No, I am not talking about generating that extra penny or two by sacrificing your family time, work life balance or even your vacations and holidays. What is the fun in earning that extra penny when you don’t have enough time to enjoy what you have earned?
Yes! I am talking about earning that extra income by just reducing the manner in which you spend that money ….because as I always say ‘A penny saved is a penny earned’. Yes!! I am just going to tell you 5 ways through which you can save smartly.
- Make an expenditure report everyday: Studies show that a person can save an average of 20% of his expenditure by making a list of all that you spend on a daily basis. Maintain an excel sheet showing all that you spend and make a conscious effort to reduce on the things that are not a necessity. Jot done all your family expenditure at the end of a long day and see where you are spending that extra buck. Share this with your kids too. This small effort makes your kid’s financially aware. You get that extra family time as a bonus for your hard work!
- Go shopping once in a fortnight: Pulses, cereals, clothes, shoes!! The list is endless. Our wants are always increasing… Going shopping every week to fulfill these needs not only increases the expenditure but also reduces your time for other needs. Go shopping only once a fortnight. Keep a paper and pen handy on your kitchen rack or in the living room. Make a list of all the things that you would need on a daily basis…but shop only once a fortnight. You will not only save the money that you spend eating outside after shopping, you will also get more time to take your kids to the park or go for a dip in the pool.
- Don’t shop because there is an offer rolled out: Retailers are very clever in attracting customers. Don’t shop because there is an offer rolled out for Independence Day, Diwali, Ganesh Chaturthi, Christmas, New Year!!As you can see, they have offers all-round the year. Its good if you could save some money by buying things that are in your ‘necessities’ list during these offer periods… but don’t just throw away your hard earned money, the retailers are just fooling you.
- Don’t take your preschooler with you for grocery shopping:
“Mama! I love this chocolate, just one pleaseeeeee”, “Mama! Just one strawberry biscuit and nothing else”. You see the list just continues and you would probably end up fulfilling most of these if not all. Make sure you make a list of what your child’s requirements. Leave your child with your better half or a trusted family member if possible before you go out shopping.
- Make use of public transport: Needless to say, it helps you save money and fuel. Plus the added advantage of ‘feel-good’ factor of saving the environment.