4 ways to save money
Many people have a tough time during the month end, not because they don\'t earn enough. It happens mostly because people don\'t manage their finances well. Here are a few simple steps to put into practice, especially if you are single.
Are you among those who desperately wait for their salaries to get credited, so that they don't have to struggle to manage their daily expenses?
Many people have a tough time during the month end, not because they don't earn enough. It happens mostly because people don't manage their finances well. Here are a few simple steps to put into practice, especially if you are single.
1. Start a recurring deposit account: The right time to start a recurring account is when you open a salary account. The agreed amount automatically gets transferred from your salary. Also, you won't be able to withdraw money from this account midway. So, once the amount matures, you will have a bulk sum at your disposal.
2. Write down your expenses: When you don't have any idea about the expenses, you tend to splurge. Therefore, you end up spending more than what you earn. Once you make a note of the expenses for the month, you can prioritize and later, adjust the budget depending on how much you earn.
3. Have small parties at home: Instead of heading out to a hotel or a pub to celebrate your birthday or any other special occasion, invite friends home. Apart from cutting down on food expenses, it also assures great fun as one can indulge in activities like cooking together, setting the table or a game of cards after the meal. These may not be possible if you go out.
4. Follow the 30 day rule: Haven't heard about that? It's simple. If you feel that you are in need of something, wait for 30 days and reconsider your decision to buy it. If you manage without that for the first 30 days, you may even decide not to buy it at all as your urge to possess it would have passed.
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