Last days of the month and you can hardly make ends meet?
Desperately waiting for a message which reads “Rs. 30,000 credited to your account XXXXXX4545?”
Too embarrassed to confess your inability to pay the beer bill at that happening pub?
Too old to ask your parents for help and too young to save any money?
Trust me; one is NEVER too young to save money.
Whether you earn Rs. 20,000/- or Rs. 2, 00,000 (I already envy you), it is important to start saving starting from your first salary. Fortunately, you don’t have to skip dinner or start living in a pigeonhole for that. A few lifestyle changes and tada – your moment of pride and happiness as your bank balance mounts up steadily. (You can even send me a ‘gurudakshina’ from it! ;)).
- Note down all your expenses
Write down all of your expenditures and analyze it. I guarantee you’ll find something that either you didn’t know you were spending money on, or you felt was unnecessary. If you don’t want to keep an excel on your computer, consider an app that will automatically track expenses for you (MoneyView, Walnut, Quick Expense Manager are the popular options), or write them down in a notebook.
Mrs. Sharma, who spent 5 years expending Rs. 50,000 a year to cover her family needs and managed to cut her grocery bill from Rs. 8,000 to Rs. 5,000, recently shared her top tricks for reducing your grocery expenses. “Don’t go grocery shopping when you are hungry! You will end up spending way too much on things you will regret buying and feel guilty about eating ’’, she said. Bad deal, eh?
Try eating a healthy snack before heading to the store so your cravings for packaged foods aren’t out of control. Your budget — and waistline — will thank you. 😀
- Take pleasure in simple living
Do you really need to upgrade your iPhone 6 to iPhone 7? Does your old, reliable i10 (or Dhanno for that matter) deserve to be replaced with that overpriced sedan? Can you ever love that dazzling FOSSIL as much as your Dad’s Titan watches? Is it worth buying Steve Madden on impulse and regretting later? (Okay, I admit I have done it.)
Some expenses aren’t just worth it. Remember, your Fossil will always have an Armani to compete with and every Audi will humiliate your Honda city. Simple living and high thinking is still the best way to live. (Remember, the Rs. 2, 00,000 category too is an audience. ;))
- Go homemade.
Exploring new places is fun, trying out different cuisines is important and loitering around on weekends binge eating desserts while celebrating your freedom is heavenly. After all, what else are we earning for?
But if you are eating out 5 days of the week, you and your health are in serious trouble. Learn to make at least basic Dals and Sabzis. Also, most hotels (even Dhabas) are So, you can afford that ‘London Dairy Belgium Chocolate’ you always crave for from your savings in service charges, service tax, VAT and tip alone.
- Walk, walk, walk
If your office is at a walking distance from your place (Lucky you!!), please walk to it. Don’t take the cab. You’ll also end up saving the money you spend on that fancy gym (which you never go to) and stay healthy. Make it a habit of taking the stairs instead of the escalator. Too clichéd I know. But it works. Also, be social and form a carpool. Less pollution and more money- ‘Man me laddu foota’? 😀 😀
Remember, emergencies are like uninvited guests. You never know which one knocks at your dinner.
A few lifestyle changes and you will never be broke again!