Is your husband scared to lend you his credit card?
Do you feel guilty after shopping ?
If all the above statement holds true for you then you must follow below points.
Out of control spending habits leads to many financial pitfalls.It is so easy to lose track from one spending .Consumer might found themselves spending at the place where they don’t need to.Try analyzing your spending habit and find out if there are any which you can improve on.If you still don’t find any then below points can be of your help.
1.Go slow with the credit card:
Stop bulk purchasing from the credit card .This is one of the mandatory point to curb your spending habits.If you don’t pay your credit card bills on time then your interest on that amount comes up to 36% annually.So,stop thinking about reward points and buy things which are necessary for you.
2.Buy from whole seller rather than a retailer:-
Its true that no one will like to go to a whole seller shop for small things but don’t make it a habit to buy from retailer only.Every place has one or two whole seller with in 1-2km.So try to buy most of the things from the whole seller.
3.Buy internet plan according to you requirement:-
If you require only an hour every day on internet then there is no need to buy an unlimited plan.Just because company is giving you 100 calls free or some other benefits you end up paying two to three thousand more annually.
4.Pay your bills on time:-
No matter how small the bill is ,why pay extra charges.Pay your bill on time .If in India you pay your telephone bill after the due date then you have to Rs 20 surcharge on every Rs1000 bill and late payment on credit cards runs into thousands.
5.Get your regular check up done in OPD rather than private clinics:-
All private doctors generally sit in OPD also.Instead of going to private company for routine check up opt for OPD.This way you can save good amount.
6.Buy from weekend market:-
Every place generally have wekend market every week.In these markets all fruits and vegetables are not only inexpensive but are fresh as well.Make one week fruits and vegetables list.Learn to store them nicely so that they stay for long and cut down on your vegetables budget.
7.Watch morning show of the film:–
If you are fond of watching movie shows then switch to morning shows.They cost half in price and there tickets are also easily available.
8.Try to pay your home loan first:-
According to experts pay your home loan first and then think of investment.It is better to pay part payment of principal amount rather then thinking of investment.
9.Travel in metro:-
You have car but if you can reach the same destination by metro then why waste more time and money.Switch to metro and make your self mobile.
10.Buy car at the right time:-
One should buy car in march and September.This is because dealers give discount so that they can benefit from self employees and institutions as they get depreciation claim from that.To clear of there stock they give heavy discount at that time .Generally this discount is given in the form of accessories or cash discount.
11.Take loan on Fixed deposit rather then personnel loan:-
Personel loan is generally given at the rate of 21 to 22%.Try to avoid that loan instead opt for loan on Fixed deposits.You will get loan at more then 1 or 2% of the FD rate of interest.You can return the load when you have the money and your FD will also work as it is.
12.Save on parking:-
Malls and posh area have high parking charges.Instead of wasting money you can park the car in nearest metro station or at a safe place which charges less then the mall.Yes,you will have to walk more but this way you will benefit in two ways.First you will benefit in your health and second you will save money as well.
13.Benefits of bank account:-
Intelligent people don’t withdraw money between 10 to 31st of the month.This is because bank give interest on the lowest amount of these dates.So withdraw or add money before 10th of a month.
Online shopping is a new trend which is fast picking up.You can take advantage of this facility.Online shopping is cheaper as there is no retailer involved and cost of advertisement rate charged is also low.You can get your air tickets or train tickets booked online that also saves lot of money.
15.Eat as per your appetite in restaurant:-
Generally when people goes to the restaurant they order what ever they like.This way lot of food get wasted.Instead of ordering at one go you can order 2 dishes in the beginning and 1 later on.This will avoid wastage of food and money as well.
16.Vaccination of your child:-
Private clinic charges a huge amount of vaccination.Some vaccinations are mandatory and some are not.You can get easily get your vaccinated free by going to a government hospital on mandatory vaccination.
17.Get your home loan insured:–
God forbid but if a person responsible for home loan dies then it will be a heavy burden on the other family mebers.So get home loan insurance done when you take a home loan.This saves you from future expenses.There are many banks who themseleves get it done so ask your bank if they don’t have this fascility then get home loan insured.
18.Stop running after brands:-
You don’t have to buy every single branded thing or cloth for yourself.There are many markets and shops which sell non branded things but of good quality.Especially utensils and dinner sets can be bought unbranded as well.
19.Go for prepaid plan rather then post paid one for your mobile:-
Prepaid plans keep you on track but post paid makes you over splurge.So if you have a post paid plan then shift to a prepaid month.You can very well can calculate how much you need and what is your monthly usage is.Also,stop buying expensive mobile every now and then.Ultimate aim of mobile is to call and not its features.
20.Buy energy efficient light bulbs-:
Although it may cost slightly more in the short term, installing energy efficient light-bulbs throughout your house can greatly reduce your electricity bill.
All these small tips can not only save money but will help younger generation too learn and follow your saving habits.