By Anubha Gautam
Edited by Liz Maria Kuraikose, Associate Editor, The Indian Economist
With a slump in the GDP, inflation on its pitch and pervasive downsizing, saving money seems to be the most comfortable option to keep yourself out of the vicious circle. Saving money was always part of the words of wisdom. Saving money can be done in many ways; for instance you can put it in a bank, create a budget, cut down or avoid unnecessary expenditures. This article intends to cover the most convenient and effective ways to save money. Read on to discover how much we can save daily.
Get rid of the rags
If you open your cupboard one day and the realization dawns upon you that you can create space in your home and have money in your pocket, then sell your old newspapers, clothes, jewelry and almost everything for which you can find buyers. e-bay is an internationally recognized site for reselling. OLX has also gained considerable attention and participants in this buying-selling process.
Go to supermarkets
Firstly, do not go shopping without a shopping list. It encourages you to buy more than you intend to. Go for shopping on those days when the discounts are available. For instance, you will get a decent amount of discount on the culinary stuff on Wednesdays at the Big Bazaar. If these places are geographically far from you then, go once in week. It will discourage your habit of splurging money unnecessarily.
Compare the insurance policies
Internet has blessed mankind with many amenities and gifts. Comparing insurance policies is just one of them. Use the Internet to compare insurance policies. Avoid extravagance when it comes to policies if your travel insurance has expired, do not get it renewed unnecessarily.
Grab them early
Book your ticket early as it might help you to get discounts. For instance, the flights from Delhi to Bangalore or Mumbai to Delhi are cheaper in the month of May. Do not fail to avail these discounts.
Cook at home
Cooking at home saves a lot of undesired money wastage on food and on the doctors. Cooking at home will be any-day cheaper than dining out. Getting your lunch packed from outside can cost you a lot more bucks than it would have at the home. And the sad part is that you are never full.
Vehicle pooling is the most fuel and money efficient task. One in an Indigo will never make sense
If you use the ATM of the bank whose card you hold, your money won’t get deducted. If it’s difficult to locate a nearby one, then find the closest one. Don’t be lazy to walk a few extra mile. And if you withdraw cash from a different ATM, then withdraw in lumps.
Have RD and saving account
This one is especially for students if saving does-not come naturally to you then let the onerous job be of the banks. Except for the interest rate, the bank will assure that you have cushioned yourself against rainy days.
These were a few tips to help save money. One does not have to be cautious about each and every penny but be sure about your priorities. If you do not let the advertisements of marketing brands affect you and your fancy imagination, then there is a lot to be happy about and a lot to increase your bank balance.
Anubha is a 2nd year student of English Honors in Maitreyi College; DU. She is an enthusiastic writer, debater and feminist. Following the trends of market, economy society observing and analyzing them are one of her favorite occupations. She has been associated with writing and other ancillary fields since her childhood, obsessed with English and writing, she aims to become a successful writer in near future. In her free time she loves to play Sudoku and learn new things.