Believe it or not, tracking spending really makes a lot of difference. You will stop asking this question to yourself over and over again- “Where did my money go?” You will be surprised to know how much are you spending on useless things.
You must have a budget to rein in expenses. A budget-less person is like a headless chicken, with no clear direction or motive to save money. Start setting spending limit by category, such as entertainment, travel, rent and food.
You don’t realize how much money you spend monthly on ordering food online. One way to save a lot of money is to start packing your own lunch and cooking daily.
Only subscribe to those OTT platforms that best align with your movie and TV shows interest. You can also opt-in for an OTT bundle subscription to avoid paying for each OTT service individually.
A lot of money can be saved if you buy used items instead of new ones, especially electronic items, furniture and vehicles. By doing so, you won’t have to compromise with quality even after paying much less.
This is one of the best rules that you can use to save a lot of money. So, if you want to buy a new item which costs you more than 10% of your salary, wait for at least 30 days before making the final decision. Go for the item only after you feel the same need to buy it even after a month. You will avoid impulsive spending!
You need to have a saving goal to keep yourself from spending recklessly. Experts say, at least 20 per cent of your monthly salary must go to your saving pot. Lock this money on the very first of each month, and get used to managing your expenses in the rest 80 per cent.