STRATEGIES FOR SAVING MONEYPRESENTED BY: NARENDRA PRATAP

• Saving money is an art all of us would

like to learn, but few succeed. Money

saved is like money earned. It is not

enough if one earns a lot of money.

What is more important is to save the

money earned. The level of savings

determines your level of financial

soundness. Although all of us like to

increase our savings, it is seen that this

is increasingly difficult, especially in

today’s fast paced world.

• Saving money is an art all of us would like to learn, but few

succeed. Money saved is like money earned. It is not enough if

one earns a lot of money. What is more important is to save the

money earned. The level of savings determines your level of

financial soundness. Although all of us like to increase our

savings, it is seen that this is increasingly difficult, especially in

today’s fast paced world.

HERE ARE SOME STRATEGIES FOR SAVING MONEY

SAVINGS AT HOME:

• When at home, you can save on your utility bills and other

essential expenses. Reduce your electricity bill by switching off

unused devices, using power saving equipments and LED lights

and by turning off lights, fans and air conditioners in

unoccupied rooms.

• In your kitchen, you can save money by using smart methods of

cooking like cooking with the lid on.

• Use solar powered equipments in your house, if this is possible.

• When it comes to your mobile and internet bills, you should

check your current plan and evaluate if you actually need an

expensive plan.

SHOP DURING DISCOUNT SEASON:

• Shopping is a substantial expense item in most

families.

• A good way to reduce shopping bills and

increase savings is to shop when there are

discounts.

• This is applicable for purchase of big ticket

items, clothes or footwear.

• Shopping for essentials should be done with

proper planning.

• Prepare a list beforehand, so that you are not

tempted to buy anything and everything.

• This not only ensures that you buy only what you

need, but is also helpful in controlling expenses.

SAVINGS WHILE TRAVELLING:• Being money wise when travelling is another

way to increase savings. Nowadays, most

families go on annual holidays. This is when you

incur maximum expenses. This can be avoided

if you look for deals, offers and package

discounts when you travel.

• This works out to be cheaper, especially if you

want to holiday in a foreign location.

• Planning in advance also ensures you get hotel

and flight bookings at a cheaper price. You can

choose off season destinations or budget

destinations, as this will also mean increasing

your savings.

• If you plan to travel by flight, make sure you

travel light, as you will otherwise be paying for

excess baggage.

SAVE ON FUEL COSTS:

• Almost all households have a car or a two

wheeler. Sometimes, it is two vehicles in the

same household. Therefore fuel costs play an

important part of your monthly expenses.

• You can save on fuel costs by following some

simple tips.

• Avoiding driving at high speed or tailgating can

help you save fuel.

• Similarly, turning off the air conditioner in your

car whenever possible can also reduce petrol

bills.

• Turn off the engine when you are stuck at a

signal or traffic jam for too long.

• You can also consider Compressed Natural Gas

as an option for your vehicle to reduce fuel

costs.

LOOK AT DEALS AND OFFERS WHEN YOU SHOP ONLINE:

• Shopping online has become extremely

popular in recent times.

• Most websites offer you products at a

price cheaper than what it is available

for at retail stores. You should

definitely make use of this to reduce

your shopping bills.

• Many portals also offer deals and offers

from time to time. Although you should

not be carried away by such offers,

planning your shopping around this

time can definitely help in boosting

savings.

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