We have all heard the saying 'A penny saved is a penny earned' and understand its importance, but when it comes to practicing the concept in real life, most fail to do it well.
Saving money is not easy. There are so many things you wish to spend your money on. Most of those things give you instant gratification and make you happy immediately. This makes it difficult for even the most disciplined people to delay that gratification by saving and investing for a better future.
What if we told you that there are certain tricks that you can use that might give you the best of both worlds. Some habits and practices will not take a toll on your lifestyle but will also significantly increase the amount you save monthly. We are mainly a sum of all the habits we build, so most of these saving hacks are good habits that can take you a long way on your financial journey. So let us begin.
- Recheck Your Plans: We have subscription plans for many services like our cell phone, wifi network, DishTV, etc. These services have multiple service providers, and in the spirit of competition, they tend to unveil new plans now and then. Be on the lookout for them, and make sure you are using an updated and budget-friendly version. Evaluate these costs as recurring expenses and might look small in a month but can add up a lot in a year.
- Remove Unused Subscriptions: With the rise of many OTT platforms like Netflix, amazon prime, etc., people tend to have many subscriptions. Some people also subscribe to newsletters or magazines to read a particular article but forget to remove the auto-renew feature. Check out all the subscriptions you have and evaluate the ones you want to keep and those you don't.
Read more: Why Can't I Stop Wasting Money on Unnecessary Subscriptions
- Plan Your Meals: Impulse purchases have the worst impact on our budgets and finances. One standard impulse purchase that people often make is food. When you do not know what you will cook for dinner or when you do not plan and buy some groceries, the easiest way is to order home delivery simply. This habit is not just unhealthy but can also take a toll on your finances. Plan your meals and try to maintain a balanced diet. Always keep some healthy ready-to-cook meal options in your pantry just in case you have a long working day.
- Become Energy Efficient: Electricity bills make up a considerable part of people's budget. There are multiple ways you can cut down on that and help both your wallet and the environment. Switch to LEDs if you haven't already. Be witty while buying new appliances and understand their energy consumption well and, most importantly, turn off devices when you are not using them. It is a small habit to build but can have a good impact.
- Cut Down Recurring Expenses - When you plan to bring down your costs and get them in sync with your budget, focus more on regular costs. If you are making an expense that you can avoid and are making it regularly, then cutting that out of your lifestyle can help you a lot.
- Use Apps: Many apps can help you build habits like expense tracking, budgeting, investing, etc. Apps like Wizely can help you become more disciplined and organized with your money. Do check out Wizely and get your finances organized.
Learn more about How You Can Save on Wizely.
- Get a Second Job/Side Hustle - When you get an extra freelance project or begin working on a side hustle, you are generating an additional income and taking out time that you otherwise would have spent doing something that might have been an expense. You will make fewer plans to go out when you have a project to work on, potentially making you a lot of money.
- Take Care of Things: This idea is on the lines of the saying, 'A penny saved is a penny earned. If you take care of things and do regular maintenance whenever required, things tend to last longer and require much less money for repairs. This indirect method may not reflect on your finances instantly, but you will indeed feel the change.
We hope you will incorporate at least some of these hacks in your life and benefit from them. If you take some time to introspect, you might also realize many different areas in your life where just by changing certain habits, you can end up saving a lot of money. Look up everything you spent your money on in the last few months and analyze each of them. Figure out the ones that could be avoided and improved next time. Happy Savings :)
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)