Covid times have been hard. The country has hit high inflation like never before. In fact prices are going up at their fastest rate since the 1980’s. Prices rose by 8.5% higher in March compared to the year prior. The last time we saw such a high percentage of gains was in 1981. Times have been hard for the majority of the country with people losing jobs, not being paid wages. A huge segment has been living on a tight budget. When savings are coming to an end, it’s next to impossible to save on a tight budget. However, regardless of your current income, it is always important to set aside some money for the future.
Fret not, I’ll be listing down 6 ways to live on a budget and still have some amount left for your savings without making heavy lifestyle changes.
1. Switch to cash for your daily expenses
While paying your rent or utility bills in cash may not be practical, switching to cash for other expenses can help you save money. Using cash places a harder limit on your spending and helps you become more aware of your choices.
Groceries and entertainment are two popular cash-only categories. Clothing and the occasional meal out of the house are also necessities.
2. Remove from All Categories A Little Bit
When you’re trying to save money, you may have already eliminated all of the unnecessary expenses from your budget. The next step could be to save Rs. 300 to Rs. 500 per budget category and set that money aside.
Dropping two or three items from your grocery list can often save you another Rs.150 per week. If you save fuel by consolidating trips, taking public transportation, or walking when possible, you can save more than Rs. 600 on your monthly fuel bill.
3. Don’t pay for gyms
Take advantage of your surroundings and work out for free. Go for a run, walk, hike or swim, depending on where you live. These days the local parks have workout machines, you can also make use of that and the best part is it’s free. The scenery outside is likely to outperform the view of the wall at your local gym. If you aren’t in the mood to head outside you can also watch a workout at home video on YouTube and follow in those lines.
Instead of ordering food from a restaurant or eating out frequently, cooking at home will save you money. You’ll save a lot of money by cooking at home, and you might even feel healthier and happier as a result.
This is one of the easiest ways to save money and live a better life.
5. Look for expenses you can cut back on
Sometimes you don’t realise how much money you’re spending until it’s written down. Go over your expenses and see if there’s anything that you’re spending a lot of money on. Then consider whether your spending corresponds to your priorities. If not, it could be an area where you can save money each month.
For example, when you add everything up, you might be surprised at how much money you spend on snacks on your way home from work. That could be something you can easily eliminate, and the money saved could go towards something you really need!
If you have multiple subscriptions, out of all your subscriptions, which one do you use most? Allow yourself that indulgence, and cut the rest. Many have free alternatives. Also, you don’t have to pick one subscription and stick with it all year. For anything that’s month to month, you can switch it up: Hotstar this month, Netflix next month, Spotify the month after that.
So, it’s that easy to save money. If done smartly even if your monthly salary is not much you can still manage to save. The key is to budget efficiently and stick to it throughout the month. Tell me in the comment section if this article was helpful and what methods were the best suited for you.