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Small Savings for Big Dreams

Representative image.(Network18 Creatives)

Representative image.(Network18 Creatives)

Listed below are 7 tricks which can make you a good saver and a prudent spender.

Savings largely depend on our income; however, by cutting short on some redundant but unnecessary expenses can lead us to great savings on daily and hence monthly basis. Listed below are 7 tricks which can make you a good saver and a prudent spender.

1. Avoidable Expenses

Raw expenses like ₹25 per day for a water bottle can easily be avoided by taking a bottle with you. It will directly save you up to ₹125 per week and ₹500 per month. Carrying snacks from home can also add to this. Moreover, cutting down the money spent on alcohol or smoking can save about ₹800 per week. In total, if we cut down on these avoidable expenses, we can save atleast ₹3000-4000 every month.

2. Electricity Bills

Adjusting Air Conditioning at 24–25 degree than 18 degrees, switching off lights and fans when not in use, getting the refrigerator serviced on time helps consume less power. Appliances should be used on power-saver mode. Also, by reducing the usage of microwave for reheating food and making a few changes in our usage pattern can save up to ₹1000 on our monthly electricity bill.

3. Grocery Bills

Quality goods can be easily bought from routine shops too rather than going for big brands for grocery items. It can save your spending for nearly ₹700-800 every month. Similarly, buying vegetables from the weekly market are much cheaper than vendors or shops.

4. Calling & Data Plans

Buying calling and data plans according to your need rather than going for unlimited plans is always recommended. For example, you can opt for a pre-paid plan rather opting for postpaid, using internet packs with limited data than unlimited plans, can save atleast ₹500-₹1000 per month.

5. Transportation

Pooling your car/bike with a friend or two can directly cut your expense to half. Or you can go for public transport which is much cheaper, even if you travel by public transport just twice a week, it can save you ₹800 per month.

6. Bill payments

Making payments by using your e-wallets, online banking and debit/credit cards can save you money by getting various discounts, cash-backs, etc.

7. Eating Out

First of all, you should eat-out moderately. And whenever you do, it is better to get some deals or discounts from online apps and websites that offer good discounts and vouchers.

By cutting down on these simple expenses, you can substantially save up to ₹6000-7000 per month. Which can be invested and save enough for your future.

first published:October 13, 2017, 16:02 IST