Earn Good But Save Nothing... Here are Some Sure Shot Tips to Save Money

howdy,

Everybody has his/her own intelligence to earn money. Even beggar also does that. But do I have intelligent to spend money is a very important thing. Here are the points you have to give a fix to.

1. Maintain log of expense:
You should have a clear idea how much money was there with you and how much you have spent. When there will be log in front you, you understand how much unnecessary things you have bought this week or month. And your mind will automatically resist to spend on unnecessary things next time.
You can use software like buxfer.com or app like iSaveMoney.


2. Don't misunderstand your wants as your needs: 

Understand difference between assets and liabilities
Assets : The thing which gives you money. Like : rented apartments, SIP, Mutual Funds
Liabilities:  Which takes money from you Like : Expensive gazette, Cars, Big house

Be careful that you are spending on assets not on liabilities. Because investing 20 Thousands on mobile will not return you anything after 5 years, But investing that money will return you very good amount in the future. So live simple buy necessary things only.

Ask question to yourself before purchasing anything. Is this thing really necessary and what it will return me after 1 or 2 years? Believe me, your 30% shopping money will goes in your saving.
Balance your earnings with saving.

3. Eat Smart:

Try to bring your own healthy tiffin rather than spending too much in hotels. Have some fruits instead of having bug budget pizza.

4. Avoid Loans:
Avoid buying things on loans as it eats most of your earnings of life unless you have a clear idea to repay it and it is very very necessary.

5. Start SIP at very young age:

Try to save at-least 20% of your income for your tomorrow. Don't consider those 20% as your payment. It will give you 200% after some years and you will have very relaxed life.

Compound interest - Your money will make money for your. Compound interest is 8th wonder of world - Albert Einstein

6.Avoid buying cars:

Due to ease of car loans many people easily buy cars and then they have to pay for that many months. So avoid having cars unless you use it every day. It will save your fuel cost as well as maintenance cost.
7. Say No to big Budget Weddings:
The big budget wedding will give you happiness only for 2 days. And you will spend almost your 5 to 6 years earning on that thing. No one is going to remember what they have eaten after a week and no one will come to help you when you will be in debts.

8. Gift Time rather than lavish gift:

Many people spend too much on gifts rather than share your valuable time to that friend share memory. Call them at dinner. This will be a precious gift for your friend in this word.

9. Use Credit Cards very thoughtfully:
Never use credit cards for unnecessary things. This will add overhead to your next month expenditure.

10. Plan for future events:
Always have a clear plan for careers, weddings educations, kids and save accordingly. Don't plan which will be out your zone. Enjoy your life don't rush behind money always.

11. Purchase in Bulk:

Try to purchase daily use products in bulk, it will save small amount for every piece. Ex. If you purchase shaving blades, Soap's, Shampoo in bulk it will be cost effective. 

12. Celebrate no expense day:
Decide one day and don't buy anything on that day. If you do this once a week it will really avoid unnecessary expense.

13. Quite Addictions:

Smoking seems very negligible expense, but if you spend 15 bucks daily on that it you are loosing 5475 Bucks + mouth fresheners cost in one year and it will give problem and disorder in return. Drinks are itself expensive, so instead of having a party with drinks have some healthy juices and delicious dinner together.

14.Your personal Life and Health are the most important saving:

If you don't have mediclaim have it first. Because people tend to take their all savings back only in a medical emergency. So if you are saving then medical emergency is leakage to your saving bucket. So fix it first and then start saving.

-: HAPPY SAVINGS :-