Saving in today’s time has become that much difficult as it is to climb a steep slope. Expenses are never ending and wages are never increasing. Students or working professionals who stay away from their home for studies and job, can surely feel the crunch of savings with minimum wages or with minimum pocket money.
But don’t fret, we have come up with some tips for saving money every month- whether it be singles or families.
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1.Start with some side work
If you can’t cut on your already existing expenses, then try to go for some side hustle. Besides your usual full time job or studies, try doing something at the comfort at your home. Explore your hobbies and interests, things which you are good at, and apply online. One can go for content writing, graphic designing, data entry work and a lot of freelancing opportunities.
2. Keep budget lean
Learn to spend in abatement. Try to cut the unnecessary expenses which can be avoided. For example, instead of going out for movie or dinner multiple times a week, keep it to two or three times a month. It can sound a little bit hard at first, but is actually not. Invite your friends to your house and watch some movies on TV, cook food together, play some games, and trust me, it’s a lot of fun.
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3. Buy used stuff online
It might sound weird to some and some might not even go with the idea but it really works. Instead of buying everything new, you can go for used or hardly used items like TV, mobile, bike, etc. You can save huge bucks on buying this kind of stuff online with no issues whatsoever.
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4. Stay away from debts and don’t use credit cards
Stay away from any kind of debts, as much as possible. If you have some kind of loan or EMIs, try to sort them out as earliest as possible with the heavy one first. Usage of credit cards is common these days but one needs to understand its downsides as well .The interest rate on credit cards is really high and can make a huge hole in your pocket.So avoid them as long as you can.
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5. Set and stick to your budget
Track your monthly expenses and make a budget out of it. Then always try to stick to that budget only. There are some fixed expenses which almost remain the same every month like EMIs, cable subscription bill, rent etc. Flexible expenses vary and can sometimes be high and sometimes low. So keep a major tab on them and spend accordingly.
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These are some of the best implemented tips of saving money with a low budget. This might be not that easy on the start but will soon become a habit and won’t trouble you much. Instead would be good in a long run. Happy savings!