8 Simple Ways to Save Money

Today we are going to discuss the ways to save money.

Whether you are in a government department or you are into a business, you would ultimately need to cut costs. Similarly, you could have a big goal, or need to pay a hefty loan, and you would feel the need to not over splurge and save some dough. It is all about priorities.

Money does make us happier, and having millions as savings is the biggest confidence booster ever. It is a competitive world, and the generation of kids born in the 80s and 90s are running the race only for money, and a safer future. Money can buy happiness, so here are a few tips to ascertain how to save money.

The basic rule is that you should have an exact idea of what is flowing in and out of your monetary kitty.

Electricity

The easiest manner to save money is to spend less on electricity and gas. It is simple. Keep gas and electricity bills as low as possible. Check your electricity switches every quarter so that there is no leakage.

Have a safe electricity switch so that you spend only for what you are consuming. Your bill should be able to go down from 20 k to 15 k and that is a straight 5k saving in one month which is a lot if you see. This is called downsizing in real terms. This tip helps those who are retirees.

Rent

The second money saver is rent. If you earn approximately 25 lakh p.a. and you pay 25k per month as rent, then that is criminal wastage. You can easily stay in an apartment which costs 10k and do away with unnecessary expense such as that of multiple washrooms, storerooms, guest rooms and servant quarters.

Most buildings charge a lot for society maintenance, and you should negotiate around it. That makes your house affordable. If nothing works out, the best path forward is to get a roommate.

Moving to Your Home Town

If you are incorporate, then get a transfer into a city where your family stays, and save the whole amount of the cheque.

Transportation

In the longer run, buying your car ends up being cheaper than the Uber rent that you pay every day, so till your dream car arrives at your door, why not take a bus or auto instead of the most expensive premium car cabs?

If you cannot do away with the charm of a driver driven cab, then go for the carpool instead of a one-member premium car service.

If you cannot afford a car then going by bike should not be embarrassing. If you do buy a car then share your car and split the fuel costs. Two or more people can save money that way.

Save your big bucks.

Public transport like metros is being used by the richest folks in the nation.

WALKING to nearby destinations also saves money and is a great exercise.

Insurance

If you know the rules of how to buy the right insurance then you can teach those rules to your children and your family could save a lot. There is a new insurance policy out in the market every second, and you should be aware to save a lot. You do not need to compromise.

Hybrid Car

If you are a car lover and want a cheap car then there is always a hybrid car in the market to buy. Scientists say that these cars are better, and the department of energy has verified the same. This results in big yearly savings.

Car Maintenance

Know the right way to handle your car, for instance, have the tires well inflated, and boost mileage by 3%. Do not have the car trunk heavy with weight and rotate your tires often to have your car look new for a longer duration. This will also have the engine ready and better running by a huge margin. Leaving your car idle for a long duration would not work. It is a fad to drive rash, but make sure that you do not drive very aggressively to make sure that your car runs well and smooth.

Cell Phone Contract

If you are in a cell phone contract, then opt for postpaid instead of pre-paid and save a great deal. Similarly, if you are buying a new cell phone then check for comparison sites and discounts. If it is festive season then do not make the mistake of thinking that it is going to be more expensive, it is the opposite. Everything is cheaper during the festive season. You could get discounts as high as 30% to 40%. So splurging is more fashionable but saving is nobler.

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About Namit

Namit is fond of reading, writing & meeting people. He loves writing about Invoice Management System. In a former life, he worked as a content specialist and has good knowledge about finance.
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