Being a millennial, I would often overspend and then look for little everyday tricks to save money. But recently, I have moved away from this paycheque-to-paycheque living and I have cracked the saving code! Last month, I saved Rs 5,000 from my salary and when I saw the balance at the end of the month, I was so proud of myself!
My tricks are simple and the goals easy to accomplish. Once I made a habit of it, it doesn't even feel like an effort. So today, I'm sharing my financial secrets with you to help you keep a penny away for a rainy day.
I don't have a car of my own and often rely on Uber and Ola, but they can also turn out to be expensive for everyday commute to work. So, I leave some buffer time to reach my destination and take a pool cab instead! You can also take the metro to your destination, though in my case the stations aren't that convenient. But the smartest decision I've made is to invest in one of the cab passes that offer discounts and cut down the cab prices.
(Note: Ola offers share passes that start at Rs 29 and Uber has a standard pass for Rs 49, both of which are a blessing in disguise)
I know the cravings that hit you at 1 am can be overpowering. Especially because my favourite restaurant just started to deliver at night. But this resulted in me blowing my salary on mid-night cravings. And so I learnt how to cook some easy meals that'll work during an emergency, from stocking my fridge with cold cuts to learning the basic poha recipe.
Netflix and Amazon Prime have become an integral part of my life, so when I realised that I was spending way too much on a solo subscription, I found an easy solution. It turns out that the calculative way to use your account effectively is to share a multiple screen account with your friends. As it turns out, sharing is caring!
I can't stress enough on how unappreciated this facility is. I had no idea that you could sign up for a Jet Privilege account for free! But when I did, I learned that I could use these miles later on by redeeming them for tickets and earn more by shopping online.
However, if you aren't a Jet fan, most airlines have miles that you can collect and later use. They also have tie-ups with credit and debit cards of different banks which can earn you miles for different airlines.
There are various apps like Expense OK and Splitwise that make spending my money trackable. Especially when I need to split my grocery bill with my flatmates. This makes me aware of my spending habits and in turn, helps me keep a tab on my spontaneous and unnecessary shopping sprees.
I know this point is subjective, but credit cards in my case have often lead to overspending and become counterproductive. Unless absolutely necessary, I avoid credit cards at all cost, despite the free schemes banks go out of their way to offer.
Seems like a task, but investing can actually be a blessing in disguise. Even if I just manage to put aside Rs 2,000 per month, I know I'll soon have a decent sum by the end of the year, given the rate of interest. Though it seems tedious to begin with this, a simple PPF and tax-free LIC investment helped me get my spending habits in order.
Get saving, ladies!
Images - Giphy, Shutterstock
AWESOME NEWS! POPxo SHOP is now Open! Click here to check out the super fun mugs, phone covers, cushions, laptop sleeves, and more! Also, there's a special launch offer: Flat 30% off to say thank you for being an early customer. Use code POPXO30 (Offer is valid only till July 30th).