Whenever the topic of savings comes, we always say to ourselves that we’ll start doing it soon. It always comes down to when we’ll hit that specific age, start getting a certain salary or some other excuse.
Saving money is easy, the hard part is getting started. That’s why we have put down some simple tips which will help you in getting started in this endeavor. Thank us later. 🙂
- Set up a goal
Setting up a goal is one of the best ways of saving money. You need to make a plan first. Figure out what you want to save your money for. Then figure out how much money you will need and in how much period you will be able to save that much. Once everything is clear, start keeping aside some money every month to achieve that goal.
Start with something small and achievable but big enough that you won’t have cash in hand to fulfil that. Ex — International trip, big anniversary gift to your partner, downpayment for a new bike etc.
once you start achieving these small goals it will give you a psychological boost to go after big and long term goals.
2. Record your expenses
The best way to start saving money is to first figure out where is all your money going. So, start recording your monthly expense and that means not excluding anything, whether it be a buying a coffee jar or cash tips at the restaurants.
Use your bank statements and credit card bills to authenticate your calculation.
3. Cut back on luxuries
After figuring out the expenses if you find out that your spendings are so high that it is not possible to save money regularly then it might be the time to cut back on some of the luxuries such as entertainment and dining out. Commit to eating out only once or twice every month and find out pocket-friendly places to go out for movies or get together with friends on weekends.
4. Staycation is in
Instead of wasting thousands of rupees for going to halfway across the country, try to find some places near your city. Instead of dropping money on airline fairs, look for fun getaways in your backyard and drive down there.
5. Home-cooked food instead of eating out
An obvious way of saving money is everyday savings. So, if you are a bachelor and not living with family, instead of having lunch and dinner at some hotel, hire a cook and eat home-cooked food. You will save a lot of money that way and it is good for your health too.
Make sure to check your progress every month. it will help in keeping track of all your activities which you have been doing for saving money. Identifying and fixing problems will be a lot easier if you assess your steps every month.
But, unexpected expense can arise anytime and if you get stuck in one of those situations with a shortage of cash, you can take an instant loan from SmartCoin app. It just takes minutes to apply for a loan and within hours the amount gets transferred to the bank account.