5 minutes agoAuthor: Shashank Shukla
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Do not save the money left after spending, but spend the money left after saving
This advice gives one of the world’s richest individuals and the most successful investor Varren Buffett ever.
Usually we spend a large part of our earnings. After this, we invest some money left. Also, we spend money in many unnecessary places, which can be controlled and saved a huge amount.
In such a situation, the better it will be for us if we improve these habits. This not only provides economic security, but also increases confidence in the future.
Your small savings gradually make large funds, which can support you in difficult times.
Today we Your money We will talk about this in the column and know that-
- What is the importance of saving money?
- Which expenses need to be controlled?
- How can money be saved?
Question- What expenses need to be controlled to save money?
answer- Many times we think that a big investment or additional source of income is necessary to save money, while the truth is that our everyday decisions can also turn into big savings in a long time.
Thousands of rupees can be saved every month by changing some habits, identifying unnecessary expenses and by planning a little. Let us understand it through graphic.
Let us understand how expenses can be reduced through graphic points.
Avoid coffee or snacks daily The price of a cup of coffee in metro cities is Rs 150-200 on average. If you drink coffee out 3 times a week, this expenditure reaches about 2000-2500 rupees a month.
At the same time, the price of homemade coffee is close to 10-15 rupees. That is, you can save about 2000 rupees in a month.
Use power saving gadgets
Tools such as LED bulbs, inverter technology AC, fridge or front load washing machines are a bit expensive, but reduce electricity bills by 20-30%.
For example, many units of electricity can be saved every month from the 9W LED bulb compared to the old bulb of 100W.
Reinstate the weekend shopping Often people only go to see shopping malls or online platforms without a plan and buy something of 1000-1500 rupees. By controlling this habit, you can save at least 2000-3000 rupees every month. Make a list of essential things and shop and avoid ‘window shopping’.
Review subscription services We are at some times 4-5 subscriptions including Netflix, Amazon Prime, Spotify, News apps, out of which 2-3 are not even used.
If you cancel 2-3 services of Rs 100-200 every month, then there can be a savings of thousands of rupees annually.
Use public transport instead of cab Going to office or going to short trips cab seems comfortable but it is overwhelming on the pocket. With metro, local bus or bike sharing, you can save up to 50-100 rupees in daily travel.
According to the month, this savings can reach 1000-2000 rupees.
Control on EMI and credit card expenses People buy unnecessary things many times in the affair of schemes like ‘Bay Now, Pay Letter’. EMI and credit card bill of every month deteriorates the budget. In such a situation, spend from planning. Do not use credit card if not needed.
Leave the greed for cell or offers The goods we buy after seeing discounts are not necessary either. If you spend 3000-4000 rupees every time in the sale of 3-4 times a year, then only 12000 rupees are spent in the greed of offers.
A large fund can be made by controlling it.
Give priority to home food While returning from office every day, ordering food from outside or going to restaurant on weekends can be quite expensive. If you leave food outside even once a week, up to 1000-1500 rupees a month can be saved.
Save from wholesale shopping Taking everyday things like soap, oil, lentils etc. in bulk reduces the cost of per unit. Buying items of month needs at once can save up to 10-15%.
Use cashback and rewards on digital payment Rewards and cashbacks received on payment from UPI, wallets or cards are also a kind of saving. If you use them in a smart way, then more than a thousand can be taken advantage of in a year.
Question- What is it necessary to know about what things to save money?
answer- If you think about long -term goals, the habit of saving money makes your financial life strong. However, for this you should know about some common but important things. Let us understand it through graphic.
Question- What more methods can be adopted for savings?
answer- We can adopt some more ways to save and invest. Let’s understand it one by one.
Adopt ’50 -30-20 Rules’ 50% of income at required expenses, 30% on hobbies and at least 20% saving and investment. Increase it slowly.
Pay the loan early First repay the outstanding amount of loans and credit cards with high interest. This can save unnecessary expenses in interest.
Do take insurance Sudden medical expenses can spoil the entire budget if there is no health or life insurance. You can keep a large amount safe by getting insurance.
Decide ‘No Spand Day’ Keep at least 1-2 days a week when you do not spend any non-essential expenses at all.
Long ‘replacement bicycle’ of clothes and gadgets Do not run after every new model or fashion. Use mobile or clothes for that time until they are spoiled.
Consider second-hand and refurbished goods Buying furniture, books or electronic gadgets second-hand can save up to 30–40%.
Compare bills and charges Select the most affordable option by comparing different plans of services like mobile, internet, DTH, insurance premium.
Self-interest invest Medical expenses can be saved by staying fit and healthy. Regular exercise and balanced diet is long -term saving money.
Take the challenge of saving everyday Take 50 or 100 rupees separately and put it in a piggy bank. By the end of the year it will be a good amount.
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