Do you often keep wondering how the salary vanishes so fast every month? Are you scratching head trying to figure out how to save some money without compromising your lifestyle and other comforts? Set yourself a savings goal and you can achieve it easily. Here are six simple tips following which you can surely put in more cash in your bank account each month.
1. Siphon A Part Of Your Salary To Compulsory Saving
You can provide standing instruction to your company or bank that a part of your salary would be directed to a separate savings account/fixed deposit/recurring deposit or any other investment product of your choice.
2. Try To Pay In Cash While Doing Shopping
Swiping a card or tapping the Smartphone is undoubtedly a safe and easy payment option but it makes you splurge too. So the next time you go shopping do carry some cash. As you pay in cash and see the money leaving your wallet that automatically curbs your spending tendency.
3. Create Own Savings Prompt
Your inbox or message folder might be flooded with promotions, and special offers, all urging you to spend more! Therefore, it becomes own responsibility to plan a savings reminder. It can be anything like small notes in your wallet, or a mobile reminder that reminds you about the savings plan.
4. A Piggy Bank For Small Savings Every Day
For regular saving, even a coin of Rs.2 is enough! Make it a habit to clean the wallet at the end of the day and put in small denomination notes/ coins in the piggy bank. Thus small money enters your personal bank every day.
5. Avoid Shopping Temptations
Make shopping harder by deleting excessive shopping apps, and removing your card details from the shopping portals. Every time you key-in the payment details you become aware of the spending. With lesser apps you will receive fewer notifications as well.
6. Keep Track Of The Household Expenses
Try to figure out which part of your household is eating away a major chunk of your salary, i.e., electricity, grocery, cleaning, maintenance, school fees or medical expenses. You can easily control few of these expenses by changing daily habits of family members.