As I discussed in the previous article, there are many factors which increases our expenses, annually (like Inflation, Responsibility, Lifestyle, Health care, and Taxes).
We can not control inflation but we can reduce our expenses.
Let’s understand how can we do it.
A. Mahiney ka kitna kharcha hai, Kuch Khabhar hai?
You must first determine what are you actually spending on a monthly basis.
Start with the items that are consistent, such as your rent or mortgage, car fuel, insurance and internet, cable, and phone bills.
Then evaluate the items that fluctuate from month to month. This includes groceries, dining out, gas, traveling, entertainment, and miscellaneous purchases.
Check your bank statements consistently.
B. Zarurat aur Khwahish
While certain living costs are inescapable, it is important to have a closer look. Little expenses add up rapidly and even sometimes completely under your radar.
If you are serious about saving money, you need to figure out where can you cut the cost and reallocate that money into a savings fund versus a spending one.
1. Aaj Mummy ne Khana Kya Banaya hai?
Cooking at home is a lifestyle change that will save your money and will give you healthy advantages.
2. Barbaad karo Kam, bachao thoda Zyada
- Many households waste up to 30% of the food, they buy.
- If you usually spend 1 lakh then that’s nearly 30,000 of your precious money being wasted on thrown away food.
Start meal planning and use a grocery list to Cut down food waste.
3. Meal Plan Banao aur Paise Bachao
When you plan your meals in advance, plan your meal at home weekly and try from Youtube and Pinterest for a perfect taste.
4. Dhudho Sasta aur Sabse Acha
Adopt a Digital Shopping Mindset: Make a written shopping list before you shop.
Bulk Buying: When you buy in quantities, you can typically get a better deal.
In In the Wholesale vegetable market, vegetables are available at low prices.
5. Ghar Ka Khana, Swasthya banana
- Skip dinner out and Save money by cooking your meals.
- According to the Bureau of Labor Statistics Consumer Expenditure Survey, Americans spent nearly 44 percent of their total food budget on dining out in 2017.
- You will be getting a healthy body through it.
- Go grocery shopping, and meal prep, it is far cheaper than choosing the more convenient, zero-effort option.
If you’re spending 20,000 a month eating out, cooking at home can be a great way to save money without drastically changing your lifestyle. If you are to eliminate such spending, you would have another 2,40,000 a year that you could funnel into an investment account for a future goal such as, Children education fund, emergency fund. Even if you were to cut back on meals by a One-fourth, that would free up to 60,000 a year for your savings.
6. Ghar Office ho Ek, Paise Samay Bache Anek
Time is money and the more time you sit in your vehicle, the less time you could be making money or enjoying your life. Consider the impact of living closer to your job.
7. Bijli Bachao Paisey Bachao
What measures can you take to reduce your monthly electric expenses?
Turn off your unnecessary lights, electronics, and appliances when you aren’t using them.
- Upgrade Your Lights – Use LED bulbs
- Use natural light in a day
- Unplug devices you’re not using
- Solar panels are the Smartest way to reduce electricity bills.
Yes, You can save your electricity expenses using Solar panels.
8. Hastey Hastey Kat Jaye Rastey.
Given that the average annual distance (360 days*Average 50 km. per day) driven per car is 18000 km, and that the fuel consumption for a Swift Dezire is 4/km, the annual petrol cost will come up to 72,000 – a sizable amount.
Driving moderately, instead of aggressively reduces fuel consumption by over 20 percent, which directly translates to 20 percent (₹18,000) savings on your fuel costs.
This can be done by driving at a slower speed, making softer turns, and not slamming on your brakes.
Keeping your car well-serviced is an excellent way to save fuel-and, thus, money.
Consider that going from a three-hour daily commute to a one-hour commute will save you 522 hours/year in your car (261 working days per year x 2 hours saved).
That is equivalent to thirteen – 40 hour work weeks!!
9. Chota Ghar Pyara Ghar
Here is a quote from a book called Don’ts for Husbands published in 1913, it still rings true today:
Don’t take a bigger house than you need just for the show. You will find it needs more servants, more furniture, more everything and you will have to scrape to keep up appearances instead of being comfortable on a less expensive plane.
Another great quote is from Don’ts for Wives:
Don’t spend your life keeping up appearances. Why should you buy expensive furniture for the benefit of your neighbors if you haven’t a balance at the bank?
CONCLUSION:
Start small when making lifestyle changes that will save you money
Knowing what lifestyle changes to make if you want to save more money is important if you’re working toward a financial goal. You don’t necessarily have to make all the changes outlined here, however. Adopting just two or three of these changes that will save your money could make a positive difference in your physical and financial health over the long term.