Savings is one of the major tasks of any household activity. Savings is easily said than done. With inflation; a rate touching the sky which is inversely proportional to the increase in the income further poses a hurdle in the act of saving.
careful spending and keeping a track of the expenses can go a long way to save money.
At the same time there is nothing which could be termed as the best way to save money, but here are some money saving ideas that would help you to discover ways to save money.
Write off you debts
Debt is a burden. Just keep a track of the money spent on your monthly debts and am sure this would occupy major portion of your expenses. Find ways to get rid of debts and this way you would find some money which can be used to save and invest.
Set realistic goals
Goals can help you achieve what you desire. Set short term and long term goals. Short term goal may be like buying a flat, household appliances or any other thing you may desire. But, long term is saving for your future or after your retirement. Plan and allocate funds for all the needs. Try to achieve them and you will feel elated when you progress after a few months. Setting goals is one of the best ways to save money.
Keep track of all your expenses
If you are really keen about saving money, then you have to keep a record of all the expenses you make. Allot a notebook or a diary and make a note of all the expenses you make be it small or large. Once you make a record you will know the amount spent on each of the household expenses such as utility bills, telephone bills, amount spent of eatables, entertainment expenses etc. Keep doing this and you will know the expenses on which you can put a control or reduce.
Evaluate your expenses
This step is in continuation with the previous tip. Take a deeper look into your spending habits during the past months. There would be some expenses that would have occupied a smaller amount but would add up to bigger amounts. For example, amount spent on entertainment or hotels would have been done once a month, but remember they all add to your expenses. Try to find out those little expenses and keep a curb on them. Keeping a curb on the expenses would go a long way in generating some best money saving ideas in near future.
Reduce the use of Credit cards
Credit cards no doubt are a handy and a safer medium of carrying cash. But, at the same time you will have no control over what you spend. You always tend to purchase something extra when you don’t see the actual cash being shelled out. Remember, you will have to pay them back with interest. Think twice before you actually spend and this is another best way to save money.