Don’t make your finances difficult to handle! There are multiple ways to save money without even having to think about it. It sounds good to be true, but it’s simple. Have you thought about it? Is all the money you’re spending is for necessary needs? If not, you actually need to save money. At times, money credited into your account just gets debited in the next minute. This needs to be avoided and for this, you just need to take a look at your expenses at first.
There are several ways to have control over your spending so that you can have more money for the things you really need. Just by making simple changes to your everyday routine, you can save yourself loads of money in the long-run. You don’t even need fancy portfolios or money consultants to manage your money, just play smart.
- Follow a Budget and Stick to it!
Once you’ll have your budget ready, you’ll have a clear picture of where all your money is going. You got to decide how much (or rather, how little) in total you’d like to spend in the month and allocate a percentage of that amount to paying for things which are extremely essential for your daily living. There are a few applications for budgeting which may help you stay on track.
- Fight the urge to splurge
There is a difference between a need and a want. You must first need to figure this out in your mind and have a clear understanding of what is a need and a want in your case. The line between needing and wanting sometimes can be blurry when we think of shopping. We tend to spend money on things we don’t actually need. Next time you feel the urge to buy something, ask yourself if you really, really need it. Most of the time, the answer will be NO. And that’s how you’ll master the key to fighting the urge.
- Keep some for a rainy day
Always have a portion of your money aside as savings. It does not have to be much; even 5% or 10 % each month will add up to a good figure by the end of the year. And when we talk about putting it aside, in the literal sense we mean you must keep the money somewhere out of sight and out of reach so you’re not tempted to use it for your endless wants. If you cannot do this, try the next option below to save money.
- Invest and earn more
Investing is the best way to save money for the future. In these digital times, everything is so accessible and convenient that in a few easy clicks you have already invested. Rather than going for a fixed deposit or a mutual fund account. One good option these days is peer-to-peer lending. You get up to 17% p.a returns on the invested amount. Also, it is absolutely safe since it is RBI (The Reserve Bank Of India) regulated. You can invest your amount into multiple verified borrowers for zero risks. Rather than keeping it in a bank account for your savings and getting no or low returns, why not enjoy the benefits provided by P2P platforms like LenDenClub.