They say- money saved is money earned. We couldn’t agree more. With the increased purchasing power, it has become really difficult for us to manage our finances. Most of us struggle to earn with our monthly income. By 21st day of every month, most of us are running out of cash.
Are you one of those people who have no bank balance and imbalanced finances? Yes?
Take a deep breath.
Most importantly, don’t worry.
We all make mistakes during the initial years of our employment. It takes time to learn money management. Start with planning your finances and cultivate wise spending habits so that you won’t end up with spending all of your hard-earned money.
This article will help you to manage your finances and save a lot of money. Let’s get started.
1. Buy Health Insurance
It is a must to have health insurance plan. You never know when you need medical services since you can’t predict such things in advance. Keeping the surging medical costs in mind, it is an absolute necessity to get medical insurance coverage for you and your family. As compared to the insurance premium, hospital bills are way too much at times.
If you have a postpaid plan, you end up overpaying. It is difficult to track your usage and you have to wait to get your bill in order to track it. You can’t curb your spending as you need to activate a plan to avail the telecom services on your phone. Over-exhausting your data plan can cost as much as thousands in a month.
Switch to a prepaid connection and say bye-bye to postpaid one.
Shop With A List
How many times you have gone to buy one thing and you came back with so many? Maybe it’s the advertisements or maybe it’s your shopaholic nature that makes you buy more. To control your shopping bills, make a list and buy according to that. It is a good way to curb impulsive buying
We agree that tracking expenses and budgeting is a totally boring task. The process is boring but the results are fruitful. Once you get used to it, then it won’t be that boring as it will consume little time.
Everybody wants to save money on taxes. The government has introduced a wide range income tax saving ways. Some people find it difficult to understand it and they don’t get to enjoy the tax benefits.
PPF, insurance premiums, 5 years fixed deposit with banks and post offices offers taxes benefits.
6 Go Online
Book For Movies, Travel, Hotels etc. and avail discounts with the help of your credit card, e-wallets, and promo codes. Travel booking websites offer mind-blowing deals that can help you save a lot of money.
We hope these tips are helpful to you and your fiancés are managed well. If you have any money saving tips, we would love to hear it. Drop your tips in the comment section.