Knowing how to save money each month or even every day is the key to a bright financial future. After all, savings help you invest for the long term and address emergencies along the way.
But it is easier said than done, right?
Don’t worry, because the tips to save money are actually quite simple and easy to follow. By making a habit of saving and practicing saving tips, you can build a large corpus and invest smartly – not only in the future and also in yourself.
Read on to learn about some of these saving strategies and choose the best way to save money for yourself.
The first thing to do when you create a monthly budget is to be practical. When you go to extremes to save up, you will likely not be able to stick to your budget and then lose motivation to follow it. Instead, ensure your budget is based on realities.
Factor in your rent, utilities, EMIs, credit card usage, medical needs and more. Add in what you plan to save and invest and then consider what you earn. It is also vital to list your goals, such as buying a car or a home, and the timeline for achieving them. This way, you can re-evaluate your spending patterns and reduce excesses.
Getting those emails and notifications about new smartphones, clothing, electronics and more? The best way to save money is to not act impulsively. Experts recommend following the 30-day rule, which states that it is best to wait for this length of time before you buy something you want but don’t need. Apply this rule to ensure you do not spend recklessly.
The right credit card can help you save money by offering discounts, cashback and reward points that you can redeem for other purchases. Do a little research to find the right credit card that helps you save as you swipe.
Another clever way to save money is to consider digital payment apps and e-wallets that help you save when you pay. You can get cashback on utility payments, movie ticket bookings and more when you use them. Applying for credit card and digital wallet can actually help you save an ample amount!
Some of the most expensive things on your list may be dining out, ordering out, getting drinks at cafés, as well as going to the movies or other activities for entertainment. If this sounds like you, ensure you bring down this cost. By planning get-togethers at home, either cooking on your own or employing a cook and making your own cold coffees and ice teas, you can save up a large sum.
Last but not least, do not spend on designer clothes, watches or drinks just because others are doing so. While it is wonderful to indulge yourself once in a while, trying to keep up with others can send you into a financial spiral of debt. Follow your budget and do not overspend due to peer pressure.
Now that you know how to save money each month, you can work towards fulfilling your goals. If you need funds in the interim, you can rely on Fibe. Get up to ₹5 lakhs as an Instant Personal Loan and enjoy benefits like quick disbursal, flexible tenure to repay and zero pre-closure charges! Download our Personal Loan App or register on our website to get started.
While there are lots of ways to save money, one of the most popular money-saving tips is to cut down on your expenses. Make a budget and spend less to save more. Use these savings to invest in fixed-income securities and other avenues.
It can be quite simple to save 1k in 30 days, based on what you regularly spend. Some ways to do so are by reducing your food delivery orders, paying utility bills and grocery shopping on apps or digital wallets to get discounts and using local transport instead of taxis or rideshare apps.
Some of the tips to save money every day include using a credit card that offers fuel surcharge waivers, using digital wallets to make payments for their discounts and cashback, purchasing in bulk and during sales, reducing your mobile and internet bills by choosing a more affordable plan and spending on a budget.
The best way to grow your wealth is to invest diligently. Consider options like SIPs that begin with just ₹100 per month or start a recurring deposit or a fixed deposit. If you begin to invest at a young age, you can have a ready corpus that can help you become financially secure in the future. Use clever ways to save money so you can build a corpus of funds to invest.
