One of the simplest ways of achieving financial stability, during an ongoing 2020 pandemic, is by saving money in every way possible without compromising on basic needs and comforts. People are often surprised by the fact that even meager savings, which they would normally take for granted, can sum up to a huge amount over a period of time. Discussed below are some simple, practical yet effective ways to save money that can help people.
- Reduce The Frequency Of Eating Out
The cost of eating out is considerably heavy on the pocket when compared to consuming home-cooked food. Thus, by reducing the frequency of eating out, people can save a decent sum and also enjoy the benefits of consuming healthy and hygienic meals. It is also a good idea to pack home-cooked food for office lunch, or even when you are traveling.
- Opt For Cheaper Cell Phone Plan
It is quite common for people to subscribe to cell phone plans which require them to pay for features that they rarely use. Hence, it is advisable for individuals to carefully evaluate their current cell phone plans. They can then request their service providers to suggest a cheaper plan that fulfills their call and internet requirements.
- Assess And Consolidate Various Debts
Most people today are carrying the burden of some type of loan – be it a home loan, personal loan, or even instant payday loans. For individuals who are repaying the EMIs of multiple loans, the process of assessing all debts and consolidating them into a single loan can provide major financial benefits in the form of lesser interest and a single EMI.
- Think About Buying Secondhand Goods
It is possible to get high-quality secondhand goods in great condition at throwaway prices. In fact, there are countless websites that allow users to choose and purchase from a wide range of secondhand products, ranging from electronic items to furniture to cookware and appliances. This is one of the best ways of saving money while also purchasing products that are as good as new.
- Use Coupons While Shopping Online
In this era, when a majority of people opt to shop online, using coupons can be an effective way to save money. There are several websites that offer coupons to online shoppers, that are valid with respect to a wide range of products and services. Signing up for newsletters and loyalty programs offered by popular online stores can also help people save money.
- Borrow Or Rent Things Rarely Used
It is a common habit of people to invest large sums of money in products that they rarely use. In addition to the actual cost of these products, people also have to bear the expenses of maintaining them. The more intelligent and cost-effective option is to borrow or rent such products whenever they are needed.
- Consider Selling Unused Items
Many times, individuals come across several items in their homes or offices that they never use. Rather than keeping them with the hope that they might be used sometime in the near future, selling them off is a better option. This will help in freeing up space for something more useful and shall also bring in good money that will be added to one’s savings.
- Develop The Habit Of DIY For Small Repairs
Learning to change plugs, mowing the lawn, doing minor repair work, and handling such small tasks, can go a long way in adding to the savings of individuals. There are countless YouTube videos available to train people in performing everyday repair and maintenance activities. In addition to helping people save money, DIY tasks also help them to use their time in a constructive manner.
- Learn The Skill Of Bargaining
Many people believe that bargaining with sellers/vendors/hawkers with respect to everyday products, will present them in a bad light. However, they often fail to realize the fact that the price quoted by the sellers to the customers is often way higher than its original price and that they will end up making a decent profit, either way. Thus, by opting to bargain, people can enhance their savings without slashing the profit of such sellers.
- Buy Items Of Basic Necessity In Bulk
Items of everyday use that can be stored for longer periods of time should be purchased in bulk. This ensures that the buyers shop for these products at wholesale prices which comes around to be significantly cheaper than their overall retail price. Products such as hand wash, toilet paper, soaps, shampoos, and specific grocery items such as dry spices, oil, etc., can be purchased in bulk in order to save money.
- Stop Being Brand Conscious
Buying solely branded products, can cost a person a lot of money even though it is possible to get local products bearing the same quality at a far cheaper price. In fact, developing the habit of buying products by focusing on their quality rather than their brand can help people save a considerable amount of money. They are also likely to come across a wider and better choice of options if they adhere to the mentioned method of shopping.
- Restrict The Number Of Credit Cards
It is common for people to have multiple credit and debit cards, which can be a major reason that drains out their savings. All credit card service providers charge a minimal fee from their customers and more cards mean a higher consolidated fee. People need to understand that credit cards do nothing more than offer fast loans online, which is why limiting oneself to one or two cards is the best decision.
- Maximize The Use Of Public Transport
Traveling by private vehicles can be extremely stressful and costly in terms of fuel expenses. People who need to travel short distances, multiple times every day, and that too in high traffic areas can save a good amount by opting to use public transport services. The use of public transport shall also provide people with the satisfaction of contributing towards the major issue of environmental safety.
- Keep Impulse Buying In Check
Impulse buying is one of the biggest reasons that prevents people from boosting their savings. Careful evaluation and consideration of the need and usage of a product to be purchased, can help buyers to avoid wasting money on something they can do without. Another effective tactic is to take some time before buying something on a hunch, and think it through.
Wise financial decisions can help us in fighting back the pandemic at hand – let’s stand in solidarity and wait for life to return back to normal!
Also read: Things to learn from this Lockdown