If somebody asks you how much moolah you have in your bank account after all the slogging you've done this year, what will be your answer? Do you spend like crazy and end up broke every last week of the month or do you save every penny by cutting down on your entertainment (of course with regrets)? Managing your wallet without compromising on fun can be a bit challenging but it's certainly not a tough deal. Here are some smart ways to save money and ensure that your wallet grows with every move you make.
1. Follow The 50/20/30 Rule
This is a mantra that will help you control your wallet like a boss. Spend 50% of your monthly income on essential expenses like rent, loans and transportation, 30% on lifestyle choices like eating out and shopping, and the remaining 20% on savings. Stick to this rule and start prioritizing your spends.
2. Open Up Separate Accounts Which You Can Use For Bills, Casual Spendings And Savings
So once you get your salary, you can follow the above 50/20/30 rule by actually depositing money to three different accounts. While one account can be for your bills and essential expenses, the other two can be for your casual splurges and savings respectively.
3. Transfer A Fixed Amount Of Money Every Month To An Account For Which The ATM Card Isn’t Activated
This is a great way to trick yourself! Don’t activate the ATM card for the accounts in which you keep your savings. Avoid online money transactions too and simply pretend that it doesn’t exist
4. Hunt For Coupon Deals Whenever You Need To Hangout
Since we tend to spend a major chunk of our money on food and entertainment, doing it wisely will really help. Hunt for coupon deals and promo codes online. If you are lucky, you might end up getting huge discounts
5. Use Cash-Back Services On E-Wallets
This is a major money-saving top where you feel instantly rich when your cash is credited back to your account. You can use the same amount for something essential. How cool is that?
6. Use Budgeting Apps To Help You Keep A Track Of Your Expenses
Keeping a mental note of money matters can be a tad difficult, so that’s where technology comes in. Download some budget tracking apps, and efficiently manage your expenses.
7. Invest It In A Sustainable Financial Plan
When it comes to money, ‘investing’ is certainly a better thing to do than ‘saving’ which is why you need to find a sustainable financial plan. One of the best places to invest is in SIPs (Systematic Investment Plans). Check out this Birla Sun Life Mutual Fund tool which helps you plan and customizes SIPs as per your needs; be it for wealth, retirement or your child’s education. Start planning now, because good things come to those who plan.
By :- LINDA PEARLSON
