Practical Tips on How to

Save Money Every Month

How to Save Money Every MonthIt is that time of the year when the inevitable is going to happen! We are going to have

to pay service tax for the current financial year and no matter how much we hate

giving our hard earned money, we have no other choice but to do that. Sometimes it

becomes quite challenging to save money every month. But it is very important that we

start saving early so that we lead a long and financially happy life. So here are some

practical tips on how to save money every month.

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8 Practical Tips on How to Save Money Every Month

1. Don’t Get a Credit Card

Do not fall prey to the old belief that having a credit card will help in your credit. It may be

true to some extent, but having a credit card means yearly paying charges and monthly

service charges for all transaction. Nowadays Banks especially target the young people who

are just starting their careers. So no matter how sweet the salesgirl over the phone sounds,

you are better off without a credit card.

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2. Pay as Much in Cash

It’s true that plastic money has drastically changed our lives and had taken care of the hassle

to carry cash. But there is catch to this privilege. Research has shown that on an average,

people spend more with card payments than actual cash payments. Many times you will end

time buying items with plastic money while you only wanted to check out the products. So

pay in cash and keep a track of all your expenses in real time.

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3. Start a Monthly Deposit SchemeBy this time, you are sure to have a saving account of your own. So start a recurring deposit

or a systematic investment. The investments nowadays can be started for as low as INR

100. This not only help you in the long run but will help you to understand the value of

money. Needless to say, the less cash you have in your wallet, the less chances that you will

be spending it.

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4. Take Financial Advice

Being young, it is common to have inadequate knowledge about saving, investment and

other ways to be financially stable. A good advice from your parents or an elderly helps a lot

here. They already have tremendous experience in this regard and are open to give advice.

There is no alternative to experience, so be wise.

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5. Charity Begins at Home

Most practices you can develop right from your home. One such practice quite popular is to

get a piggy bank or Laxmi hander. Every day, every week or every month try to put

something in it and after some time, you are sure to have some money which you can put to

good use. You can also invite other family members to do the same.

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6. Make a Monthly Budget

It is always wise to make a list of expenses that you are mostly like to incur in a month and

set a monthly expense limit. This way you already making provision for the expense and

helping yourself to limit extra expenses as much as possible.

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7. Eat at Home as Much as PossibleEating outside or frequently partying on the weekends takes a big chunk out of the monthly

budget. While it is important to lose some steam, but doing it every now and then along

with dining out frequently comes at a great cost. Don’t always fell prey to the peer pressure

and limit them whenever possible.

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8. Conserve and Recycle Whenever PossibleA great way to save money on bills is to conserve as much as possible like switching off the

electronic items when not in use. Also, try recycling if possible. Selling goods to other will

not only earn you cash but in the process, you will helping someone who cannot afford the

luxury of owning an item.

So here are some practical tips on how to save money every month.

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