Thursday, March 5, 2020

10 Frugal Ways To Save Money

Saving money is an advice we have been hearing from our parents and so have our parents been advised about the same by their parents. This has been an advice that has moved from generations to generations and yet for some reason some of us still face the challenge to save money. At times, I personally feel the stress of saving money has been on all time high as compared to the stress that you may face when you don’t have any.

As much as it’s important to save money, it’s also important to live your life to the fullest without sacrificing your happiness just for the sake of saving a few pennies for your future. Saving money is a good habit, however avoid making that the only mission in life and lose out on certain experiences that money may not able to buy you in future. Last year in 2019, I did try out the following ways that did help me to save more than I used to do and some of these ways I did learn as an experience through my friends and relatives.

· Negotiating Skills: 

The Indian culture has always taught us to bargain with vendors for lower price of any product that we wish to purchase. However, here I am not referring to bargaining at the grocery store or at the local fish market. This is with reference to negotiating prices for purchases of a house, automobile, expensive gadgets etc which will surely help you save a lot of money in the longer run.

· Automobile Maintenance: 

Imagine yourself getting sick every second day of the month and have to visit to the doctor. Wouldn’t it make a hole in your budget? Similarly, any automobile that required maintenance every now and then can add a huge chunk to your monthly expense. Try learning some of the maintenance tips and tricks yourself and this will not only help you to be less dependent on garages for your automobile but also save you a considerable amount of money.

· Library Membership: 

Those who fancy reading books often, normally either purchase books that later gather dust at home or now days they purchase subscription for audio books online. Try visiting a local library for such hobbies that will cost you much less.

·  Simple Clothing: 

On an average an Indian spends at least 5 times more money on clothes than what their parents used to spend. Soon that number is going to reach to 7 times in the next decade. Today more than the buyers deciding what they wish to wear, it’s the marketing strategies in the market that are luring the buyers to wear what these clothing giants are manufacturing. Thus, increasing the cost of clothing.

· Avoid Sugary Treats: 

Not only are sugary treats harmful to your health, but also add a substantial amount to your monthly expenses. Try switching to natural sweeteners like seasonal fruits and you will not only reduce your monthly expense on such products but also live a healthy lifestyle.

· Pop-Up Grocery Shops: 

There are times when you will find pop-up grocery stores in your area or there are vendors who move carts filled with fruits and vegetables on them. You will easily get a good deal from them for a fresh produce.

· Unsubscribe Emails : 

Unsubscribing from daily emails from your favorite website will not only help you save your time from going online shopping but will also remove the WANT and you shall focus on such shopping only when the NEED arises.

· Disable Notifications: 

Shopping app notifications are new ways to keep reminding the buyer that they have missed out on deals, or better deals are coming, or price reductions on products in your wish list etc. This contributes to unnecessary shopping and expenditures.

· Discount Offers: 

Always compare prices of the same products on different websites or apps. At times the prices are inflated during offers which the buyer may not be aware off in the past and later you will realize that post the offer ends there wasn’t much of a difference in the cost of the product during the offer as well.

· Local Transport: 

If the distance you wish to travel is too long, try avoiding taking your automobile on the road and use the local transport instead. Today with the availability of rental car service, it way convenient to book a cab as compared to purchase an automobile and drive it yourself in on traffic jammed roads.

A frugal living is not everyone’s cup of tea today. Some prefer living a rich and lavish lifestyle while a few prefer living on a low profile. It’s a choice made by an individual to live in a frugal manner. Overtime that choice turns into a lifestyle and there is no doubt such a lifestyle is the best for your overall well-being and it will surely improve the quality of your personal life in the longer run.