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Top 10 Simple Ways to Save Money

Updated on March 26, 2020
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Muhammad Rafiq is a freelance writer, blogger, and translator with a master's degree in English literature from the University of Malakand.

Top 10 Ways to Save Money
Top 10 Ways to Save Money | Source

Ever pondered on the fact that there is always a need to put the habit of instant gratification to a standstill? The smoothly and gracefully moving financial life can anytime turn into a rough and bumpy road wherein all you wish and demand for is a saving from your past life. With the people around the world becoming extremely impatient, the constant urge of instant gratification is increasing due to which people lack the savings that are needed for future prospects. We need to come to the term that we are in the time where money and economic stability has become one of the essential element for survival. For a debt-free life, people are undertaking various steps to cut back unwanted daily spending.

1. Set You Saving Goals

Setting up a goal and working towards it is a habit that should be undertaken by everyone. Working on something without a set goal is not of much help. Make it a rule in your mind that you have to save some percentage of the salary for savings. Carefully analyze the timeline within which you need to keep a particular sum of money that can be used to fulfill your long demanded wish. Initially, this might appear tedious but making it a custom will undoubtedly make your way smooth.

2. Bring Lunch from Home

Make and take your homemade lunch to the office. Many people have the habit of eating outside, which eventually occupies a big part of their monthly expenses. To control your monthly costs, avoid eating lunch out. By doing a little for yourself, you will be able to save up money for future use.

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3. Skip Your Daily Stop at Coffee House

We all know that a cup of coffee is needed by all to handle the frustrating days at the office. But first, calculate the amount that you spent monthly on your coffee visits. Astonishing, isn't it? Cutting this amount from your monthly expense will definitely help you a lot in the future. Brewing your coffee at home is the ultimate solution to this problem.

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4. Control Your Fear Of Missing Out (FOMO) Mindset

Saying Yes to each and every day outing, nightclubbing, etc. can become a hindrance in settling up your financial future. The need is to be futuristic and save money for the endeavors that are important for your future life.

5. Use Public Transport

As it is said, "Little drops make the mighty ocean." It is quite evident that the money you drain in the daily commute from home to office and office to work via a personal vehicle is approximately ten times more than the public transport like bus, metro, cab pool, etc. This drastically reduces the amount you are supposed to spend on fuel.

6. Deposit a Proportion into FDR or Mutual Funds

At the core, the idea of savings is to safeguard your upcoming life. To stay prepared at every critical situation that might spring up suddenly, you should always have some respectable amount. For this, every wise man considers the idea of FDR and Mutual Funds as the best alternative. It all sums up as 'Spend to Save.'

7. Stop Being a Shopaholic

We totally agree with the fact that financial independence always makes you crave to get more and the best of everything. But give it a long hourly thought and come up to the terms of realization whether you actually need that particular entity or not. This thought might seem trivial, but to get your heart off from the eye-catching stuff demands courage.

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8. Halt Your Habit of Ordering Food

In the era where everything is available at your doorsteps, even the foodstuff from your favorite restaurants has become an easy catch. Nurturing your laziness by ordering food from the online outlets daily is a common cause as to why the savings go in vein smoothly. Make it a policy to eat healthy homemade food. Make your heart of steel and try this for a month. Favorable changes, in turn, will surely reinforce this idea to be carried forward.

9. Cut Down the Usage of Energy

How ignorant it is to leave the lights and fans on for the walls. Your such an act makes you think deeply as to why and how your electricity bill could hike to an extreme. Monitoring of electricity bills is indeed critical when it comes to severe savings practice. Make it a habit of using those appliances which consume less energy but give equivalent power like LEDs, switch on only one tube light and switch it off as you leave the room, power off the socket when your phone is charged. These are some of the most basic acts which could help. Further customization of your savings as per your routine will help.

10. Drop off the Unnecessary Subscription

One thing that can surely be controlled from your credit card bills is these unnecessary subscriptions. The idea of Netflix, Amazon Prime, etc. seems to be recreational. Still, in the long run, it will eventually lead you towards wasting a large sum of money. Remove the auto-renew option from your settings to avoid making it a habit of wasting both money and time on these recreational sites.

Every prosperous man has made it through by saving in every possible manner and as much as they can. Practice little things to get into a habit. Start from the beginning and keep control over your nerves. It is high time, and in this scenario of increasing inflation, the need of the hour is to start saving as soon as you start earning. However, the rule of savings never dictates that you always have to do it for future emergencies. People also save it for fulfilling their concealed desires of leisure, travel, and fun. It's just a matter of priority, and then you can set your targets accordingly.

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