10 Smart Ways to Put More Money in Your Pocket
Keeping a track of your expenses and being smart about your lifestyle and your expenses will ensure you have more money in your bank account than you currently do.
Are you always looking at a near-zero bank balance by the middle of the month? Are you constantly in debt with friends? Do you find cash in your wallet to be at a minimum, if at all? If so, it’s time to re-evaluate your finances and get serious about saving. What most of us fail to recognize is that the small everyday extravagances are what build up to eating a sizable portion of what should be our savings. This does not mean that you have to live miserly; it just means that you have to get smart about your spending. Here is how:
- Track your expenses: First and foremost, maintain a clear record of your spending habits. It may surprise you that you are spending small amounts of money frequently (and perhaps unnecessarily) on a variety of things, all of which add up to a substantial amount.
- Don’t pile up the debt: This is applicable to cash as well as credit cards. Make sure that you pay up before things start to pile up and you are left with a debt that can’t be wiped out in one shot. This requires a bit of restraint on your spending and borrowing habits as well.
- Avoid wasteful spending while shopping: Whether at the department store or at a restaurant or even while shopping, purchase or order only what you will definitely consume. Do not stockpile for more than a week. This often leads to products going bad, food going to waste and money down the drain. Do not get sucked in by the lure of sales too often. You will end up spending more than you really want to.
- Carpool or use public transport: Much of the fuel that goes waste in traffic jams and at signals can be conserved by using one vehicle instead of three. Share a car to office or use public transport systems. It is conservation of a resource and a huge burden off your pocket.
- Invest wisely: Make safe and profitable investments. Check the latest schemes across banks and government mutual funds enterprises. Spread your investments among the best options available and create a fixed deposit account without fail.
- Get yourself insured: Insurance is an investment option that is often overlooked. Ensure that you choose cheaper term insurance but one that gives you comprehensive coverage.
- Be smart about maintenance: Maintain all electrical appliances carefully. Use household appliances prudently and run a check occasionally. Try to do your own repairs if you can.
- Conserve energy: Turn off lights and the television when not in use. Also, turn off the refrigerator during peak hours. Cut down use of electrical appliances and save on your electricity bill. Open windows and doors and let in fresh air instead of constantly using the air-conditioner.
- Avail of group deals: Check out if group offers are available for classes you want to join or restaurants you want to visit, as well as holidays you want to try out.
- Reward yourself: Life need not be all about scrimping and saving. Give yourself a treat after 30 days of following a well-planned budget. This celebrates your accomplishment and breaks the monotony.