1) Avoid Impulse Buying
If you want to buy something, wait for an appropriate amount of time ( One week or one month whatever suits you ) and after this time think again whether you need the item. Surprisingly, you will find that you may not need that item any more or you may have found some other cheap alternative for that item that works fine. Many of us have a hoarder mentality. Avoid it to keep your home clutter-free and your wallet full of money.
Avoid shopping on an empty stomach because there are chances that you will buy more food and drinks than required. Thirst evokes the need for sugar consumption in humans. So we tend to buy sugary drinks when thirsty which is both bad for health and unnecessary expenditure.
2) Avoid Sales
Just because some item is on sale don’t buy it. Our mind justifies buying something we don’t need just because it is available at a cheaper price. If there is a 50% discount in Sale, you are still paying 50% money from your pocket for something you don’t need. Avoid window shopping as there are high chances that your eye may catch something interesting and you may end up buying it. There is more likelihood of this at a sale.
Learn some basics of carpentering, electrical and water fixes so that you don’t have to depend heavily on outside help. These skills save a good amount of money and you are assured of the quality of work when you yourself are doing it. Try to reuse and recycle wherever possible instead of buying new ones. For example, you can make a handbag out of torn jeans, can reuse cardboard boxes to make a pen holder, make dinner or a snack from lunch leftovers, etc.
4) Avoid a Luxurious Lifestyle
It is very easy to up your lifestyle but difficult to maintain it. Avoid high-end restaurants ( except for special occasions ). Avoid eating out and having coffee outside daily. Take out some time and make coffee and cook at home. This one-step actually saves a lot at the same time improves your health. Even when you eat out occasionally, fix a budget beforehand and order only within this budget.
Carpooling is another great idea to save fuel as fuel is the third biggest expenditure after rent and food.. Alternatively, you can live near your workplace so that you can go there on foot. Buy clothes and electronic gadgets that fulfill your needs and not branded and high-end ones.
5) Make Investment Mandatory
Take some financial instruments like Mutual Funds according to today.com, SIPs, etc. and invest a fixed amount monthly. This recurring savings every month will ensure that you will have a good amount of money for future use and this way you won’t be using up this money at present. Moreover, you will get interest ( Long term and Short term ) which can again be invested. This move will give you peace of mind as you are aware that owing to these investments your future is secure.