Introduction
It happens so often that we plan to save money every month but without some clever ways to save money, it’s impossible.
On the first date of the month, when we receive our salary, we think we will save some money and invest it this time. But the truth is, we all know what happens in the end. Before the month ends, we are left with not even a single penny.
But it won’t be like this anymore. I am going to tell you some clever ways to save money and smart ways to cut expenses in your daily life without any force. And in the end, if you follow these methods, you won’t need to find any other way, and you will be able to save a lot of money.
1. Automate Your Savings
You need to automate your savings. On the first date of the month when salary comes in, we think we will easily invest it, but then we forget. The month ends before we know it, and the salary is also gone.
So, set up a SIP (Systematic Investment Plan) for your savings. Make that SIP automatic with your account, so that as soon as you receive your salary on the first date of the month, the money gets cut from your account and continues to be invested. This way, you won't have to think about saving money repeatedly—a clever way to save money and one of the smart ways to cut expenses without any extra effort.
2. UPI vs Credit Card
First of all you have to understand which is better between UPI and credit card. Look, UPI has its own benefits and credit card also has its own benefits. You just need to understand what to use at which place.
You should develop the habit of using UPI in your regular life and use credit card only when you are getting a good offer or discount. The second thing we have to keep in mind while using credit card is that we should not spend money on things that are not necessary. It often happens that whenever we go to the market, we take the credit card and buy unnecessary things and then at the end of the month we end up with a huge debt.
Using UPI for daily transactions is one of the clever ways to save money, while smartly using your credit card for offers is among the effective methods to reduce spending without falling into debt.
3. Make a Shopping List
It does not matter whether you are shopping offline or online, you will have to develop the habit of making a list. Whenever you go shopping, take a list of items from home, and if possible, prepare your budget along with the list.
The advantage of this will be that instead of buying anything unnecessary in the mall, you will bring the items according to your list. You will not need to look at everything, and your attention will not be distracted by looking at useless things. Same thing happens in online shopping as well, we leave the important things and keep exploring everything else and then at the end of the month we are left with no money to save.
Making a shopping list is one of the clever ways to save money and also a simple trick to save cash by avoiding unnecessary purchases.
4. Wait Before You Buy
To save money, it is very important to control yourself and know your needs. There are so many things in our house which are not useful to us, but at the time of purchase we feel they are necessary.
All you have to do is wait a little before buying anything. If it is a small thing then wait for 3 days, and if it is a big thing then wait for 1 month. Even after this, if you feel that you need it, then you can buy it. If not, you can easily save that money and invest it. According to me this is also can be the one of the best clever way to save money because I also personally use this strategy for saving money by avoiding to buy garbage and wait before buy.
5. Choose Between Buy vs Rent
Buy vs rent factor plays a very important role in saving money. Suppose you are fond of bike riding and you go on at least four to five bike trips in a year. The question here is whether you should buy a bike or not?
This is where maximum people make mistakes. Buying an off-road bike will cost you lakhs of rupees, while you can easily rent a bike while going on a trip, which will save you a huge amount.
Before buying something new, you should always think about how much you will use that thing, and will it be cheaper for you to rent? This can be one of the most clever ways to save money and also can be one of the creative idea for save money and manage your finance.
6. Buy Regular Things in Bulk
We all have seen the offer "buy two, get one free". You just have to see whether this offer is right for you or not. Suppose you have to go to a party and you need a shirt. You go to the mall to buy a shirt and there you see the offer "buy two, get one free."
So here you should buy only one shirt irrespective of the offer. But if you are going to buy something which you use regularly, like vegetables or spices, then you should buy in bulk in such offers, because you will use them and you need them daily. To save money, it is very important for you to understand where you should buy in bulk and where you should buy only the necessary items. Remember if you are finding an easy way to lower costs then buying in bulk is one of the best clever way to save money.
7. Explore in Incognito Mode
Have you ever noticed that when we search for something, then we start seeing its ads everywhere? These ads increase our desire so much that finally we end up buying it. Then it does not matter whether it was our need or not.
When we visit shopping sites, the companies save our data about what we desire. Then by targeting us, ads of the same thing are shown everywhere, which increase our desire further. And finally we get trapped in the web.
If things continue like this, then instead of getting saved in your pocket, money will keep disappearing, and in the end, all you will be left with is a lot of junk which will be of no use to you.
Explore in incognito mode is proven tips for saving money because you have to think cleverly and this is the best clever way to save money.
8. Make a Budget
When we get our salary at the beginning of the month, we feel that we have a lot of money. And then at the end of the month, no one knows where all that money goes. The best solution to this problem is to prepare a budget.
You have to prepare your budget every month. For this, you can also use the 50/30/20 rule. You have to set aside 50% of your salary for regular things, such as food ration and household expenses like electricity bill.
Then you can use 30% of the money for your wishes, which includes things like your entertainment, trip planning, friends party etc. And the remaining 20%, you will have to save that money for your future plans and investments.
If you are finding some practical solution to spend less then making a budget is one of them. Because using this you can manage your money effectively according to your need that’s why I called it clever way to save money.
9. Use Sale and Discount Deals
Most of our money goes on some special and big things, like you are buying a mobile or a car for yourself, or it can be home appliances as well. Before buying these you should check whether any festival or sale is coming nearby, because during festival sale we get these things with huge discount.
We can apply the same things in normal life also. Many times it happens that in some restaurant or mall we get a little discount on using credit card. We can also save a decent amount by using sales and discount offers.
Spending less is also good for your budget so you can call it a budget friendly way to save money or a clever way to save money.
10. Focus on Growing Income
No matter how much we try, we can save money only up to a limit, because there are many such needs which we require in our daily life. Now we can neither stop eating food, nor can we reduce the cost of education.
Look, I am not saying that we should not save money; we should definitely do it, as much as possible. But the most important thing is to increase your income. Because even though we can save money only up to a limit, but we can increase our income as much as we want.
Whatever money you save, you can invest it in yourself to improve your skills or you can invest it in your business to make it bigger. After all, this will increase your income, which will allow you to save more money.
Guys I think growing your income is the greatest way to save money, if you really want to build wealth you have to develop smart financial habits.
Do not save what is left after spending,
But spend what is left after saving. – warren buffet
Conclusion
It is true that saving money is a challenging task, but if we follow the right method and right habits, then we can save a decent amount without sacrificing anything. We all have some future plans and dreams, to fulfil which we should invest our money along with saving it. Because no matter how much we save money, there is no benefit without investing it. We have talked about 10 clever ways to save money I hope you will definitely follow these methods in your daily life. Do share your ideas in the comments!
