Practical Ways To Save Money
Do you feel that it is nearly impossible to save money in low income? Or you feel that saving money is only possible when you are making big bucks? But it’s possible to save money on low income. Therefore as top private financers in delhi we have shared seven practical ways to save money in this article.
1. Lower you housing cost:
Housing expense is the biggest expense of your entire monthly expense. Many financial experts suggest that your total mortgage payment and your bill should not be more than 35% of your monthly income.
For renters there are numerous ways to reduce your housing costs, an important one is to find a cheaper place.
2. Avoid Debt:
If you want to save money then you must have to avoid debts. Debts stop you from saving in two ways, firstly having debts means monthly repayment and secondly debt is always associated with monthly interest charges.
3. Limit Entertainment Cost:
We all one have fun but unfortunately this comes at a hefty cost. Eating out, going to the bar and movie and other entertainment purchases can create a huge impact on your budget. So we suggest you limit your entertainment cost.
4. Understanding your wants V/S Needs
There is no doubt that the spending makes it sound good. But when you earn low income and you are desired to save more money then you must have to understand your wants v/s your needs. If your incomes are low then you only have to spend on your core expenses.
So how to identify your needs ?
I would like to classify any thing which is required for my survival as a need. Examples of needs are food, clothes, shelter, education, transportation etc.
5. Spend wisely on grocery
The average amount of money spent on groceries is nearly 5000 to 10,000 rupees. Which makes grocery shopping a higher monthly expense. However a bit of planning and strategies can help you to save money in grocery purchase. As reputed loan providers for CIBIL defaulters in Delhi we suggest you only buy the things which you absolutely need. It’s funny but we suggest you eat less meat because meat is the most expensive grocery item. You do not have to become a vegetarian to save money but reducing meat consumption can cut down your grocery bills.
6. Bring cash while going to shopping:
People shop more when they have credit cards while shopping. Hence we suggest to only bring cash for those items you need the most.
7. Automate your savings:
The final step in saving money even on low money is to automate your saving. There are lots of automatic saving apps in the market. Some of these tools, known as round-up apps, let people automatically save their spare change by “rounding up” the amounts from everyday purchases. For example, if you spend $5.25 at a coffee shop, the app will automatically transfer 75 cents into your savings account.