In this article, FinTuts will share its views or insights about the most common & simple lifestyle changes to save more money in your daily life, so that you can take a self-decision on your investment or wealth creation journey and can be financially literate and atmanirbhar.
When it comes to getting rich, the formula is simple: Spend less money than what you earn, and you save! Definitely, it is easier said than done.
The key to saving a considerable amount of money may not necessarily take huge sacrifices, it may be by focusing on much smaller and more achievable lifestyle changes. It is about finding those extra savings that end up creating lifelong habits later on.
FinTuts want to suggest simple lifestyle changes that may have an instant impact on your bottom line of saving a little extra cash. They probably may not save you hundreds of bucks immediately, but over time, even in the course of a week, or a month, FinTuts promise that those will really make a great difference!
Simple Lifestyle Changes | Strategies
- Ditch any of your bad habits. For example, quitting smoking, beer, tobacco, etc. things.
- Skip dinner out or choose low-cost dining. For example, choose local restaurants over 5/7 star resto.
- Ditch credit-cards. For example, use your debit card to make full payment of anything you purchase to avoid debts.
- Cancel your underused subscriptions. For example, avoid NetFlix, Hotstar, etc. OTT platforms or any subscription-based services and make use of YouTube instead.
- Ditch branded products. For example, go for local or low-cost good quality stuff and increase your buying sense.
- Make a routine of ‘No Spending Day’. For example, challenge yourself not to spend a single rupee in a day once/twice in a week.
- Analyze all the money you spend. For example, make a monthly/yearly excel sheet tracker of your spending and try to figure out random expenses.
- Make fewer visits to the grocery shops. For example, try to purchase everything needed in one go for a month.
- Live simply. For example, do not prefer the luxury way of living and eliminate the cost.
- Talk with your spouse about your hard-earned money. For example, discuss your personal finance planning with your spouse regularly.
- Take advantage of employee health benefits. For example, consider looking at the wellness programs offered by your employer.
The Bottom Line | Verdict
Saving money is all about making simple lifestyle changes today that can change your life tomorrow. It is not about feeling helpless or regret later over overspending or to trim the budget.
Please start analyzing your balances and statements after adapting to the lifestyle changes and check if there is more in there than you thought or planned for. It has happened because of your decision to make a significant change in your life.
We hope that this article might have surely helped you to understand in general about the most common & simple lifestyle changes to save a little extra cash.
If you liked reading about this article, please do visit our other articles regarding Mutual Fund or Passive Income related reviews.
Besides, should you have any concerns, please feel free to comment below or do reach out to us. FinTuts will be happy to help. #HappyInvesting.
Sumit Kalaria is the person behind FinTuts.in. He is actively engaged in finance blogging, not associated with any financial product or service provider. The main focus of his blog is to make investment simple by helping investors to make informed financial decisions.