing money. If you don’t have the bucks to pull the trip, don’t do it. Sacrificing a little now can help you save a lot later. Let’s face it, you don’t want to be that person who is always borrowing money now, do you?
3. Use Mobile Technology
Do you use mobile apps to track your expenses? If not, start using one now. Living in a digital age has its perks and mobile applications are one of them. With the growing competition in the market and the endless number of apps, companies are willing to give you a discount on almost everything. You can use applications to order food, clothes, shoes, accessories, cell phones and you can even use it for traveling or tracking expenses. There are times when you will find that booking an Ola or an Uber is much cheaper than taking an Auto Rickshaw. The best part about these apps is that they’re always giving away discounts, more so on special occasions. All you need to do is keep an eye out. Also, check online for third party coupons to avail the benefits of living in a competitive economy. But remember, online shopping is just as much of a boon as it is a bane. Don’t overdo it.
4. Stop Withdrawing More Than You Need
The more money you have in your wallet, the more likely you are to spend. Carry only a fixed amount that you will need for the day. This will help you keep impulsive buys at bay (rhyme intended). In addition, you can even avoid carrying your credit card and only carry enough money when you’re going out to buy whatever it is you need. It’s a fact that we’re more likely to overspend with plastic than we are with real money. Following this drill keeps your impulses in check and helps you work within a fixed budget.
5. Wait and Compare Prices
Do you have this habit of picking up the first deal that pops up on your screen? How do you know that’s the best deal? Just because a little label under the picture says ‘best price’ doesn’t mean that it actually is. It’s the same while visiting stores. Don’t rush into the first thing you see. Check different websites, compare prices and we’re sure you’ll find the product you’ve wanted for a far cheaper price. You may even find a discount. Trust us, these little savings help a lot!
Another trick to saving money, if you’re an impulsive buyer, would be to play the waiting game. Once you come across something you want to buy, don’t go head on and swipe your card. Instead, request the store owner or seller to keep it for you. Wait for 24 hours and contemplate your choice. Is it really worth buying? Is it really worth the money? If after one entire day, you still want it, it is yours to buy.
6. Spend less than what you make
Sounds easy, right? Yet people usually end up spending more than what they earn unless expenses are being tracked with care. Spending within limits of you earnings with eliminate building up of any debts thus keeping your stress in control and also encourage you to save more.
Try these tested techniques and you may actually save more than you had hoped for. Do you have any tips you’d like to share? Let us know in the comments section below.
