10 ways to save your hard earned money

10 ways to save money from your monthly expenses at this inflationary situation:

1. Credit Card / Personal Loan

Do not use credit card without knowing your repaying capacity. You will be surprised when you see the Interest & other charges when you default a payment or pay only the Minimum Amount Due.
Some credit card companies attract people by offering Interest free EMI. This is a catch. They will charge an one-time, upfront service charge, which is almost translate into your interest cost.

If you have personal loans and have some surplus cash, better part close the personal loans.

3. Plan your time. It has a cost

Do car pooling. It saves money for you and for nation.

For short distance & traveling alone - use two-wheeler (of course, wear helmet)

If you plan to go to place and have time - look for Public Transportation If you have no time, take an auto-rick and give a thought to taxi finally.

Plan ahead and book a train / Bus for an overnight journey. If not, you will end up driving or flying.Plan your flight trip well ahead, so that you can get a better deal in the net.

Plan your travel time. Less traffic means fuel efficiency & less stress.

Fill fuel early morning (before 7am). Once the heat sets in, the petrol expands and you get less for the money you pay.

4. Communication

Nowadays, the communication cost has come down. It is psychological that when you know something is cheap, you dont mind spending and end up more. So, use your mobile & landline diligently for long distance (Domestic & International).

Look at other avenues like Chat, Skype, etc., Few of them have video facility too. Above all, they are free.

5. Electricity

This is what I have done in my home.

Take bath at a particular time - This will improve the Geyser usage. This is the main contributor for the bill. If possible and you are used to - take cold water bath. Good for health & purse.

Switch off lights & fans when not required - This is religiously done by my family members.

Use CFL bulbs.

Accumulate your clothes for ironing and do it once or twice a week, depending on the requirement. This will save your time and also power.

6. Cooking cost

Eat together - this will reduce the separate heating cost and good for family to have food together.

Prepare yourself with the vegetables before cooking. Buy vegetables, which has good shelf life once a week and use them. This will reduce your trip to the stores. Do not waste food.

7. Water

For those in apartments & individual houses, water cost is a nightmare. So, use the water diligently. We use the recycled water (from the water purifier) for plants.

Use bucket for bathing than using Shower.

Don't keep the water running while washing vessels/clothes, brushing teeth,shaving etc.,

Take water from home in a pet bottle. It is good for health and also on your purse.

8. Entertainment, shopping & malls

When we crib about increasing cost, we do not want to restrict ourselves from spending. Look at possibility of reducing the number of visits to multiplex. There are cinema theatres still, which is airconditioned,with DTS effect. Only thing that will be missing is the luxury chairs. Remember, we are going to be there only for 2-3 hours. Why spend money when you have plethora of channels for entertainment.

If possible, avoid visiting malls. The offers will attract you and you may end up buying, which you may not really need it, since there is an offer. It is better to keep the credit card at home when you go there.

9. Exercise regularly

Keep your body fit and in good condition. The medical cost itself will kill you. It is better not to fall sick nowadays. Exercise regularly, have a good eating habit. Take a medical insurance, if you do not have one. Look for some stores, which offer discounts on medicines & other items sold by them (example: MedPlus).

10.Monthly budget

Prepare a monthly budget and spend some time in monitoring your expenses against the budget. It will work and is working for me. If you have any annual payouts like Investment for tax savings (PPF, LIC Premium, etc.,), annual fee for the kids, start a Recurring deposit with a bank and make sure the amount is made available for your use.

Plan and spend for essentials & necessities. Avoid luxury and nice to haves.

Good Luck,

Cheers

Gopal