Ways to save money – useful for all of us.
We all go through the struggle to save whatever little amount we can. Saving money has often been a challenge. Most of us at some point of time have planned to put in some extra efforts to save money but have eventually failed. Let’s learn a few tips that we can put in use to save a few extra bucks.
1. Keep a record of the money you spend.
Make note of the expenses made. Write it down in a book or type it on an excel sheet, whatever suits you. You can also choose from the several apps available these days. That makes it much more easier. Record how much you spend on groceries, bills, shopping etc. This way you will know how much you have spent on what and if it was necessary and that helps you to save money.
2. Plan a budget beforehand.
Think and note of where your money needs to be spent. By doing this in advance you can prioritize your expenses and that can stop you from making any unwanted or unnecessary damage. Also plan for the month ahead keeping in mind the amount you have.
3. Start a recurring deposit account.
This is something which has personally helped me a lot on savings. Open a RD account with your bank with a particular amount you think you can spare every month. Instruct your bank to debit the amount from your account on a particular date of the month. If it’s your first RD account then start with the minimum period of time. Like a year. After a year you can increase it to a longer duration. The amount you receive at the end of your duration including the interest earned feels so rewarding.
4. Open a Fixed deposit account.
The money you saved on your RD account can be put in a FD account. This way you continue earning interest on your savings. If you have an amount of money which you would like to save for the future, it can always be saved via FD.
5. Do not splurge too often.
So we all like treating ourselves once in a while, which is totally fine. But doing it on a regular basis definitely kills the purpose of it. Plan doing it occasionally and make sure to strictly stick to it. This way you can add to your savings and look forward on enjoying your cheat day. Do make sure to not overdo it though.
So these are just a few ways to help you save. Do implement these and you will definitely see the changes. Happy saving!
(Picture courtesy: Google images)