The most common question for everyone in recent times is “How do I save, I’m just able to meet my expenses?”
See, as we start earning more, we start spending more and there comes a time we are not able to sustain the lifestyle we posses.
Here are some points that will PLUG the Holes in your Bucket, so you are able to save more without sacrificing your life style.
1. Mobile phones and calls
This is one of the major drains in the pocket. Call less, Speak less, Don’t change your phone frequently.
Mobiles are no longer a status symbol, even if it had cost you 40k. After a few months the same would be selling for less than 20k. And you know this.
Ask yourself how many features have you been using in your mobile except calls and sms? Simple, you should look intelligent by your face and not by your mobile phone.
2. Fuel / Petrol / Diesel
The second major drain. Now dont be stupid and buy a premium Diesel Car to save money. Diesel cars only save you money if you have a run of over 100kms per day. And that also if its a low end cheaper car like TATA Indica. A recent survey on CNBC Awaaz showed that if you have a run of 1000Kms per month it will take you 6-7 years to break even for the extra cost you have put in. LPG / CNG are always a good option. Good sensible driving and using a two wheeler for short distances will always prove beneficial.
Fill Petrol / Fuel in the early mornings when its cold, you will always get more fuel per liter as fuel gets a bit dense in the cold. Thats why your Car gives more mileage in the winters.
The third major drain. Buy a Laptop instead of a Desktop. Why? cos a desktop uses 350 watts upwards while a laptop just 75 watts. Calculate it with 6 hours a day and desktop will come out to be 2.10 units while a laptop just 0.45 resulting in approx Rs.2700/- savings per year.
Buy a window AC and NOT a Split. Why Again? Cos window ACs blow air faster and since they are kept at a window height they only cool upto 7 feet in height thus blowing the hot air to the celing resulting in high efficiency.
Whereas Split ACs firstly use double fans, then when they are placed 9 feet above and they cool the whole room from top to bottom resulting is higher compressor use and higher bills.
Remember Plasma Tvs may be cheaper per inch but they consume upto 3 times that of a LCD TV. Approx 400 watts and above.
Standby mode consumes upto 1 watt per hour per equipment. Mobile chargers if left in On state consume roughly 12 watts per hour.
Divide the required CFL wattage to two pieces and have 2 CFL lamps in each corner of the room instead of one high wattage. This way only use what is required. And, infact it will also give you a more even lighting.
We dont need heaters, do we? Still even if you wish to have one go for good brands and not the Chinese ones.
4. Cut down Labour
Buy a washing Machine, if you dont have one. Huh? Yes true. If you give your helper Rs.200 per month to wash the clothes, you could well afford a Rs.12000/- washing machine instead. In just 2 years you could breakeven, and these machines last for 5-7 years atleast.
Learn and fix your own taps, plugs and lights. unless they get out of hand.
5. Credit Cards
The most easy way to get into debt. I wont give you a lecture on this but having more than 2 cards is like putting a gun in your head.
Firstly say no to your addon cards. Secondly get a petro credit card that pays you points in which you can redeem it for fuel. Like the IndianOil card by Citibank. You get 1 point for every Rs.150 you spend and double if you spend it on fuel. With normal usage you can expect atleast Rs.500 of free fuel every couple of months.
Don’t fancy those Gold and Platinum cards, they are of no use.
6. Eat Good – Take care of your Health
Once you pass your 40s just get ready to spend more on your health. So why not eat healthy starting at your 30s.
This does not mean that you cant have pizza and burgers once in a couple of months.
7. Dont get Trapped if you cant afford
club / Restaurant Memberships, dont get lured into those fancy stuff, as you will later realize that its not worth your money.
Pre-paid memberships, just stay away.
Finally, Show-off yeilds nothing and no one now-a-days gets impressed of what expensive stuff you have.
Its, your confidence what counts, and that comes with good Judgement and good savings under you Ass.