10 Easy Tips to Save Money
Once a legend said, “Do not save after your spend, spend after you save”. That legend is Warren Buffet.
I have been pretty money conscious for the past couple of years. I used to be a spendthrift before. My bank balance would be in hundreds or some times 0 those days. I used to spend everything once my salary is credited. Then I read several books and watched several videos. Now I am being more money conscious. These are some of the tips.
- Open two bank accounts. As soon as salary is credited in one account immediately transfer a certain percentage of your salary to the other account and do not touch that account. I save around 35% to 45 % of my salary.
- Stay near your workplace. This would save commute time and also money. Get a yearly bus pass/train pass. An ideal place to stay would be less than 30 mins by public transport to your workplace. My workplace is from 20 to 25 mins by bus from my home.
- Cook your own meals. Restaurant food is expensive. Buy groceries and make your own food. I have uninstalled Uber eats, Grub, Swiggy, etc. I meal prep for the whole week and put it in the fridge. I never buy food from restaurants but occasionally from diners though only to socialize or due to peer pressure.
- Make a list before going to buy groceries so that you can get the needed groceries and not wander around buying the stuff you do not need.
- Know the difference between necessity and luxury.
- Stop smoking. Cigarettes cost a heck of money. You can save a lot of money if you stopped smoking.
- Don’t fall for the trap of deals. You are not saving money if there is 20 % off on a sale. You are spending the 80% which you would have not spent in the first place if you did not see the word “sale”.
- Don’t visit night clubs or pubs. I visit only to socialize and never buy drinks from there. Everything is so expensive. A single shot of vodka would cost around $8 and cocktails around $20. I can buy a whole bottle of vodka for $8. Buy drinks from stores and make your own cocktails.
- Do not carry cash/ debit/credit cards every day. I take them only when I need to buy groceries. Just keep some change for an emergency.
- Finally create an excel sheet and track your expenses every month. By this you can cut down unnecessary expenses.