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When you save daily, you grow a healthy financial tree. To know how little steps daily can multiply your savings, check out this article.
Saving money in this fast paced alluring world is tough but following everyday saving tips can make it easier. We understand that sometimes all you want to do is spend as much as you can. That trip, that concert, that , that movie and many more things are too fascinating to be given up. And no, if your self-love begins with a cup of the best coffee in town, you have all the right to buy it!
But here is the thing- spending feels good, but how about balancing it with some saving? So you can get all the privileges to enjoy what you want in the future too, you must save.
The best thing about savings is that you can plan them according to your financial habits. Your income, spending habits, investment plans, etc. all combined together set your base to determine how much you can compensate and stretch your money.
Initially, savings may feel a little hectic, but if you are able to devise a nice plan, they might turn out to be the best thing for you. Plus, considering your future financial plans, saving is the only way to accomplish them.
Let’s see how your small savings daily can multiply your savings!
9 Ways to Save Everyday Hassle-Free!
1. Begin With Planning Your Money-Stretch
First thing first, before jumping into the confusions of how to start saving, why not plan out how you are going to stretch your money for the same?
Give yourself a day, grab some coffee, and get ready to go on a money date. All you have to do is go through your budget- if you don’t maintain one, just consider your income and remember your most basic spendings.
Next, you must review your bank accounts, loan statements (if any), credit card statements, regular bills, etc. Total all these ‘necessary’ expenditures and see what you're left with.
In case you have a financial goal, check how far you are to reach it.
Once these things are clear, the money that is left is where our prime focus lies. With that money, you have to plan your unforeseen expenditures for the month and put aside some amount in your savings account.
2. Plan Your Basic Spending For the Week- Food Included
The second step in your savings journey is to plan out your expenditures, of course.
Here, since you have already gone through the ‘big’ expenditures while analysing your budget, you are supposed to plan out very basic expenditures.
Say, if you travel using some public transportation, you must be buying tickets. For such spendings, just calculate the maximum that you feel you would be spending.
The main area to spend time on is your groceries. If you are someone who frequently eats out, well, buckle up since you need to limit that now. Cook at home- save your money and health;) You can actually save a big chunk if you learn to do several things on your own, cooking being one of them.
3. Choose: OTT or TV
Let’s talk about entertainment now. Most of us have now shifted to OTT platforms for our leisure time. But if you are currently juggling between TV or OTT, you must choose one now.
There is no doubt that OTTs provide a whole ton of entertainment for just a quarter of the cost of cable TV. So why not pick a cost-effective entertainment mode!
4. Like to Workout? Teach Yourself!
Keen about exercising? How about ditching the gym and saving some money?
Well, you don’t have to give up working out, rather, you can try out other methods like pilates, yoga, flying yoga, etc. in your home itself! Both these ways of exercising are equally effective. Plus, you can save some money too!
5. Have Alternate Sources of Income
The need to always maintain at least 2 sources of income, especially when your one job is either not enough or is quite unstable, can’t be emphasized enough.
You must have seen the unstable economic situation in the current world. Laying off workers to save on expenses has become very common. Also, gradually, jobs are losing their stability. The importance of skills to succeeding in the corporate world has never been so high.
However, these conditions have created several opportunities too. Freelancing is in trend and people are earning handsome money right from their couches! So, find your hobby, get certified, and start your side gig.
6. Planning to Spend on Something Expensive? Let's Wait 48 Hours
A very good strategy to avoid overspending is to wait. Simple, right?
Whenever you feel like you might be getting ready to spend on something very expensive, take a step back and wait for a while. If, after waiting for at least 48 hours, you still feel that you NEED that item, go ahead and buy it.
Make sure you don’t spend too much time on impulsive spending. This will eat up all your savings and you won’t even realise it. Instead, you can window shop but don’t step inside the store and end up spending on something that would just lie in a corner of your room for the rest of life.
7. DIY Home Decor: Get Creative and Save Money
If you are interested in interior designing, you must have been spending time and money on things to buy for your house. But, in case you feel you’ve spent enough, why not try out some Pinterest hacks and make some DIY creatives!
Also, plants grown from seeds right from your kitchen are a great eco-friendly way to decorate your space.
Any clothing, accessory, or object that is no longer in use can be turned into something beautiful and meaningful. All you would need is a creative mindset. So, let your creativity flourish and save your money.
8. Quality > Quantity: When Buying Electronic Gadgets
Whenever you buy an expensive item, especially an electronic gadget, you must make sure to buy the best quality that you can afford. Clearly, you won’t like your house to be cluttered with discarded gadgets.
Instead, if they can last longer, there is nothing better than that. This way, in the long term, you will save a lot on repairing or replacing expensive electronic items.
9. Financial Literacy: The NEED of The Hour
When you would have saved enough, your savings would require a good direction to flow. You cannot just keep your money locked in a locker- inflation would eat it all up. Instead, active investment plans are what you’ll need to multiply your money.
Now, to invest better, you need to know what financial prospects are available in the market. Even with a basic investment plan, to calculate the rate of return, you will need to have basic financial knowledge. It is possible only if you know some basic financial terms. So, before investing, educate yourself!
Savings are the first step towards financial security. Daily saving habits are perhaps the best kick start you can get towards a financially stable future. Plus, they are not hard to maintain. Just some little lifestyle changes and your financial game will completely transform.
To invest in digital gold and earn stable returns, download the Jar app. With Jar, you can diversify your portfolio or create one if you are a beginner. Invest and save with just one tap. With plans starting from Rs. 10, you can make your spare change do the tough jobs! So join Jar today!