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Personal Finance

How To Save Your Money

By Kunika Agrawal • 21 April 2021
Personal Finance
  • Personal Finance

Saving money is important for sustaining a crisis. It helps you be prepared for the worse. You can also make sure you are at peace because of those extra savings in your bank account.

 

“ Every penny saved is every penny earned.”

 

However, because of the variety of options, everyone is spending unnecessarily without thinking twice. Nowadays, this is one of the major reasons why youngsters/young professionals find it difficult to save money.

 

 

Let us understand 6 useful ways to save your money :

 

Record your expenses :

The best way to save money is to keep track of where you are spending it. Maintaining a tracker would help you automatically save from spending unnecessarily.

This point can be understood with the help of an example. Say you get your salary on the 30th of every month. On the 1st of every month, you pay all your bills. Now you can save the remaining INR 10,000 in another account. You may want to keep a diary to record all your upcoming expenses from the leftover money. This will help you keep a track of every penny you spend.

 

 

 

Decide your priorities :

Every individual has priorities. Some like to spend on food, some like spending on clothes. It is very important to understand how and where you want to spend your money.

Prioritizing expenses can help you be extremely focused. You then spend while making an informed decision as well.

 

 

Save a percentage of your money every month :

One of the best tips to save money is to save some of it every month. For example, you start by saving INR 5,000 every month, by the end of the year you would have saved INR 60,000. That is an achievement in itself. Hence, it becomes one of the best techniques in order to save money.

 

Buy 'Only' what you need :

In the current age, we spend a lot on stuff we don’t actually need and require. The best way to overcome this issue is to always spend on commodities we require and not over-shop. This technique if properly implemented will help you save 50% of your money automatically. For example, People during the Covid-19 Crisis were not able to spend and shop unnecessarily and later realized the value of actually not needing the product. This way, a lot of us saved money.

 

Delete Shopping Applications from Phone :

If you are someone who scrolls through Amazon, Flipkart or Myntra and has a habit of ‘adding to cart’ for no reason, then you need to delete these applications from your smartphone.

You might still argue that you "Need" these apps, then try shutting off the notifications from Settings. Once you delete these applications and don't get tempting notifications every second, you won’t feel the urge to spend unwantedly.

 

Sell things you don't require :

One of the most optimal ways to not only earn but also save is to sell the things you don’t actually require. This is one of the most popular practices abroad and people in India have also now started picking it up. Selling stuff helps create a lot of space at home and also gives you a chance to let go of the stuff that you do not actually require or need.

 

As mentioned above, saving money is not as difficult as it may sound. Take these steps properly and see for yourself how saving money can become very easy and you can end up saving a lot of your money before you know it.



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