7 ways in which mums can save up to Rs. 8000 each month

lead image

Are you finding it tough to put aside money in the face of rising cost? Here are 7 tips to put aside a good sum every year.

There is no doubt about it that a woman is a glue that holds the house together. Homemakers are also the Finance ministers of the house! It is not a small feat to manage the house in a given budget. The prices of onions and dals keep on fluctuating, and the stationery keeps on getting dearer.

You can be frugal, but smart planning is essential if you want to make some real savings. That way, you can plan for some expenses that you foresee, without touching the main bank account. Here are 7 ways in which you can at least save Rs 8000 each month!

1# Carry cash instead of card

saving

I wish someone had told this to me years ago! Whenever you go grocery shopping, have you noticed that you end up picking that extra bottle of shampoo, just because it was on sale? Or pick up an extra sachet of soap because there was some offer on it?

Studies have shown that you tend to spend more when you are using a credit or a debit card than when you go with a grocery list and cash. You easily save Rs 400 each week if you start using cash instead of a card. That amounts to Rs. 1600-2000 a month!

Read on for more tips to save money

2# Look out for coupons

saving

The stores are competing for costumers like you. Most of them would have special days, generally a Wednesday, when the prices are less. If not the prices, they will have special discount coupons that are printed in the newspaper. Make use of them!

This way, you can save at least Rs 100-400 per week on the weekly groceries as well as other things. That comes to around Rs 400 to 1600 per month! Just don't shop because you HAVE a coupon! Shop only because you need stuff!

Read on for more tips to save money

3# Buy during an off season

saving

I bet you are already doing this! I am not talking about the Big bazaar sale here. As a homemaker, you may have noticed that there are times when the clothes are cheaper than during the festivals, even with the sales on.

The Indian retail is changing with a rapid phase. A design of Kurti goes out of fashion and reemerges. You can plan the purchases accordingly. Buying sweaters after the winter is over saves you money; so does buying cotton clothes before summer!

Same goes with the kid uniforms. Buy them mid-year and you can easily save some money.

If you calculate for the household, it will easily come down to Rs 200-300 per month.

Read on for more tips to save money

4# Plan the expenses for each week of the month

saving

If you notice, the expenses are more in the first week of the month and by the time the month ends, you are really stretched thin. To avoid it, anticipate the expenses during each week. That way, instead of budgeting for say, Rs 20000 for the month, you need to budget Rs. 5000 each week.

This way, you would know if you want to eat out this weekend, or should wait because your budget for the week has been exhausted!

It is easier to keep control over the expenses this way, and you can actually put aside Rs. 300-400 each week. That comes to another Rs 1200-1600 a month!

Read on for more tips to save money

5# Always ask, "Is this a need or a want?"

saving

This is more of a philosophy than a money saving technique, but this will end up saving your money. Today, the temptations are high to buy new clothes, to go dine out, or just change your phone every year. While this is all good for the economy as a whole, it pinches your pocket and affects your house. But there are graver consequences than that.

Your kids see you spending instead of saving, and feel that it is okay to do so. You end up buying them gifts and toys out of season, and they start valuing gifts even less. Have you noticed this?

Well, before you decide to buy anything, always ask, is this something I need or is it something I want. You would know how much you end up saving if you ask this question every single time!

Read on for more tips to save money

6# Buy gifts in advance

saving

Back to buying! You have a lot of events when you have to buy gifts. There are anniversaries and birthdays, and not to forget- the return gifts.

Going to the shop every time to purchase some gift is a costly affair. Instead, make a list of the occasions and buy in bulk online. It is always cheaper to buy something online than in the shop. If you buy more quantities, you get the shipping free. There is at least one such occasion per month, and you easily save anything from Rs 200 to Rs 1000 by shopping in advance.

Read on for more tips to save money

7# Withdraw money for a week, not a month

saving

This should have been the first point! This is a habit of every successful saver. When you withdraw the money for the entire month, you tend to spend it a bit more in the mid of the month. If you are really serious about saving, withdraw Rs 500 less each week. That is just Rs. 80 per day - a rickshaw ride from the mall instead of a bus.

If you do that, you easily save another Rs 2000 per month!

If you add it all up, you can easily save Rs 8000! That is almost Rs. 1 lakh a year! Remember to invest this money and see it grow for special occasions. Save first and spend later - This is the habit most of the successful savers swear by!

 

Written by

Anay Bhalerao