12 tips to save money

12 Simple tips to save money:

1. Stop the buying spree. Do not buy anything in an instinct as soon as seeing it in the shop. Do not buy anything without having planned to buy it.

2. Do not have more cash in your pocket than you need for the day. We think more to draw money from ATM. Many shops don’t have debit card payment facilities. So if you don’t have extra cash in hand, you won’t end up spending unnecessarily.

3. Discuss, report to someone how you spend money. A second person can always pinpoint unnecessary spending. It can be your mom or wife. They do this service for free 😉

4. Do not get credit unless it is an emergency and absolute necessity. Getting loans through credit cards, banks for buying consumer goods can gradually milk lot of interest money from you without you being aware.

5. Stop being a fashion guru. People who want to follow the fashion end up paying heavily to update their gadgets, automibiles, apparels. 

6. Account. Keep a simple worksheet to track your income and spending. This helps to identify regualr patterns in spending and areas for cost cutting.

7. Help your friends.  Yes, help your friends when they need money. You have the satisfaction of helping your friends and be assured that they will come to your rescue when you need.

8. Pay only when you use. never swiped extra credit cards, unoperated bank accounts, magazines in showcase: You know you never use them and keep paying the service cost. Close all such idle accounts.

9. Don’t go for membership deals. Membership deals make you pay more now for discounts on future purchases which you may never make.

10. Don’t live for others. We do spend quite a lot to improe our image in others’s eyes. Let there be a limit for this and start living for yourself.

12. Use and throw use again. Just 20 years before we had the good habit of reusing things. Don’t follow the use and throw culture. Make purchases which will last longer and can be reused. In the long run, this helps in saving money.