New Delhi. Saving money is not just about cutting expenses, but adopting small smart habits that, over time, bring big savings in your pocket. The good thing is that you will not feel any deficiency due to these small changes. Just a little consistency and a little planning can change your financial life. Here are 20 such money habits, by adopting which you can save thousands of rupees every year.
1. Track expenses, only then the budget will improve
First of all, note down every expense for a month. This shows where money is flowing and where it can be controlled.
2. Set clear goals
When you know what to save, the discipline of saving becomes automatic.
3. Pay yourself first
As soon as you get your salary, put a fixed amount in savings or investment. Consider it like your important bill payment.
4. Automate Savings
Set up auto-debit from the bank every month so that the money goes into savings even before it is spent.
5. Cut off unwanted subscriptions
Close those which are not in use like OTT, app or gym etc. Even Rs 500 a month becomes Rs 6,000 in a year.
6. Home food, big benefit
Eating at home saves thousands a month and also improves health.
7. Make a shopping list and buy
Shopping without a list often results in buying unnecessary things. The list keeps expenses under control.
8. Use cashback and reward points wisely
Get rewards on essential purchases, but don’t make unnecessary purchases just for the points.
9. Buy essential items in bulk
Buying long-lasting items at once saves money, but do not stock more than necessary.
10. Prevent lifestyle inflation
If salary increases then it is not necessary to increase expenditure. Put extra money into savings.
11. Don’t rush in online shopping
Delete shopping apps, turn off notifications and wait 24 hours before making non-essential purchases.
12. Compare Prices
Before each purchase, take a few minutes to compare prices across different stores or sites. Even small savings become big in a year.
13. Use cash for discretionary spending
There is a slight pause in spending cash, which prevents unnecessary purchases.
14. Check bank and card statements regularly
Small hidden charges or wrong entries often go unnoticed. It is important to check every month.
15. Invest early and regularly
Start SIP or RD even with small amount. The magic of compounding depends on regular investment.
16. Limit credit card usage
Use credit card for need, not for habit. Pay the bill in full every month.
17. Plan your travel in advance
Early booking of flights, trains and hotels leads to big savings.
18. Buy quality things
Frequent replacement of cheap items turns out to be costly in the end. Get durable things.
19. Negotiate the bill
Internet, mobile, insurance etc. many times cheap plans or discounts are available just by asking.
20. Reset habits every 3 months
Budgets and savings goals change from time to time. Reset your strategy in a few months so that financial progress is maintained. Keep making small changes continuously and your savings will automatically increase without any sacrifice.
