Day in day out I couldn’t help but wonder where do I even spend all my money! Lying on bed, I kept thinking if there are tricks out there which can help me manage my money….
Here are some small changes I made in my spending habits which helped me save more money and go on more adventures:
1. Making a grocery shopping list:
It’s very tempting to grab those extra Oreos and chips when we go shopping to grocery store but when there is a list, I felt it easier to stick to it and get past the temptations which usually resulted in extra bucks as well as extra fat on my belly.
2. Cancelling auto-subscriptions and memberships:
I am usually traveling and often out of coverage to make use of Amazon Prime, New Yorker and similiar stuff. When I did end up cancelling the auto subscriptions, I ended up getting into more outdoor hobbies and creative pursuits and even going out for a run instead of binging on Netflix. Even gym membership wasn’t used in winter as I was busy skiing. This all did add up expanding my saving to a degree I didn’t ever imagine.
3. Functional products instead of brand names:
Buying generic instead of going for fancy brand names kept a lot of money in my pocket. I found that smaller brands have actually better quality things like stationery supplies, cleaning products, staples etc.
4. Auto-save option:
Setting up auto transfer to savings from current account or even automating to put a fixed amount into PPF and stocks each month has by far given me great results post covid.
5. Build your savings and interests with this calculator tool:
Using this calculator, we can quickly figure out how much money we will have saved up during a set investment period.
https://www.savingscalculator.org/
First, enter your initial amount you have set aside, then enter the interest rate along with how long you would want to invest for.
Next enter how much money you intend to deposit or withdrawal periodically.
Once you have entered this information the calculator will inform you of how much money you will have saved up before income taxes, how much income tax you’ll owe & what the remaining amount of money is worth in real terms after accounting for inflation.
Calculations update automatically when any input is changed. If you have a particular savings goal you want to reach by a specific date then please use savings goal calculators.
The best part is that it also has a feature which allows you to create a growth table of savings over time.
The site also provides a variety of calculators covering things like CDs, savings goals, college savings, and retirement planning.
6. Book your flight tickets and hotels early:
Booking flights well in advance is guaranteed to cost you way less than each passing day that you delay this. Also finding personal contacts in city instead of shelling out on hotels is also a great way to save as well as hangout with friends and get to know the city better when you are on a trip.
7. Reduce electricity and fuel costs:
Switching to solar water heater, solar lights or power saving LED lights saves you bucks and also saves the environment. Carpooling for your daily commute to office or gym and even weekend trips is also a great way to reduce fuel costs.
8. Cut down insurance rates:
It’s statistically proven that individual insurance plan will cost you a higher rate that what your employer can get it for. Signing up for insurance provider that the company you work for recommends is sure shot way to cut down the vital costs.
9. Eat at home and packing your lunch:9.
Two dinners outside often equals to one solid week’s worth of groceries. While it is tempting to grab that on the go meal from your favourite cafe, packing your own lunch will definitely result in you seeing your savings pile up week after week.
10. Negotiate, cash payment and discounts:
Very often, you will get some sort of discount or offer if you ask if there is any. Also, when going to local vendors or farmers market and thrifting, if you pay in cash they will reduce some bucks. It’s another helpful trick to buy things in bulk and negotiate the price.
11. Spending freeze:
I tried this for a week. I made a resolution to only spend on the most essential things and nothing else. It was holiday season and believe me, I ended up with good amount still in my bank with I otherwise would’ve spent on worthless things.
12. Do it yourself:
Considering the high services costs these days and the free information and knowledge available on Google and tutorials on YouTube, it’s become easy to fix appliances, plumbing things and home fixtures. If we buy things directly from hardware store and just put couple of minute learning how to fix, the job is done as well as there are heavy savings.
13. Skipping those Cafes:
One small lifestyle change is helping me save every single day. I got my favourite coffee grounds and now make morning coffee in thermos. When we friends feel like going out to cafe, I just invite them to come hangout in nearby park and have that refreshing coffee made by yours truly. I no longer have those cravings to stop enroute for a quick cup which was also quick losing of bucks, every single day.
14. Coupons, cash back apps and loyalty points:
I figured this out the hard way. If booking directly from airline, they offer loyalty points which we can then use for next bookings. There are also bunch of portals which offer cashback on hotel, flight, car bookings. The phone companies have also started doing this. It’s been great to see small savings which if calculated in the whole year, add up to quite a bit.
15. Sell things that no longer serve you:
Being into adventure sports, I tend to accumulate so much gear for all kinds of pursuits. Then I end up buying the latest gear and the older one sits in attic. During covid, as I was cleaning and organising everything, I decided to sell off everything to make space for my ski gear. This ended up, to my utter surprise, gaining me thousands of bucks.
THE BEST TIME TO START SAVING IS NOW
I never knew that such all steps would compound to so much savings. It was hard to study about saving or financial literacy but I started making small goals on https://www.savingscalculator.org/ to estimate how much I could save and that helped motivate me.
You can also make this resolution to start saving today. Let me know what you are doing and if any of the above has helped you to keep those bucks in bank.
