We all work hard throughout the month for that one important day on which we get our salaries . We have families to be taken care of ; children whose requirements are to be met , medical emergenies etc . Amidst all this it is extremely difficult to even think about saving money for the future . The moment the pay check lands in your hand the places where you need to spend strikes your mind . From all the bills to be aid to the debt that need to reurned everything is waiting to get its share from your pay . End of it you realise that forget about saving even pulling the whole month with that amount is difficult . How can you save any money when there is so much to be done ? According to us we never spend anything extra . But the truth is we do spend a lot than required . If we can curb that we can easily save some money for our needs and comforts and better planning . Here are he top 10 tips to save money !!
10. Pay off your debts.
It is a noticeable thing that when you have debts to be paid there is hardly anything else that you can do with your money . The money you borrow be it for anything needs some sort of interest to be paid . Now a days the interest rates are pretty high about 10 to 12% on the amount . So if you borrow 1 lac you pay 10000 solely as interest untill you return all the amount . Just imagine all the money you lose as interest. So it is advisable to plan out your debts and pay them as quickly as possible with larger emi so that you lose little with the high interest rates .
9. Your landline and mobile phones .
Now a days the use of landlines has become minimum . The widespread use of mobile phones have almost replaced the landlines entirely . If you have a landline phone just check whether you need it or not . Most of the times we don’t . It simply is there because it has been there . If you don’t then just get it out . You pay quite some amount as the monthly rental on your landline . You can save that . If you do need a land line and you cant remove it then talk to your provider and switch to a lower plan that offers minimun rental and calling rates if you make any calls. Else just switch to an incoming plan . Your mobile providers have various plans to offer . Check whether the one you using is needed or you can switch to a cheaper one. Check between providers and not just the plans. Due to competion providers tend to offer less than each other .
8. Your cable tv .
It is a matter of old days now that you recieved a lined cable from the provider . With the direct to home service the users have a lot of control in thir hands . There are so many providers out there giving you DTH service. Due to increasing competition they come up with cheaper and better plans . See that you are making most of it . Check whether you are using all the channels that is offered by your plan. Choose a plan that gives you the minimum cost . Check with other providers as well . There are some who let you chose channels flexibly making you pay for only the channels you chose . Do a proper research and get yourslef a better deal .Also on festive seasons various offers are given make use of that and save money.
7. Your electricity bill.
It is one of the unavoidable expense of the month . You need to pay it to enjoy your homely life . But somethings can be done to conserve energy so that you use less and therefore pay less . Replace your light bulbs and tube lights with light saving flourescent lights . These use less energy . Replace your fans with 5 star rating fans . Switch of your applainces when not in use . Do not keep them on stand by . Switch off your lights and fans when not in use. Run your washing machine on full load on alternate days instaed of running everyday. These little things have a marked effect on your bill. Pay the bill on time to avoid penalty . Pay online your bills to get the benefit.
6. Heating and cooling appliances.
I am mentioning them differently from other elctrical appliances because they consume the major part of your power supply . Electric geysers are a must in colder regions . So what you cam do is run it a few degress lesser while heating . This will save your power and ultimately your money . The refrigerator in cooler climates run it on lesser degree . Defrost your freezer regularly to avoid power clumping . The air conditioners are the major consumers of power . If your lower the temperature by 1 degree it increases power consumption by 3% . So when you use your A.C run it a few degrees higher than required . This can help you save enormous amount of power .
It is inevitable . We have to shop to meet the requirements of our house and family. For grocery shopping ladies it is advisable to go for shopping once in a week or atleast in 3-4 days. This helps you save on fuel and also buying extra everytime you visit the market . For other shoppings keep a check on offers. Buy from sales and make use of free samples and trials . Do online shopping because you find a lot of offers there. It is said that before you set out for shopping have something. When you not hungry you tend to buy less . Avoid junk food . It will save your money and also your health.
4. Your medicines.
It is not in our control. It cannot be predicted when we will fall sick . But it can be prevented to some extent . Do a little bit of yoga in the morning or go for jogging . This keeps you healthy and lowers your chances of falling sick . Walk to your office if feasible .This again saves your money and keeps you healthy . On a prescription ask your doctor to suggest a lower priced drug . The effect the drug gives is the same but just the brand of the drug increases its cost . Ask your pharmacist to give you the generic drug which is lower in price. Take a long shelf life product so that you can keep it incase of future need.
3. Record your expenses.
Make this a habit to write everything you spend in a diary or notebook . Do not spare a single rupee you have spent and make a note of it. Do this for a couple of weeks and then check your records. You will be surprised to find out that there are so many places that you over spend at . So many thing you bought which could have been avoided. It also gives you an idea how much money you need for a particular area. This way you curb your expnses and save quite some money in the end.
2. Budget yourself .
When you get your salary plan your self . The first thing you need to do is in the next point . Then you need to assign some amount for each thing . For example you assign some amount for grocery . Now in that month you plan yourself that you do not use more than that on grocery . Same with everything . Limit a budget for your activities and this will help you from not getting over board . In turn you save money .
1. Savings first .
Most people have the notion that whatever is left after everything goes to saving . This is wrong . Your saving comes first . When you get your pay the first thing that needs to be done is keep aside the amount that you plan to save in that month. For example you plan to save 200 out of 2000 so keep that 200 aside first. Put in the piggy bank or savings account . Now budget yourself in that 1800. This way you surely save. If you wait for the month end to save money you can never do it. Save your money the moment you get it .