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How to save money by bringing about small changes?

Mutual Fund Industry | June 27
Inflation is on a high! Yes, and this means we need more money to purchase even our daily needs. However, in order to combat inflation, the income of people must rise to enable them maintain their standard of living.  The people who suffer are the self-employed, the ones with a fixed income and the poor. With inflation on a rise, the job scenario on a low, and the level of income being stagnant for many, the need to save has become a priority for most of us.  So how do we save some money? If a few simple things are taken care of, we can save a lot of money. We have listed down a few ways which will help you a few bucks.

1. Vehicle Pooling/ Public Transport

A lot of us use our own vehicles, be it a car or a bike, to commute to our workplace or even nearby areas. For example, if you have to go to your neighbourhood to purchase a couple of things from a store, that is of walking distance, avoid taking your car out. Also, where you have colleagues living in the same area, a vehicle pool can be initiated. Else, start using public transport. This brings down your transport expenses by more than 20%.

2. Family Mobile Plan

These days, a lot of family mobile plans are offered by major mobile service providers. By paying a fixed monthly fee, you and your family can enjoy free calls, internet services and other facilities. This cost is way less than individual monthly mobile payments. 

3. Get rid of things you don`t need

Sort out things in your house and discard or sell off things that are not required. Disposing off newspapers, bottles, boxes, clothes can get you a few rupees. Getting rid of any unwanted or unused subscriptions will help in saving you some money.

4. Avoid Credit cards

Owning a credit card can tempt you to spend, and increase your liabilities. Many companies offer free annual membership for the first year, however, post that, an annual fee is charged which can vary between Rs.200- Rs.1500. Once you buy anything using a credit card, ensure that the bills are cleared on time. Else the outstanding amount attracts interest which can vary between 25-30%. By not having a credit card, you can avoid unnecessary shopping as well.

5. Buy Second Hand Stuff

You can always opt for second hand stuff to save on a few bucks. Take for instance, a car. You get good second hand models these days which are sold by authorized dealers and you not only get it at a marked down price, but they also offer free servicing for a certain period, they last for a long time and serve the purpose.

6. Laundry and Ironing

Another simple way of saving some money is by doing your laundry and ironing your own clothes rather than keeping a maid for the same or giving your clothes to the laundry shop. This work can be done once a week and the few rupees saved will at least take care of your daily groceries.

7. Advance Travel Bookings

In case you have a trip planned out for your family in the near future, ensure that you get your bookings related to tickets and hotels done well in advance. This saves you a lot of money in terms of air/railway/bus fares and hotels as well. Once the dates of the trip are finalized, proceed with your bookings as this will save you thousands of rupees.

8. Online Shopping

These days, everything is available in just a click! You can buy groceries at discounted prices and they get delivered right to your home. This saves you money as well as the cost of travelling to and fro from your house to the super market. Also make use of cash back websites while you shop as these give you rewards along with certain amount of cash back on your order.

9. Online Payment of Bills

With the internet, life has become easier, especially when it comes to bill payments. You can set reminders and pay your bills on time and avoid penalties. In addition to this, you also get cash back on some of the websites. This saves your time and money required to visit the service provider to pay off your bills.

10. Distributing Household work

A maid would cost you a minimum of Rs.3000 for cleaning utensils and cleaning the house. Instead of this, you can delegate and distribute the household tasks amongst the family members. This can save you a lot of money every month which can be utilized for other areas. It also inculcates team spirit and teaches children to manage their activities.

11. Discount Coupons

A lot of stores be it online or offline, offer discount coupons which helps you save some money on things. You can find these coupons in newspapers or at the stores on the products itself or on their websites. Many stores also send you discount codes on your mobile.

12. Cook food instead of Ordering

A simple way of saving some money is to avoid or reduce the frequency or ordering food or heading to the restaurant. Taking out a few minutes to cook a meal can save you a lot of money in the long run.

These are just a handful of small changes in your lifestyle which can be taken care of in a different way and thereby save you some money. It is also recommended to invest a part of your income in saving schemes, insurance policies, SIP`s, post office savings, etc., which will ensure you save every month. Also, senior citizens must make use of the benefits that are granted to them - medical expenses, discounts on tickets, etc. A reminder to all- read every document related to your policies, bank accounts, coupons, etc., carefully and make sure you have understood the terms and conditions well. Also be aware of the consumer protection laws as it will help you in your daily life. All you need is the willingness to cooperate in various tasks and the smartness to take advantage of what technology has to offer! 

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