Saving money is always extremely hard. Especially when you’re just starting out in the workplace and your pay is basically peanuts. However, we’re here to tell you that it doesn’t have to be all that desolate and you can actually save up too. Here's how to save money if you’ve just started to earn!
1. Eat a healthy breakfast everyday
You may be wondering why having a healthy breakfast has anything to do with saving money? If you don’t eat a healthy breakfast, you’re going to be hungry soon, which in turn will make you order food or eat outside. You will be spending money without even realizing it. And it's so easy to avoid!
2. Pack your own lunch
Yes, exactly like with breakfast, you will be spending a lot on food if you eat outside. Plus, it’s never going to be half as healthy as home-cooked food anyway! So stay healthy and wealthy by doing this!
3. Quit bad habits
It could be smoking, drinking or any other addictive habit. If you can’t quit it cold turkey, at least curtail your bad habits. If it's unhealthy for you and costing you money as well - you're definitely better off without it.
4. Invest in some good clothes
Good fabrics, good materials and good designs will last you ages. You can, of course, keep buying cheap clothes, but it will lose colour, tear from the seams and you’ll have to go shopping again. So invest in staples that are of good quality and will last quite some time.
Focus on the things that you need, not want. Do you need that fancy notebook? No, you don’t. Your office already gives you one. Same with stationery and supplies. Why would you want to spend on things that you don’t necessarily need? Just because it looks “cute” or “pretty” doesn’t mean you really need it.
6. Spend only as much as you can afford
You may need to go to fancy, expensive restaurants with your colleagues and some Friday nights you will end up spending a lot of money. Sometimes, you don’t want to spend, but at the same time you don’t want your colleagues to think you’re a miser, either. We’ve all been there. So spend only as much as you can. You’re just starting out and everyone knows you don’t get paid in billions. No one’s judging!
7. Ditch public transport when you can
It’s going to be healthy too. If you can walk up to some place in 15 minutes, ditch that cab and walk it. This way your body gets the exercise you need and you save on money too.
8. Keep a piggy bank
Sounds childish? It's not. Vow to never take money out of it no matter what happens - unless it’s an emergency, of course. Don’t take out money from it for a sale that’s going on or that leather jacket you can totally do without or that phone the world is talking about. No. DO NOT TAKE MONEY OUT OF IT.
This type of an account helps you save without you having to do any actual saving. Every month you have to deposit a fixed amount (which you can decide) and you get a lot of interest (about 6-7.5%) on it too, depending on how long you want to open the RD for. It's a great feeling at the end of the year when you see how much those small deposits have added up to!
10. Opt for the Provident Fund
This is when the employer and the employee both invest the same amount together for the employee every month and upon retirement the employee gets the lump sum. Talk to your parents about it, ask your employer for more details if you don't quite get it - it actually turns out to be a great thing!
11. Cut down on costs
Besides the internet, think about what all you can really save up on. For instance, your maid, do you really need her? Can you do your own cooking and cleaning? Or the press-wala, perhaps buying an iron will turn out to be cheaper and more convenient? Check with your phone service provider about new and cheap plans regularly too! It's a small amount but it will make a difference in the long run!