With the ever-increasing nature of expenses and no proportionate increase in income, maintaining healthy lifestyles put most families on tight budgets. And, when you’re on a tight budget, it becomes especially difficult to save money. Despite the challenges, one should always set aside finances for the future, keeping in mind emergencies and adversities that almost always have the wrong timing.
Though it might get too far-fetched to quote Albert Einstein right now and ask you to believe in his famous saying, “In the middle of difficulty, lies opportunity”, it might be a good place for you to start as we help you discover the 10 smartest ways to save money in this article. Managing your finances well is no easy feat, but here’s how to do it:
1. Choose cash for daily expenses
Though this might sound frugal at first, switching to cash for carrying out your daily expenses are actually a great way to save money. If you’re wondering how that might be possible, well, let us tell you it is no rocket science. When you switch to cash, you become more mindful of your expenses.
Cash puts a certain limit on how and where you spend, hence you can no longer mindlessly swipe your card. Tapping into your human psyche to save money is one of the oldest yet most effective ways known to us all.
2. Pay off your debt
Well, this might sound like an ironic stroke, considering we’re talking about saving money and not spending more, especially when we’re on a tight budget. However, paying off debts might actually be a great way for you to save money, as you would no longer be paying interests on those debts. If you take steps to pay off your credit cards, you’d actually free up additional money and save on the ridiculous amount of interest you’re being charged on your credit card accounts.
3. Check before you renew your insurance policies
Most of us are in the habit of simply renewing our insurance policies, without doing much of a background check. Before you renew your insurance policies this time, have the rates of insurance policies compared online. Utilize the easily available aggregators that provide you with a comparative analysis, and select the best option available. You’re more likely to come across better policies with attractive discounts from insurance companies, online, rather than offline.
So, keep that in mind to save money, while you’re looking around for new insurance policies or renewing your old ones.
4. Go online for grocery shopping
Most of us tend to buy groceries and fresh vegetables in small quantities as and when the need arises. Financial experts believe buying groceries at the beginning of a month helps you save money. And if you’re choosing the online model of shopping, not only do they get home delivered to your doorstep, but also you earn discounts on shopping every time, with redeemable points and offers that further help you to save money.
5. Assess your telecom costs
Most families at present have 4-5 phones with internet connectivity as well as calling facilities. This incurs enormous financial spending on a monthly basis. The smarter way to go about this is reducing the internet bandwidth on the personal devices, and taking a Wi-Fi connection that helps everyone have access to the internet, at low costs.
Also, you can talk to your telecom guys, and switch to a family connection, tailored for your needs, where you get to enjoy all facilities but at a lower rate, hence allowing yourself to save money.
6. Keep an eye out for clearance sales
Most brands give out clearance sales, at the end of the season, and festive times call for other sales. If you’ve plans to go shopping, look for times when their sales are on, so that you can get attractive offers like Buy1 Get1 Free, or 50 percent off. Keeping your eyes out for these attractive offers and discounts would help you to save money. Moreover, you’re always liable to more discounts at check-out if you’re shopping for a particular amount. So, rather than buying in bits and pieces, make a list and save yourself some money!
7. Cut out on eating out
As much as we like eating out, let’s face it: it is expensive. And, if you’re trying to save money, that too, on a tight budget, you’ve to let go of some expensive habits, no matter how good they feel. Practice eating back at home. Nothing saves money like cooking. However, don’t have to go off eating out absolutely. Treat yourself and your loved ones to weekly dinners and lunches, but try to keep them once every week.
8. Use coupons
Though this might sound redundant, imagine every time using those 20 percent off coupons and discounts at check-out or while paying bills. If you use online means of payment, you’d actually help yourself to save money, and a bit here and there would add up to a lot more, in the future.
9. Re-evaluate your transport expenses
Are you a family who uses two cars? Trying to switch to one, or even better, car-pool and use public transport. Shifting to public transport or sharing your commute might take you longer, but would help you save money, which as we both know, is a goal you’re working towards. The point is to spend smartly, hence opt for car-pool services which are not only comfortable, but also more affordable, and help you save money.
10. Check your bank charges
Well, at times, you end up paying these silent charges on your bank account amounts. If you’re not careful, these can actually add up to a lot annually. Always check your financial statements, and probe your bank about the charges. Opt for credit cards and debit cards which have the lowest maintenance costs. If you rigorously follow these little things, you’d help yourself to save money and before you know it, you’d be in a more financially comfortable position.