20 Tips and Tricks to Save money!!

Hello everyone!

Do you find problems in saving money?? You don't really understand where all your money is spent?? Then I have a solution to this problem. So lets quickly get started!

Following are the tips and tricks that will help you save money!

1. First of all you need to divide your income into four parts- Current Expenses, Short Term Savings, Long Term Savings and Emergency. Whatever be the amount that you make, these are basic parts in which, I think, you should divide it. You can divide it in a ratio that you find suitable according to your choice. But you have to make sure that at least 50% of your income goes to savings unless you have some really big things to pay like home loan installments. Then it will differ obviously.

2. Start from calculating your expenses. You can definitely calculate roughly how much money are you going to need in a month. Include all your expenses in your calculation, your rent, bills, some shopping, food, etc

3. If you are working person, try to maintain two bank accounts. One in which you receive your salary or any other income and other one for savings. Believe me, it makes a lot of difference.

4. Every month from your Salary account transfer the money to your Short Term Savings Accounts. This account is strictly to be used for Savings only and do not use it otherwise. Similarly transfer money to some source which you have selected for long term purpose. Rather you should keep options for direct debit so that you end up saving without you even knowing it each time.

5. Pay all your expenses from your salary account only. Do not use the same account for paying and saving, otherwise you will not have a track of how much did you save and how much did you spent.

6. Differentiate between needs and wants. There will be many things that you might not need but just want them. 

7. Buy stuff that you absolutely love. Do not buy anything just because it is on sale.

8. Some regular stuff like cosmetics and all, are available at discounts online, check the prices everywhere and then buy it. Electronics are available at huge discounts online, do check them out.

9. Savings does not have to mean that the money has to be kept in Bank Account only. It can very well be in other forms like shares, deposits, property, etc But whatever you choose, choose wisely.

10. However, wherever you save or invest, always have money that can be liquidated easily. You might need it for emergencies.

11. Some times Banks debit you for so many charges in different names. Be aware about what they are charging and for what.

12. Accept a challenge of No Spending Day. Doesn't sound easy. Why don't you give it a try!

13. Set Daily, weekly, monthly goals for savings and keep on changing them and checking on them every now and then.

14. You should also reward yourself with some thing you have wanted for long once you start achieving these goals  one by one.

15. Before taking any loans, look for all available options. Which Banks offer what rates and other things.

16. You can also order your groceries online. These startups really offer some great deals.

17. Whenever you are buying stuff online or say booking a cab, there are many coupons available, that you should definitely use. OMG, it makes a difference!!

18. Carry your own water bottle with you if possible, instead of buying one from outside all the time.

19. Pay Annually, there are discounts available for payments made in lump sum.

20. Try to pay with cash rather paying with card, because it is actual separation with the money. If you have physically give out cash each time, you might end up saving. No offense to demonetization and Modiji's efforts though!

I hope you really enjoyed this post and it really helps you to save money.

Until Next time, Take Care.