A 7-Step Way to Figuring out your Expenses and Saving Smartly

Reproduced from the blog whythezen by our dear friend Karabi Mitra. The blog was posted by her on May 7, 2017. Watch out for more articles from her only on Fintuned 🙂

It’s the same story every month right? You thought your spending was mostly under control this month, and you felt you were finally on the way to figuring out budgeting and saving. However, when the credit card bill finally knocked on your door, you got that same jolt of shock. You scanned the items and realized that there might have been a few things you could have done without. So, you promised yourself that you’d be more careful from next month. After paying off the bill, you promptly forgot about it till the same thing happened the month after.

Having suffered the same cycle myself for many months, I finally decided to take a calculated approach to my expenses. Following is a method I’ve been following to manage my expenses better.

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Learn to Budget before you Graduate

Probably, the only thing that can compete most with music in evoking different emotions in different human beings upon hearing it is – the word Budget!

The lazy dread it, the broke fear it, the snob looks down upon it, the ignorant avoids it, the accountant grapples with it yet everyone needs it!

Okay, so let me begin by making you feel good about it (so that you read further ;)).

Always wanted to be the CEO of a company?

Imagine being that CEO who manages his own cash flows!

Imagine always having enough money to buy the things you need!

Imagine being able to readily answer the persistent question of “Where does my money go?”

Excited already? Well, wait till you read the next line.

Continue reading “Learn to Budget before you Graduate”

5 Simple Lifestyle Changes To Save Money

Broke again?

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! ;)).

  1. 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.

  1. Grocery shop on a full stomach.    

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. 😀

  1. 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. ;))

  1. 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.

  1. 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!

Cheers!