10 Ways to Increase Your Savings
It’s always the same story, isn’t it? Every month you wait eagerly for your pay check, and when it finally does arrive, you feel like a queen. Then come the bills, the various payments you must make for normal living, the installment, the loan repayment and within a couple of days, you begin to feel broke again. And thus begins the wait for the next pay check. The story never ends, and it never will, unless you cultivate the habit of saving. Merely saving some amount every month is not enough, you need to take steps to increase your savings over time and have a solid financial backing which will help you in times of need. Listed below are 10 ways to increase your savings.
1. Make and follow a budget
First and foremost, you should make a budget for your monthly expenses. There are two types of expenses – fixed and variable. All your fixed expenses include your bills, monthly installments, and so on. The variable expenses include the ones which increase or decrease per month. Make a list of all these expenses and allocate an amount to each of these items. Then, ensure that you follow your own budget and try your best to not go beyond it.
2. Avoid pointless expenses
Expenses which are pointless and bear no fruit whatsoever are best avoided. Do not buy something if you do not really need it or if it is not going to be of much use and especially if you are already doing well enough without it. Pointless expenses eat away a huge chunk of your money without you even realizing it.
3. Have breakfast at home, pack your lunch
Get rid of the habit of eating out every day. You may have the habit of grabbing a bite on your way to work or visiting the nearby eatery during lunch. Avoid this habit and instead, eat your breakfast at home. Also, cook your own food and pack your lunch with you. It will not only be cheaper, it will also be healthy, because outside food contains unhealthy ingredients which do harm to your health.
4. Walk or ride a cycle
Instead of hiring a cab or getting on to a bus for everywhere you go, walk. Take a bicycle if you want to. If time is an issue, get down the bus or cab further away from your destination and walk the rest of the distance. It will save you money and will also be an excellent exercise for your body.
5. Stop smoking, quit alcohol
Bad habits that could make you spend a lot of money over a period of time are smoking and drinking. Quit smoking for good – start with reducing the number of cigarettes per day and eventually give it up. Practice the same with your drinking habit. You will be able to save plenty of money for more useful purposes. Do not let these bad and harmful habits take control of your life and money.