Hamara Paisa
Savings

Money Saving Techniques

Money Saving Techniques

16 January 2018

Establish a Budget – Write down all your monthly expenses, starting from the bigger expenses such as rent and bills all the way to the non-essential expenses you may have. Then add up the non-essential items and multiply by 12 to see how much that costs you over the year. You may be surprised and more able to make decisions to look for alternatives to that item or cut it out altogether.

Budget with envelopes - If overspending is an issue, try the envelope budget system where you use a set amount of cash for the larger chunk of your monthly expenditure spending. Dividing food expenditure into weekly packets can help too.

Save automatically - As soon as you have been paid put a small amount of money into your bank account immediately. This is the most effective way to save - out of sight and out of mind. Hamara Paisa will even set up SMS reminders for you to deposit some money into your Bank account.

Aim for short-term savings goals - Make a goal such as setting aside an achievable amount a month, rather than a larger chunk of cash which will then be needed later on that month. Go back to your budget to see how much you can put away, even if it is a small amount

Use the 24 hour rule - This rules helps avoid purchasing expensive or unnecessary items on impulse. Think over each nonessential purchase for at least 24 hours. 

Collect loose change – Collect small notes and coins and deposit it in a container. Once full, deposit its contents into a Bank, you’ll be surprised how quickly it can build up

Try frugality – Shop around and buy cheaper items and save money

Reward coupons – Look out for the best offers on credit cards. You can save money on your grocery shop, fuel bill, restaurant bill, air travel and popular brands. Remember these rewards are only useful if you pay your monthly credit card in full before incurring interest

Break a habit- There will always be one or two non-essential expenses we can do without, whether that is several coffees or food or a clothing item. Try to pare back and save some money instead of these objects.

Saving money is incredibly important; it gives you peace of mind, expands your options for decisions that have a major effect on your quality of life and eventually gives you the option to retire. Most people who are wealthy got there through a combination of their own hard work and smart savings and investment decisions. You can become one of those people too!

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