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12 August 2020 | 4 min read

8 Easy Ways to Boost Your Savings

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We live in a world of instant gratification where everyone is trying to sell you something, all the time. As tempting as it is to treat yourself occasionally, one needs to put aside some funds for a secure future. Saving money needn’t be an arduous task; even the smallest lifestyle tweaks will end up making a huge difference. With proper planning and discipline, one can slowly and steadily fulfil one’s financial goals.

Make A Budget

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If you want to save money, it is imperative to live on a self-imposed budget. Noting down your income and monthly expenditure in an excel sheet (or pen and paper, if you’re old-school) helps in planning your savings. It also holds you accountable to yourself and reduces frivolous expenditure. So assign yourself a realistic budget, and more importantly, try and stick to it!

Track Expenses

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The next step to proper financial planning is knowing the current state of your financial affairs. Get into the habit of logging every expense you make, big or small. Analysing your spending habits with such scrutiny will keep your monthly budget rooted in reality, and will help you spot opportunities where you can save extra money. Tracking your expenses will also help avoid going over-budget.

Calculate your monthly goals and investments here

Decrease Restaurant Expenditure/Online Food Deliveries

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It’s easy to end up spending thousands of rupees or more per month, just on eating food from restaurants {this does not matter whether you are dining there or ordering from there}. And over many months, those thousands turn into tens of thousands, which turn into lakhs – when you look at it like that, cooking at home doesn’t sound so bad. Home-cooked meals are not only healthy for your gut but also your bank balance.

Choose A Digital Bank

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Choosing a digital bank that offers competitive interest rates enables your money to grow faster without you having to put in a lot of effort. A reasonable interest rate is imperative in meeting your financial goals more quickly as it represents extra money that you practically end up saving. Download our app here.

Curb Online Shopping

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Online shopping is the gateway to instant gratification. To be a successful saver, you need to delay that gratification. Even if you can’t help browsing, hold back from the checkout page for at least two days before you decide to make the payment. Rationalise with yourself on how necessary the purchase is and if you need it.

Cancel Your Cable Subscription

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A cable package is an unnecessary recurring cost one needn’t bear any more. You can save a lot of money by cancelling your cable subscription and switching to one of the online streaming content providers. However, if you are not willing to stop your cable, at least consider getting a package with fewer channels to cut costs.

Reconsider that Gym Membership

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You should only get a gym membership if you are going to work out regularly. Most people do not find the time to make it to the gym but continue to pay the recurring and considerably high membership costs futilely. You can avail the many free fitness options like walking, running and cycling – read more about home workouts here. Also, Cult.fit also offers a range of home workouts with experienced trainers, right in the comfort of your home – you can read more here.

Save Extra Bonuses And Cash Windfalls

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Your monthly expenditure should not include the money that you receive from work bonuses, tax refunds and cash gifts. This means that whenever you get a significant cash infusion at any time of the year, you should use that to pay off your debt or increase your savings. The logic behind this is simple – if you make INR 50,000 every month, you regularly live on the said income and do not need anything extra to maintain your daily living standard. This means that any extra money that comes to you should automatically go into your savings account. If you want to retire early, saving every possible rupee is an essential step. Don’t squander such a significant savings opportunity, whenever possible!

In conclusion, your finances are extremely critical and cannot be ignored as they form the cornerstone to financial stability. We highly recommend you make your savings automatic in your account so that you will not be tempted to use the same for other purposes, thereby helping you stay on track for financial stability for years to come.

 

by Sadhika Menon
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