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Tips For Saving Money

 How to Cut your Expenditure




Rajesh Goyal 


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  • Make A Monthly Budget :  In case you find yourself squeezed towards the end of the month, then learn the art of making the monthly budget and spending accodingly.  This is essential for families and individuals. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out. Once you have prepared a budget of incoming money and outgoing money, you will be able to identify areas where you can save.
  • Do not Carry Too Any Credit Cards :   One should always have one credit card in addition to debit cards linked to your accounts.  In case you are frequent traveller or have to spend on behalf of office, then you can have two or maximum three credit cards.    You should buy a product only when you are sure that you  will sufficient money to pay for the credit card bill which will be coming to you in 30 to 40 days.   In case you feel that you will not have sufficient funds in next month, defer the purchase through credit card.   In such cases purchases should be made only for emergencies like medical expenses etc.    This is necessary as the non payment or part payment of credit card attract high interest rates.
  • Always Shop Wisely:  The first of all, before buying an article, you must how much will be useful for you.  Does this item falls in the category of necessity or luxury for you.   In case, it is luxury, consider whether you really needs to buy now or defer its purchase.  Once you have decided to buy an article, hunt for the best price.  Check the price and discounts available online if the same is available on e-shops like e-bay, flipkart, amazon etc.  Such big online stores now a days normally offer the best price.    Then hunt for the same in nearby  markets, superstores etc and compare the prices you saw on online stores.   After you have finalised the product and model in the near store, buy the same from store or from online stores i.e. whoever is offering the least price.  Use your credit card so that you can defer the payment and earn some extra points !






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  • Plan Your Purchases of Gold / Jewellery : These are major purchases and should always be planned.  Avoid purchases during festival seasons.  During those days, you will find extreme rush on shops with jacked up prices.   If you do not believe in good or bad days, purchase your gold / jewellery during lean seasons.  Shop keepers will have plenty of time and will show you all sorts of designs.  If you bargain, you may even get some discounts on making charges etc.


  • Plan your Holidays / Vacation Trips in Advance :  Most ot airlines and travel agencies offer discounted prices if you book about 60 days in advance. Therefore, if you book your airtickets, hotel rooms etc in advance, you can say upto 30-40% of the cost.    Hunt for bargain packages which go cheap during lean season and if booked in advance.   If you do not have school going children, plan your vacations when schools have exams like December, March etc.   You will enjoy much better with only limited rush on tourist spots and save money too.  


  • Make a Habit to Save Money :. Each week or each month get into the habit of putting an amount, however small into your savings. You could start by saving a very small fixed amount each time and then move to putting in larger amounts once you begin to save money from your other money saving strategies. You will find that by saving money on a regular basis you will quickly build up a store of reserve money and also feel motivated to save more.


  • Conserve Electricity, Water, Petrol and even Telephone calls : If you are even slightly extra cautious and ensure that there is no wastage of electricity, water, you can save upto 10% of the bills.  Similarly, if you plan your shopping trips, visit to relatives etc., you can save on petrol too by combining such trips.   If possible, share cars on regular basis or at least once or twice a week.  If going alone, use public transport like Metro / Bus service and use cars for family trips.     Once a quarter review your phone bills for last one two months to see your local, national / international calls.   As per needs, you can change your Calling Plan which is likely to work out cheaper.





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