Sometimes, to live comfortably, we do not need to earn more. All we need to do is, learn to get more out of what we have. Save, invest wisely, find good deals, plan, track expenditures closely etc., are some ways to get more out of every Rupee. Most often, we spend on unwanted things. Here are some money-saving hacks you can use in everyday life.
1 Reduce access to plastic or digital money
In this cashless age, the Government pushing digital transactions through UPI, wallets etc. However, the case of digital transactions can make us spend more. When we carry a credit card or use a wallet for payment, we make purchases without restrictions. For the next few months, when you go shopping, prepare a list, and carry cash just enough to purchase what you want. Having limited cash will make you resist the temptation to buy more or unwanted items. Also, while paying through cards or wallets, you won’t get the feel of dishing out the money. But, when you count the cash, you become aware of how much you are spending. By the way, when you shop in stores, please do so on a full stomach. It seems people pick up a lot of unwanted stuff, especially food when they shop hungry.
2 Shop online
For most items, try shopping online, as you get the best deals. However, to get a feel of the store, research offline. For example, if you want to buy a TV, visit the physical stores, check the options, make notes, etc. Then search online for the same model and find the best deal to save money. From grocery to electronics, online shopping does provide great money-saving deals. Another way to get more out of online shopping is to use retailers’ loyalty programs or credit/debit cards that offer cash-back or additional discounts.
3 Shop off-season
You can find a lot of good stuff at throwaway prices during the off-season sale. Woolens are much cheaper in summer, and cotton clothes in winter. An umbrella will cost you more during monsoons than in non-monsoon season. Plan for off-season sales that most stores usually keep to get rid of their stock. Most of these things are not perishable and can be stored at home for use during the season.
4 Track your expenditure
Often, when we keep going from one purchase to another, we lose track of the expenditure involved. It is a good idea to track the regular monthly expenses to understand where the money goes. Use a diary or the digital age money tracking apps that help you connect your cards and bank accounts to give real-time information on your spending. Or you can decide to fix an amount for monthly expenditures and stick to it other than for emergencies, festivals, some planned tours etc.
5 Choose wise deals
Stay away from the ‘Buy one get one free or Buy three get one free kind of deals you see in-store, whether shopping online or offline. These offers make you buy things that you do not need. Our minds play a trick when we such deals into thinking we are saving a lot. However, the truth is we spend on things we do not need or plant to. Learn to walk away from such deals to save a lot of money.
6 Try a no-spend month
Since we almost always stock on grocery and household items, you could try a no-spend month. Spend only on fresh vegetables and fruits or some basic needs. It is a bit difficult. But if you can practice this, you will save a lot. It means you do not plan on movies or outings, ordering food, vehicle servicing etc. It will need proper planning. It can become an adventurous month and a test of willpower. However, 0nce in a while, trying this out can be good to make us realize that we can live without some of these things and unwanted expenditures.
You can also try, every month, to save a percentage of your earnings and invest a percentage of it wisely in mutual funds or monthly income schemes. Spend what you have left over after saving/investing for regular monthly expenditures. This type of saving and investment can fund your travel and extra expenses regularly.
Waiting for your views on this blog.
Anil Malik
Mumbai, India
18th October 2022