Education

Budgeting Hacks that Will Help You Save Money on

Budgeting Hacks

Moving to a new city is all about chasing your dreams – whether they’re about getting into a top college, securing your dream job or changing your life. And once you land up in one of the busy metros, find yourself a 1BHK for rent, make new friends and start off on the path to success, you begin to feel like your dreams are coming true.

But as your life in a new city gets busier and fuller, your wallet starts to feel lighter. And that’s because living big in a metro city is expensive, and you’re bound to feel its effects on your pocket.

Well, there’s nothing wrong with wanting to live it up when you’re working so hard, but you probably still don’t want to end up broke at the end of every month, right? Luckily, you’re at the start of your career and this is a great time to start a saving habit that will last you a lifetime.

But how do you even ensure that you have enough money to save? That’s where we come in. Today we’re bringing you some incredibly easy budgeting hacks that will help you save your hard-earned money for the future. Check it out!

 

Use cash if you’re trying to curb your spending (Budgeting)

In a world that’s increasingly going cashless, you might find this tip surprising, but it’s actually a great way for you to be able to visualise (and therefore reduce) your spending. At the start of the week, withdraw your weekly budget in cash. This should include your predicted expenses for all your needs from food, to commute to entertainment. Then use this money (and ONLY this money) for all your needs through the week.

If you’ve got apps like PayTM or Google Pay, avoid using them for the week, and opt for the cash on delivery option on online orders. Having to rely on a fast-dwindling stash of cash will make it clear to you how much you’re spending and where and help you be more judicious about your spends.

This doesn’t need to be a permanent transition, but it’s pretty handy when you’re trying to stick to a budget or save up for a particular purpose. Plus, it’ll help you develop some self-control when it comes to spending money.

Make larger single investments instead of smaller recurring ones

You might associate saving money with only the large expenses that you make and tend to neglect the small daily costs that eat into your savings. But it’s the day-to-day expenses that add up in the long run and need to be cut down on if you want to save money. And that’s why we recommend making larger one time purchases rather than paying small amounts every day.

For example, if you’re someone who buys a cup of coffee every morning before work, replace that expense by buying a coffee machine and a travel mug for your home. This might seem like a huge investment to make at first, but if you compare it to the amount of money that you spend on buying coffee every day, you’ll find that it works out a lot cheaper in the long run.

This will also make you more self-sufficient and environmentally friendly too. A few easy swaps like this will really up your savings and even help you recover the cost of your initial investment pretty soon.

Plan your meals

Food is one of the most common areas which leads to wastage of resources and money. Think about the grocery shopping that you do every week and how often you’ve thrown away items that got stale or spoiled before you could use them.

Every time you don’t plan your meals, you’re contributing to the growing problem of food waste and blowing through your budget too. Planning what you want to eat at the start of the week will ensure that you’re shopping accordingly and not wasting time or money on deciding what to eat.

You’ll also have the satisfaction of being able to prepare your own meals. And when you actually take the time to plan your meals, you’ll find you’re relying on takeaway or packaged snacks a lot less. It’s a win all around.

Prioritise your wants

There’s a difference between what you want and what you need to spend on. Paying for your 1BHK rental isn’t optional, you obviously need a place to stay. But shelling out a ton of cash on a new pair of shoes may not be as necessary.

And we’re not saying that you should never splurge on what you want when you’re trying to save money. We’re saying that you should prioritise between the things that you want. Once you’ve set aside money for all your essential needs, you can break down a budget for the things you want to spend on – shopping, entertainment etc.

Then try to stick to that budget as much as possible. Remember that it’s perfectly possible to enjoy yourself within your budget as long as you try to prevent impulse purchases. Learning to build a savings habit doesn’t mean that you can never indulge; it just means learning to be more prudent about your expenses.

So, these are our top budgeting hacks to help you save up in a new city. Go ahead and put them to the test!

About the author

Deepak Rupnar

After working as digital marketing consultant for 4 years Deepak decided to leave and start his own Business. To know more about Deepak, find him on Facebook, LinkedIn now.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *

Categories