It is human nature to ignore things which are around us all the time. We are creatures of habit. Once we get habituated to doing things in a certain way, we cease to think about it innovatively. Instead, we tend to focus on things which are deliberately shown to us. This is how advertisements and promotional offers work right! So what is that we can do differently in our day to day life, which can help us save? Read on to know more.
#1 No more change!
Loose change in your wallet that is! How does that work? Well, when one has loose change available to spend, it gets spent! We give in to temptation and make small expenses, like buying that accessory which was on discount but absolutely not required. Or getting that doughnut because there was a one on one offer and you had exact change for one. Now do not feel guilty if you are nodding reading this. It is only natural to spend small pennies and feel happy about it, if we feel that we are getting more value in return. Resisting temptation would be an easy advice to give to counter these small unnecessary expenses. If only it would be that simple to follow. However it is proven that, people can have more control over small expenses if they had to pay for it with money bearing higher denomination. It is difficult to exchange the 1000 rupee note to get that one on one doughnut worth 75 rupees. So stack up crisp higher denomination notes in your wallet and get rich!
#2 Garage sale and donation weekend!
If you are not a hoarder and find it easy to clear stuff when not required, then you are one step closer to nirvana. Most mortals find it difficult to do that. Unnecessary things purchased during a window shopping visit to the mall or that exclusive exhibition, sit idle in our homes. They are neither used nor discarded. It's time to make a decision. Clearing physical space, helps us think better. We also get an idea about unnecessary purchases made and such expenses can be avoided in the future. So pile up all the things around you which you do not use. Look at it as money lying idle! Organize an online garage sale over the weekend and give it away. You can also choose to donate and gain good karma points!
#3 Roll your sleeves and learn to do things by yourself!
Be creative, think innovative and keep learning. There are so many things around us which are an important part of our daily life. When all is well, we may not pay any attention to it. But when something is wrong with it, it can be a cause of concern. For example, a punctured tire, a leaking tap, loose screw fittings, broken buttons on the shirt, etc. It does not take much to set these things straight, if you know how to do it. Considerable amount of time and money can be saved by doing it yourself. Of course, add to it the joy of doing things by yourself! So invest in a tool kit, plan a visit to the car service center and observe how others work with these small problems. A lot can be learnt by simply observing. Cultivate the desire to learn and do things by yourself.
#4 Timing is everything!
And certainly so when it comes to shopping! Start with the months when there are major discounts on everything. This typically happens twice a year. Now check what your favorite brands have to offer during sale season. Be the first one to hit the stores during sale season and pick things you had an eye on, that too on a discount! Also, classify tentative purchases into categories. This can include classifications like electronics, gadgets, home décor, clothing, etc. If your purchase falls into a category which comes with frequent product upgradations like cameras or cellphones, then check for the next product launch. Chances are the product you wanted to buy will get less expensive when an upgrade is released or you may get a better deal by going in for the upgrade! So time your shopping smartly!
These simple hacks will go a long way. Incorporating these positive habits in our daily life will result in a lifetime of saving. And remember, a penny saved is penny earned. Stacking that cash couldn't get easier and more fun! Try it out today, you can thank us later!
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About the author -
Abhishek Agarwal is a personal finance expert whose sole mission is to empower people to save money by taking smarter financial decisions. He has an MBA from UCLA Anderson School of Management and London Business School. Email Abhishek Agarwal at email@example.com