Proven Tips to Keep a Check on Wasteful Spending

All of us know the importance of saving money regularly. Our parents have drilled the importance of saving money for a rainy day ever since we can remember. Even then, most of us find it extremely hard to save money on a regular basis. This is primarily because saving money requires cutting down on unnecessary expenditure and making sacrifices on the daily. And this is something most of us won't even like. But if you want to save money, you've got to start somewhere. You could skip the Starbucks Latte on the way home and make your own. Instead of ordering in, you could cook your own dinner. You’ll save at least ₹400 on both these instances. In the same vein, here are four proven tips to help you curb wasteful spending:

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1.  Shopping? Create a List

If you’re someone who has trouble sticking to a budget, you should always create a shopping list and stick to it while shopping. If you don’t, you most definitely will go overboard buying things you don’t need. Stores and supermarkets always have a clearance sale/discount going on, which is designed to make things you don’t need. While grocery shopping, stick to the list and don’t visit a section unless it contains an item on the list. Better yet, carry a limited amount of cash with you to help stay within your budget.

2.   Pay with Cash Wherever Possible

This tip is a sure winner and extremely helpful to anyone who's serious about saving money. Wherever you go – be it a restaurant or supermarket – you'll never actually realize how much you spent if you put it on your debit/credit card because it's just one swipe. However, reaching into your wallet and parting with actual cash will help you realize how much money you actually spent – because you saw it happen. One way you could save more is by carrying only enough cash to cover your expenses, and nothing else.

3.  Track Your Spending

There are a plethora of money management apps available on Google Play and the Apple Store to help you manage your money efficiently. One thing these apps do very well is track your spending – you’ll know where every rupee is going. ₹5,000 towards an easy online loan EMI? ₹7,000 towards a watch? You’ll know everything. Use this information to understand what your main spending triggers are so that you can avoid them in the future.

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4.  Save for Big-Ticket Purchases

Suppose you want to buy yourself a new watch which costs ₹10,000. In that case, it would be a better idea to start saving for it early on rather than availing of an easy online loan/putting it on your credit card. This way, you’ll save money, avoid debt and not touch your existing financial reserves. And when you finally do purchase your watch, the feeling of satisfaction will be that much sweeter.

In Conclusion

Cutting back on spending so that you can save might seem impossible in the beginning. However, if you stick to it, you’ll reap fantastic rewards in the long run. While you’re cutting back on overspending, you may still fall short of money to take care of important expenses. In that case, you need to consider loan places online such as KreditBee. You can avail of an easy loan online with us from the comfort of home itself. To get more information on how you can do that, email us at [email protected], and we will take it from there.

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