Keeping aside a little bit of fund every month from your earnings is always useful. It may be as low as Rupees hundred per month or it can be higher than that too.
Generally the sooner you start saving, the better it is. It is because your money has ample amount of time to do the magic.
The first step in saving money is to set aside a small amount each month for savings. Then, you can use that money to pay down debt, save for an emergency fund, or invest in stocks or bonds.
Here’s how to get started.
If you’re looking to save money, here are five easy ways to begin:
Cut Back on Cable TV.
There’s no reason why you should pay ₹1000/- per month just to watch television. Instead, use an antenna to pick up local channels for free.
Or, try using a streaming service like Netflix or Hulu or YouTube instead of cable.
Switch to an Energy Efficient Light Bulb.
If you’re looking for ways to save energy, switching to an energy-efficient light bulb is one of the easiest ways to reduce your monthly electric bill.
According to the U.S. Department of Energy, replacing incandescent bulbs with compact fluorescent lights (CFL) will save you more than $40 each year.
If we see in Indian currency $40 is equivalent to somewhere around ₹3200. Switching to CFL is after all not a bad idea. It may end up saving you more than you expect.
Buy Used Clothing.
Buying used clothing is a great way to save money while still getting quality items. Many stores offer discounts on secondhand clothes, and some even give cash back when you buy them.
Used clothing is usually available at half the price of brand new. When luck favours you, you may even get a hefty discount which may go up to 70 to 80%.
Shop at Thrift Stores.
If you’re looking for something cheap, thrift stores are a good place to shop. They often sell brand-new items at low prices, and they also carry a wide variety of used items.
