Saving Tips: We all have not only faced the corona pandemic but have been witness to how a virus has destroyed the system of the whole world. How many people left the world untimely, millions of people lost their jobs, many people lost their jobs and many people lost their salaries. In such a situation, the only thing that came in handy was money and even more money saved.
Although the situation is improving now, but then we should always be ready for whatever troubles may come to our head. For example, a war broke out between Russia and Ukraine. Now the world economy is shaken in this fight between two countries. Therefore, it is necessary to increase the savings keeping the expenses under control. Here we are telling you some ways by which you can increase your savings by reducing your expenses.
Like all habits, we should also have the habit of saving. Whenever you get salary, first of all take out part of the savings from it. Then run the expenses of the whole month with the remaining money. Many people, after deducting all the expenses, invest the remaining money in savings. Reverse this rule. Save first then spend. So your focus should be on savings. Understand that by not having fun for a few days, controlled the expenses and saved money.
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Avoid impulse spending
Prepare a household budget every month and put a cross on non-essential expenses. Include only the most important expenses in the household budget. Another way to cut costs is to stay away from branding. Buying branded clothes, shoes or other items because they have quality assurance. But for this we have to pay a high price.
The biggest example of this is medicines in front of us. The central government has started selling generic medicines by opening Janaushadhi stores. Due to this, people get any medicine at very cheap prices, while its effect is also the same as that of any brand of medicine.
The same rule applies to other products as well. Therefore, before buying any product of any famous brand, one should also compare other brands in the market. Surely this habit will prove helpful in reducing expenses.
Smart Shopping Rules
Make a list and take it with you whenever you go shopping. In this way you can avoid unnecessary purchases. Avoid shopping from malls. Because from there we buy many things even without need. Wait a few days before making any major purchases. Many times it happens that something seems necessary today, but after a few days it is not needed. So postpone the big shopping for a few days.
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Avoid knowing the market again and again. Due to this, the cost of commuting and time is also wasted. Try that one month’s ration should be bought in one go. Many times exemption is also available by taking the collected ration.
Use of Credit Card
Try not to use a credit card. Even if you are using a credit card, then use it wisely. Credit cards tell about a variety of benefits. Do not get caught in the debt trap by falling in the trap of these benefits.
Usually 15 days after the end of the credit cycle, the turn of payment comes. Therefore, a credit period of about 15-45 days is available for every purchase. In true sense, a credit card is a facility given to you by the bank, which allows you to spend money first and pay it later. So pay the credit card bill on time. Because late payment has to pay more.
Tags: investment tips, Money Making Tips, Personal finance, Savings accounts
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