Saving money isn't easy, especially in a time where they promise to deliver everything within a blink of an eye and keep reminding you when you have left things in your e-cart.
After way too many regrettable shopping sprees and being broke at almost every month-end, I decided to look into some easy and practical ways to save more money, and after a year, here's what I learned.
Purposeful Spending
It sounds boring but purposeful spending is one of the most effective ways to stop any unnecessary shopping. In simple terms, when buying for a product, think about how or if it serves any specific purpose in your life. Now calculate your hourly income and the question to ask is if _(the product)___ is worth ___ hours of my work?
Remove All Saved Credit Cards
We shop impulsively because it is a seamless process. I like it (for now), I cart it, I pay for it, and bam.. another pair of shoes which I could have done without. After your monthly shopping ends, remove all saved credit cards if you tend to shop impulsively.
Use Financial Planning Apps
This one seems a given but it makes a huge difference in managing your finance once you have an app that calculates for you and doesn't let you forget any of your expenditures. That way, you can easily track where you spend the most and also set a target for your saving goals.
Hold for 48 Hours
If the purposeful spending doesn't work for you, this trick may do the needful. After carting an item, wait for 48 hours to see if you still want it. Come back after two days and make the decision like the responsible adult that you are.
Meal Planning Before Grocery Shopping
Meal planning before placing your grocery order helps in cutting down the budget and saves food from getting wasted. If you are likely to get supplies for the upcoming week, plan your meals in a way that can have overlapping ingredients, so you buy less but easily make different dishes out of it.
Go through Your Bank Statements
Be it your credit card statements or debit card expenditures, understanding how and where you spend your money is the only way to be better at it. So make a proper excel chart and go through your yearly bank statements and fill up the boxes month-wise in three categories, bills, essentials, and non-essentials. Once you understand how you spent, you can set your priorities for the next year and save accordingly.
Cut Down on Frivolous Food Orders
Whipped cream and vanilla ice cream red velvet waffle order placed at 2 am, coffee trips to the nearby cafe twice in a day, we have all been there.
While ordering food, think about the whole day ahead and order accordingly (if you have to). Cut down on coffee trips and believe in homemade meals a little too often for your nutritional and financial wellbeing.
