Money Saving Tips in Your Day to Day Life

Ramalingam By Ramalingam, 27th Jun 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/1f4xg8l6/
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Money saving tips for your day to day life are a must to follow.

Money Saving Tips

Money Saving Tips in Your Day to Day Life

You might have been born with a silver spoon and brought up in a rich family background. But there are some extraneous factors and crunch situations that may force you towards a frugal way of living. Some of them are: frequently rising petrol price, rising inflation, rapid decrease in the actual value of money, what you call devaluation of rupee against dollar, soaring gold price and above all the steadily increasing cost of living in your day to day life etc.

You are not a magician but only a human being. So you have no control over the above mentioned factors. But you can only adapt to the above mentioned situations and resort to a frugal way of living by exercising some control over your spending habits in your day to day life.

Spending Areas:

In your day to day life, you spend more money on petrol for your travel, for purchasing your groceries and other essential commodities and you spend more money for your entertainment. These are the specific areas you need to pay attention to have a check on your spending.

Tactics or strategy you need to follow:

It is not so easy as you think. Hitherto you have been spending like a spend-thrift. Now you have to turn into a miser or a niggardly person. Other people may even frown upon your miserliness and even openly comment upon you derisively. You should not get provoked, but to bear with them. You should not forget that you are saving for your future.

Areas you need to focus or pay attention:

1) Before embarking upon into a frugal way of living, always prepare a budget by consulting your spouse. In particular you must set a target on saving money. Besides, while preparing your budget your money saving tips are primarily focused on the key areas mentioned below.

2) Saving petrol:

If you have more than one two-wheeler or car, use all of them only sparingly. Instead of using all of them, use them alternately. If both the spouses are working in the same office or working in the same direction but in different areas, always use a single car. In some cases, if employees of the same company are residing in the quarters, they may adopt this strategy to save petrol. Suppose, the neighbors on the either side of your house are using their own car, all the three of you may adopt this strategy to your best advantage.While you are using your car, the other two employees may travel in your car.The next day, you may travel in your neighbors car. Thus, out of three vehicles owned by you, you are using only one vehicle to go to office. Thus all the three of you save petrol considerably.The same strategy may be adopted for purchasing your groceries.

Other Tips :

3) Always use coupons and other offers extended by the grocery shop and other shops.

4) Invest in gold: Always use your savings to purchase gold jewelry which is the best way of saving your hard earned money.

5) Always keep your money in your bank account and make payments for your purchases through your debit cards. Banks offer bonus points for debit card purchase and pay back something what you have spent.

6) Never use credit cards when you have sufficient funds in your bank account.

7) When you go for outing with your family use a single car.

8) When you are in your post 50s or 60s, use simple exercises like walking or jogging rather than spending heavily to go to gyms or beauty clinics.

9) Avoid costly parties or get-togethers. Otherwise, you may have to organize such parties by spending heavily.

10) Allow reasonable expenses like provision of a small amount of pocket money to your children and keep a watch on their spending.

11) Always pay your telephone, mobile phone and electricity bills in time and avoid disconnections and paying fines.

12) Purchase clothes for your self and for your children only on special occasions such as birth days, marriage anniversary etc.

13) Regularly pay a visit to your bank to deposit your savings and always keep a watch on your bank account and statements. It will show your progress besides showing whether you are on the right track. If your bank account steadily grows, you may also create fixed deposit accounts with specific sums for the members of your family




Tags

Frugal, Gold, Invest, Money, Petrol, Saving, Tips

Meet the author

author avatar Ramalingam
I am a freelancer and practicing lawyer.I am interested in writing articles with special reference to legal topics, history and society.

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Comments

author avatar Retired
22nd Jul 2012 (#)

thanks for sharing Ram, indeed very useful tips!!

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author avatar A K Rao
22nd Jul 2012 (#)

Thanks a lot for interesting money saving tips dear Ramalingam! Thanks!

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