Follow these five simple tips to get additional savings every month.
1) Cut down on dining out or home orders by half. According to a survey by the National Restaurant Association of India, an average Indian middle-class family is dining out or ordering at least 4 times a week and is on average spending around Rs. 4,000 per month on this activity. Reducing it by half can help you save an extra Rs. 2,000 per month.
2) Get energy-efficient – Average electricity bills are above Rs. 2,000 now. You can reduce this by Rs. 500 by being more careful
3) Make loyalty points count – Keeping track of loyalty points while you shop, dine, stay in a hotel or fly an airline can help save a lot. Try to use a credit card each time you spend but pay in full each month. This will not only give you loyalty points and interest-free but also help build your credit profile.
4) Drop your gym membership – Less than 10% of people who join a gym actually do something meaningful with their membership. Instead, go out and run, use Google and YouTube for training programs.
5) Delay shopping as long as possible – This is an area where procrastination actually helps. There is a reason why retailers push you to make instant purchases. At least 20% of shoppers change their buying decision if the payment is delayed by as little as one hour. Delaying shopping decision makes you buy only what is necessary.
6) Every time you decide to buy something, just spend a few minutes trying to visualize this
A) The object that you are trying to buy in one hand and the cash required on the other hand
B) Number of minutes, hours or days that you need to work to earn the price of that object
These simple tricks will help you increase your savings every month by at least 10%.