9 Simple Tips To Save More Money

Now that we are well settled down and in pace with 2019, it is time to make some realistic financial goals and take measures to stick with them. Financial planning and money management can be overwhelming and most of us feel like giving up in the middle thereby messing with our finances. One the most difficult parts of saving money is taking the first step towards it. However, if you keep small goals, they become easier to achieve.

Let’s look at some of the simple tips that will help you save more money:

1. Review Your Spending Patterns:

First and foremost, you need to review your last year’s bank accounts as well as credit card statements and understand your spending patterns. Once you refer to your expenses, you will understand where you spend the most and then take measures to cut down on them. You can even plan to redirect that money towards some other expenses. The process of reviewing your expenses is a bit tedious but it will help you in planning your monthly budget more effectively.
 

2. Look Out For Apps That Offer Cashback:

In today’s digital age, payments have also become digital. There are several mobile wallets that are luring customers with exciting cashback offers. When you buy or pay using these cashback apps, you end up saving money on items you are anyway going to buy. The cashback amount varies from anywhere between Rs.50 to Rs.200. Also, these apps keep coming up with new offers quite often so you can take advantage of them and save some bucks.
 

3. Use Expense Tracker Apps:

There are an array of mobile apps that will help you in budgeting. With money management apps, you can keep a track of all your expenses and offers a better idea of your monthly financial transactions. For example, the BankBazaar Mobile App has a cool personal finance section that helps you manage your money in a seamless way:

★ All your important financial information such as available credit limit and total outstanding amount is present in the app.

★ You can check your bank balance for multiple bank accounts.

★ Moreover, the app offers a graphical representation of your monthly spends and helps you tweak your spending habits.

★ It helps you keep track of all your financial transactions, including credit card transactions as well.

★ The app also sends you reminders regarding your payment due date and EMIs.

 

4. Use A Credit Card Wisely:

It is important to keep a tab on your credit card usage and monitor it from time-to-time. As you don’t spend cash or existing amount from your savings account, you might get carried away and spend more on credit cards. Fix the items or bills that you are going to pay via your credit card and stick with it. Don’t use your credit cards for all your payments if you are not able to track your spend as you might find yourself in a debt. Also, your credit card usage has a direct impact on your credit card. If you mess up your credit card bill payments, it will have a negative effect on your credit score. Also, you should get credit cards that you are suitable for your needs. For example, if you travel frequently, opt for credit cards that offer miles and lounge access. Moreover, if you are a movie lover, you can look out for credit cards that offer discounts and rewards for movies. In the end, make sure to pay all your credit card bills on time and avoid delays as you will end up paying more money in terms of late payment fees and interest.
 

5. Set Specific Financial Goals:

If you set a specific goal in terms of your financial health, you will be able to focus and work towards it. It is completely okay to start with short-term goals following which you can gradually move on to long-term goals. Create a monthly budget and stick to it. Rank your necessities according to the importance and allot the money for each of them.
 

6. Challenge Yourself - Save Certain Amount Every Month:

Most of the people get bogged down by the whole idea of saving and they struggle to keep up with their plans. Instead, develop a saving system that works for you which could include either putting a certain amount of money away each month. You can even challenge yourself with no-eating out January or no-movie March. This way, you get some motivation of completing your challenge and you also end up saving some additional money.
 

7. Cook More & Save Money On Eating Out:

After paying the rent and utility bills, your next major expense is on food. If you plan and prepare your meals at the beginning of the week, you will glide through the week easily and struggle less. By the end of the month, you will be surprised to see how much money you have saved. Also, unlike rent and electricity, food is one aspect where you are in the control of the money you spend.
 

8. Avoid Impulsive Shopping:

If you want to really save money, you need to cut down on unnecessary expenses. For starters, you can stop buying branded items and try settling for something which is decent and yet will not burn a hole to your pockets. Also, being impulsive in case of shopping can disrupt your monthly financial plan and you could also end up in a debt.
 

9. Increase Your Saving & Start Investing:

Once you get the hang of saving money every month, you can gradually start to increase your savings. For example, if you are saving Rs.1000 per month, you can gradually start adding Rs.100 to your saving and increase the amount. You will be surprised to see how much money you will save by the end of the year. Also, it must be noted that saving is just the first step towards wealth creation. If you want to increase your wealth you have to invest it. You can start with a simple fixed deposit that offers a guaranteed return.

Final Thoughts:
In the end, you must realise that wealth creation is a gradual process and it can’t be done overnight. You need to be patient and follow a certain discipline in order to see a hefty bank balance. Hope all the aforementioned points will help you save more money in the best way!