Reducing monthly expenses1/7/2023 ![]() (6) Don’t forget to pay credit card bills: To take an example, if you have six credits cards and you are delaying the payments, then you may have to fork out close to ₹ 5,000 a month in late fees alone. ![]() It will also save you by eating in season, because vegetables and fruits that are in season are more affordable. A shopping list gives you a clear idea of what you need and eliminates unnecessary purchases. Did you ever go in for a loaf of bread and come out with a basket of 15 items? You probably did not need half of those extra things, but ended up buying them anyway. This is especially helpful for impulse buyers. (5) Make a shopping list: Do this before you go to the store and stick to the list. You don’t always need expensive clothes to look fabulous. Shopping for clothes, shoes or cosmetics can have a huge impact on expenses. Eating healthy and cheaply is an art well learnt. Cook your meals rather than eat at expensive restaurants or order food. Make a budget for entertainment, divide it weekly and don’t overspend on fun activities to the detriment of other expenses. (4) Entertainment and fashion costs: Plan either a movie and popcorn, play, music concert, sports event or standup comedy. Some mobile phone plans are genuinely good and money-saving but make sure that you shop around first for the deal that best suits you. Evaluate whether you need a thousand channels and every single premium channel available, besides Prime and Netflix. For stereo components, plug them all into a power bar that can easily be switched off when not in use. ![]() Turn off your computer or laptop when you are not using it-any voltage adapters use electricity, even if they are not charged or plugged into the device. For instance, set your AC to a temperature that can reduce your overall cost of the electricity bill. (3) Manage utility consumption: One way is to regulate your consumption. You can transfer your balance salary to a liquid fund. It is also important not to keep your money idle or park all your savings in just savings accounts that have a low interest rate. Invest the money through a systematic investment plan (SIP) by the 7th of every month, provided the salary is credited by the 1st. (2) Paying yourself first: Before you pay your monthly bills, buy groceries or do anything else, set aside a portion of your salary to save-20% or 30%.
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