scorecardresearchWorld Savings Day: 5 simple tips that will help you save money

World Savings Day: 5 simple tips that will help you save money

Updated: 31 Oct 2022, 08:39 AM IST

You should not be in two minds when saving money. Find ways to save money before money finds ways to slip away from you.

Inculcate a savings habit from today

Inculcate a savings habit from today

It is not easy to save money regularly, especially, in today’s parlance when the costs of our living expenses are going up so quickly. While it may not be so easy to get rid of essential expenses, you will always find many ways to save your money. All you must do is inculcate the savings habit in your daily life. A little bit of effort can help you save thousands of rupees every year.

Savings does not involve some unwanted or unwarranted struggle or sacrifice as many people anticipate. It is simple provided you have your mind on it. The following tips may help if you have already set your mind on starting to save your money. This “World Savings Day” that falls on October 30, you must promise yourself to adhere to certain necessary tips that would refrain you from wasting your money.

Rely on automated savings

Save first, spend later. The best way to save money is to put your earnings in an automated mode. This means that you must automate your savings in a way that a part of the money you earn is automatically transferred into a savings account every month. You may argue how this will add up to your savings, but the continued transfer of small amounts will give way to a sizeable corpus with time.

You may either set up automation with your bank that will transfer the money to your savings account every month or set up a reminder in your mobile phone to remind you to transfer the money in your savings account on the due date.

Do not spend your tax refund money

It is a good feeling to see your tax refunds being credited to your savings account. Many people celebrate receiving their tax refunds instead of saving it. If you get a tax refund, make sure you deposit it in your savings account. To prevent yourself from spending the amount, you can use the money to buy a fixed deposit. Alternatively, you may transfer the amount to an emergency fund to ensure that the corpus is spent only when needed. Saving your tax refund is an easy way to boost your savings and does not take a toll on your financial health. So, next time when you receive the refund amount, make sure to transfer it to a savings account.

Start a passive income source too

There is no harm if you can use your skills to create an additional income source. Starting a side hustle is a great way not only to earn some extra cash but also to save some extra money. There are so many ways you can earn some extra money, for example, you can earn as a freelance writer or a video editor or monetize your blogs through advertisements or affiliate marketing. Another way is to work on a small business that lends you access to a side income too. Depending on your skills and talent, you can offer both online and offline services to your clientele. You can also use the extra money to repay your debt. There is nothing more relieving and secure than a debt-free life.

Save money on unwanted services

You have subscribed to too many channels and services that you may not want to use. What is the use of paying for so many subscriptions that you do not have the time to watch? Instead, cancel your subscriptions and save your money on services that you do not use. Be it a club membership or channels that you can go without watching, cancel them and see how every penny saved will help you with the much-needed savings habit.

Check for deals and discounts

Do not buy rampantly. Instead, snoop around for better deals or discounts. Check how you can save your money by buying things at discounted prices. Look for deals that give cashback offers or divert you to links or websites that offer cashback when you make purchases. Look for coupons and discounts offered by various apps and sites during product or service promotion.

There are so many ways of saving money that you dare not find it difficult to save your money. Inculcate a savings habit today and notice the gradual surge in your money each day. Instead of looking for more money to spend on your favourite things, try adding to your savings account for a more secure and financially viable future.

It is recommended to first allocate money to savings every month before spending.  
First Published: 31 Oct 2022, 08:39 AM IST