Money is as important as food and air for a human being. It’s a basic necessity without which no human can survive. The most important thing about money is that it doesn’t comes to you according to your wish. The only way you can have money is that you have to earn it. Every human in this world does some work to earn money for their livelihood. The more is your earning capacity the more you can spend on your lifestyle, comfort and enjoyment apart from your basic needs and also on things like insurance and investment. But the Question arises here- is it okay to spend all earnings without going for any kind of savings? And the answer is certainly NO. You should always try to save wherever you can. Saving money is equally as important as earning it!
If you spend everything that you earn, then what would be your option, should some medical emergency arise? What would you do if you unexpectedly lost your job? What if there is no pension you from your company after your retirement? Anyone who knows and understand these risks should keep themselves prepared and the only way to do it is to: Save Money, so that if a situation like this arises you can tackle, survive and come out of that situation easily.
But Saving Money is not easy as it sounds. Just knowing about savings or just planning about it is not enough. Also it is not an one time thing that one can do and be done with it. Saving Money is a continuous process, which requires a correct planning and a financial discipline round the year. But, then it is not everybody’s cup of tea. Hence to make it easier, we researched and analyzed different hacks which can help you save a ton of money this year, next year and every year to come.
Here are 10 Hacks that will Save You a Ton of Money in 2018
- Analyse Your Expenses and Make a Budget accordingly: Budget is the most important thing which you need when it comes to savings and proper management of money. Budget helps you realize your monthly income and your expenses and is the main factor which can result saving. For making a budget the most important thing is you should first analyse your monthly expenditure and then you should try to cut down your extra expenses wherever possible but you should always keep in mind that this cut down should not affect you or any of your family member adversely. Budget should be a helpful tool in helping you cut down the unnecessary cost while not sacrificing every luxury in your life, without which your life would become even more tough, and even tougher for you to stick to your budget.
- Have realistic goals and don’t be strict with yourself: Goals matters a lot. If you are having a goal then only you will work on anything to achieve that. So set a goal fist that how much you want to spend, save and invest at the same time. Don’t be a fool and set a goal which is not realistic i.e. which can’t be achieved. If your goal will be feasible and realistic then only you can get that and after that set a level up goal. Take baby steps otherwise you will fall and it will be you only who will suffer.
- Stick to Your Budget: So you have prepared a budget for yourself. But, just planning it out is not enough! You need to stick to it. This is a very common thing that people make budget to control their expenses and to save but how many of them stick to it. It’s a human nature that the beginning of anything excites us, but over the time we tend to lose that initial excitement. Planning a budget might feel exciting to see on paper how much can be saved every month, but when it comes to the execution some or other excuses come up preventing the execution of the plan as per the budget. All your plans about saving will remain a plan until and unless you start managing your money according to your budget.
- Be a Smart Shopper: Shopping is something which people can’t resist especially females. Whether a guy or a girl the wishlist is always big, from clothes and accessories to other stuff such as electronics equipment’s, home furnishings, groceries and many more. So being a smart shopper you should always compare with the options available to you whether it is online or offline always compare for the price you are about to and also for the quality of the product. In this way you can get a good product at the price which you can afford.
- Sales/Offers/Coupons: Always make use of sales, offers and coupons while purchasing anything. Now a days you can see many offers and sales available for each and everything from a car to a dress. So here is an option for you to save. Always try to purchase things when it is on sale and offers. If you will say that these sales and offers are only for limited period then you are wrong here, these sales and offers are these for almost whole year the only thing is that you have to keep looking for these offers with different brands and shops.
- Start Saving on the Smaller Costs as well like Water and Electricity: Water and electricity are very important for survival and also for a comfortable day to day life. Just like other facilities, even these do not come free, especially in cities which face waters shortage. Saving water and electricity will not only save our money but it will save our environment also. As we all know that water source is limited in nature which is usable as rest is the sea water and electricity is also generated from running water only. So if you are saving water and electricity you are not only saving your money but you are contributing to the environment as well.
- Use Public Transport or a Group Transport: Transport is the major thing on which people spend especially when it comes to a big city or a metropolitan city. So as there is an expenditure, there are ways to save too. Instead of choosing your own vehicle for commuting to office or any place of daily visit, try to use public transport such as metro if available or public buses or pool cabs. In this way you can save which you were going to spend on petrol and these public transport will cost you much less.
- Eat Homemade Food: Homemade food is best for your health but we all prefer to dine out frequently. But after the implementation of GST in India dining out can cost you much more than earlier as under GST you will be charged 18% as GST tax. So it’s better to have homemade food and healthy as well as wealthy at the same time.
- Have Realistic Investment Plans: Apart from savings, investments are also very important to save taxes and to plan your and your family’s future. If you do not have any investment then you will have to pay a big part of your earning as tax to the government. Investment through FD’s, mutual funds and Pension funds can really help you in saving on taxes but also create a pool of money for future use. Invest money not only to save taxes but your investment can also secure your family’s future even after you are gone.
- Don’t Buy Anything until you Really need it: Wishes and dreams never end!. It’s a human nature to not be satisfied with whatever they have and always be willing to have more and better. A person is living in a one BHK house will always be willing to have a 2 BHK or even 3 BHK house. The example was of house but same is the case with each and every thing a person needs in daily life. But it’s very important that we should not spend not according to our wishes but according to our needs.
Follow these points this year and start saving and in just one-two months only you would be able to see the change, which will reflect in your bank account. Be wise enough and start saving today!
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