I am going to cut off my expenses and start saving! How many of you have said this and then forgotten? Many, we assume! Yes, this is the case with all of us. Savings is easier said than done. Having some extra money always feels good but keeping a check on expenses is something we frequently skip for we rarely prioritize. Most of the time, at the end of the day we realize, we got no money to save. This is a common problem. That is why, it is important to develop the habit of saving money.
However, saving doesn’t mean that you can’t treat yourself—all you need to do is pick up habits which are very easy to develop. Let’s check out some easy ways of saving those extra bucks we all have been thinking of:
• Set a goal– We should always look for positives in every situation. So do not think of savings as a barrier to treat yourself. It will get easy to save when you set a goal and focus on it, like buying yourself a car or a holiday you have been dreaming about. Make a note of your priorities and calculate how long you need to save for the things you want. When you have a vision it will make your goal seem more real and this will further render a lot of motivation to stick to your goal.
• Keep your savings aside– If you think you will wait for the end of the month to keep your savings amount aside then it will get very difficult, you need to set a fixed savings amount and keep it in your savings account at the beginning of every month, if you have received a bonus or a salary hike then you must increase your savings amount.
• Banks are big help– Banks have come up with advanced features like automatic payments to make your life easy. Paytm Payments Bank could be an ideal option that can help you save for your goal. Use the advanced technology and get a set amount of money automatically transferred to your savings account on the day you receive your salary.
• Pay your bills on time– Again, do not forget a single payment can incur a fine so use the features launched by banks and set recurring payments for all your bills, premiums etc.
• Learn to stick to your needs –Do you prefer having a cup of coffee everyday while going to office? Do you often order your lunch from outside everyday? You don’t! You can easily make yourself a nice cup of coffee at office and also prepare lunch which you can pack and take to work. Not only you will be eating healthy, you will be amazed to see the money you will save by getting rid of these not-needed habits.
• Look for options-There are multiple options, look around for the most suitable and less expensive internet and mobile packages. You can also look for the best credit card that gives you various offers like cashback on refilling fuel, shopping grocery etc. That way you can also save up on the necessary things.
• Investment is good– You must always think about future, like post retirement situation or a long term plan like buying a house. So make sure you are investing right to support your future. There are many plans in the market, study about them and go with what suits you the best.
Before you buy anything just pause for a minute and ask yourself – Do you want it? Or do you really need it? If the answer is ‘want’ then ignore spending on it and keep that money and add it to your savings account instead.
After a couple of months when you will look at your savings account, you will feel good and find yourself nearing your goal.
We hope these tips will help you develop savings habit. So don’t wait, start right away.