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Here are top 5 ways to save money, and you wont even feel the pinch
July, 11th 2018

Often, the MOST difficult thing about saving money is the part about just getting started. However, there are some simple ways to save money and building the necessary discipline to adhere to a budget and in the process, use such savings to reach your financial goals.

Let us discuss five easy ways of saving money through a step-by-step guide.

Enrol for automatic multi-option deposit

Majority of the banks offer automated transfers between your transactional (savings) account and deposit account. This kind of deposits is completely liquid. You can decide when, how much to transfer between your transactional and deposit accounts. For instance, you can park a reasonable amount for your daily expenses in your transactional account and transfer the balance into short-term deposit account. Automated transfers are a great way to save money since you do not have to think about it and most importantly, it reduces the temptation to spend the money instead.

Avoid automatic renewals

Most of us sign up for memberships and subscriptions out of sheer enthusiasm which will renew automatically every month or quarter. In reality, you may not be using them but still you are paying for the same. The most common example is the gym membership. Many people sign up and pay either for the full year or quarter and end up not visiting the gym regularly. A simple way to save your money is to review all your memberships and subscriptions and ask yourself if you are using them to the full extent. If you are not, it is time to cancel the same.

Avail untapped discounts

Often, you qualify for discounts because of holding certain debit or credit cards, customer of a particular bank, etc. If you are embarrassed to ask for discounts at the cash counter, then find a less shy friend of yours who can help you out and save some additional money for you. Similarly, do not hesitate to haggle which is common in our country, though it is uncommon in other countries. So, before paying the listed price try out the above two strategies of asking for discounts and checking the scope of bargaining and making a counter-offer.

Avoid late payments and penalty

Owing to your bad memory or poor organisational skills, you may be frequently forgetting to pay your credit card dues, electricity and telephone bills, etc. This delay costs you money through late fees, penalty, etc. The way out for such problems is making a standing instruction to your bankers for payment of such regular bills which saves you unwanted hefty penalties and late fees.

Avoid traffic tickets and penalties

When you are in a hurry, you are most likely to drive too fast or miss a no parking or no entry sign. By the time you realise your mistake, there comes a police officer who is writing out a penalty of a significant amount or perhaps your vehicle has been towed away. Apart from the fines that you are charged, a significant number of tickets may probably increase your car insurance premium, increasing your expenses in the long term. Driving fast also leads to more fuel consumption and increases the chances of accidents.

To conclude, these are the simple yet powerful ways of saving money which is often not considered by many people. So, practise the above and save significantly to achieve your financial goals.

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