Why saving doesn't always mean spending less! #SaveToSpend
We’ve all heard our parents harp about the benefits of saving money since the days they’d generously hand over Rs 10 as pocket money. But how can you even think of saving when you are absolutely clueless about where your entire salary disappears before the first week of the month is out?
We hear you! So we’ve compiled some tips on how to save more money without the need to hibernate under a rock for months.
Here are nine easy ways to save money while still enjoying your current lifestyle:
- Put your accounting hat on
First, put pen to paper and evaluate how much you typically spend in a month, yes even those late-night impulsive purchases.
Include basic expenses such as rent, EMIs, grocery, travel, education fee, and ancillary expenses. Once you get an idea of your basic recurring monthly expenditure, analyse how much you spend on weekends, dining outside, shopping etc. These are the not-necessary-but-I-can’t-help-it expenses, and this is where you should smartly cut corners.
- Save before spending #SaveToSpend
Decide on a certain amount that you will save every month, no matter what. Make sure it’s a sizeable but reasonable amount that you can afford to put aside every month. And it should be debited from your account as soon as you get your salary, before you are tempted to give e-commerce websites a little treat. Thus, #SaveToSpend.
To read more about how to increase your savings, click here.
- Make money with money
The money you save can actually earn you more money if invested right. Nope, not sorcery, just smart investment.
Plus, investments help you save on taxes, and every penny saved is a penny earned. But make sure you put your money in the right place. Create a Fixed Deposit, or if you wish to simply park your money in a Savings Account, choose one that suits your need. From Regular Savings Accounts to Premium Accounts with customised services, HDFC Bank different types of Savings Accounts are tailor-made for you- regardless of whether you are the impulsive 4 a.m. shopaholic or the I-need-to-spend-a-fortune-on-whey-protein-every-month type.
- Keep a cap on your weekend spends
It’s easy to whip out your credit card and yell ‘next round on me’, but when you have a pre-decided number in your head, you’ll go a little easy. Whether you’re staying in and ordering a feast or heading out to paint the town red, promise yourself that you’ll spend only a certain predetermined amount.
- Make memories affordable
Want to spend the weekend with friends, or enjoy some special moments with your significant other? Forget about partying at expensive places or splurging on a lavish dinner; hang out at the park instead. Or pay your old college chai spot a visit. Do meaningful things together, instead of expensive things.
- Pay bills on time and wait for sales
We’re all guilty of this, don’t even try to lie. Whether it’s your credit card dues or your electricity bill, make sure to pay on time to avoid overdue charges. These can not only sneakily add up, but also hurt your credit score. Also, it may be tempting to buy that cute top or interesting gadget that cat head scratcher on your Instagram feed, but ask yourself: can it wait? If you’re an impulsive shopper, keep some rainy-day money aside so you can indulge, or simply wait for a sale.
- Make smart choices
Instead of ordering lunch every day at work, get up a little early to cook. Buy groceries and household items in bulk so you can get them cheaper. Do not flag down a cab unless it’s an emergency; leave home a little earlier so you can walk, take public transport, or carpool.
- Declutter and spring-clean
Do you really need cable TV? Can’t you choose a cheaper internet plan based on your usage? How about that gym membership – do you really use it or was it just an impulse decision made on New Years? Is that treadmill being used regularly or taking up space and gathering dust? Get rid of items and services you don’t use any more.
- Be mindful of your spends
Tracking your daily expenditure can reveal major spend areas and highlight the little charges that can later balloon into a big figure. Download apps that help you monitor daily expenses; there are some that directly link cards so you’re updated every time you swipe or scan. With HDFC Bank Expense Tracker, start by analysing your spending pattern to eliminate unnecessary expenses.
This World Savings Day, pledge to be more financially secure by saving money with these simple tips! #SavetoSpend
To apply for an HDFC Bank Fixed Deposit, click here.
Plus, investments help you save on taxes, and every penny saved is a penny earned. But make sure you put your money in the right place. Create a Fixed Deposit, or if you wish to simply park your money in a Savings Account, choose one that suits your need. From Regular Savings Accounts to Premium Accounts with customised services, HDFC Bank different types of Savings Accounts are tailor-made for you- regardless of whether you are the impulsive 4 a.m. shopaholic or the I-need-to-spend-a-fortune-on-whey-protein-every-month type.
To apply for an HDFC Bank Savings Account, click here.
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