‘Free cash’ is always welcome. If such free cash can be tapped, then one can boost his savings really fast.
A currency note found in an old book you kept aside for long is akin to a treasure found. (If it is one of the old Rs 500 or Rs 1000 notes that are already demonetised, then it is a case of heartburn. Anyway, let’s move further.) ‘Free cash’ as they say, is always welcome. If such free cash can be tapped, then one can boost his savings really fast. Here are some tips.
Save change in a piggy bank
All coins that you have got transacting throughout the day must go to a piggy bank. Wait – do not rush to buy a piggy bank. Instead use a transparent jar in your house. It is more exciting to watch your savings grow. This should leave you with a saving of at least Rs 200 to Rs 500 per month depending on your spending habits.
That Rs 20 note
Identify a currency note that you do not get usually. But if you get that one, do not spend it. Keep it aside. Each such currency note should be deposited in your saving bank account opened other than your salary account which you use to pay the bills. (Forgot to tell you- your piggy bank savings too should make it your bank account.)
Share your transport costs
Take public transport wherever possible. This cuts down your costs by a big margin. If that is not possible try share a cab option instead of taking a cab to your workplace. Car-pooling too can be considered to cut one’s cost of transport.
If you are used to take a cab every day, changing your habit may be difficult. But try it on your way to home or say once a week.
Lunch not dinner
Eating out is a way of life and we find it difficult to eat at home to save money. Eating at home surely saves a lot of money. But if it is not possible, consider going out for a lunch than dinner. This will cut your bills as you will benefit from ‘happy hours’ offered by the restaurants.
Carry your water bottle
This may be a silent money spinner. Each time you are thirsty, you end up buying a bottle of water or a glass of juice. This money can be saved.
Sell unwanted items
A lot of money is spent on what we want and what we need. We realise it later. It is time to admit your mistake. Identify things that are not used by you and sell them off. This will be a one-time activity but will fetch you good money and free some space in your house.
Use cash back offers
Many retailers offer cash back options. Some credit cards too come with cash back offers. These should be tapped to save some money, instead of those offers that put something free in our hand. The stuff given out free does not come free or is of not much use. Cash saved however, is a real benefit.
Entertain yourself right
For many, week-ends are generally spent at malls with multiplex. This burns a large hole in your pocket. Consider watching a movie at home and order food. This at least cuts cost by 50% and saves money for you. You can also look for free shows and events to save money.
Refinance your high cost loans
There are times we opt for high cost loans such as credit card advances, personal loans due to need of money and paucity of time. Once you manage to escape the situation, look for options to refinance such high cost loans with a cheaper options. This can save you money over a period of time as EMI amount goes down.Happy saving!