Stop spending money fast and consequently you will start saving money fast! Except for those born with thrift running in their blood, the tendency to spend money the moment one has cash in hand is a universal tendency. The more successful we are in curbing this tendency, the faster we can save money.
Here are some good tips for saving money fast:
1) Make saving as your first expenditure
Bring in a discipline to put a certain percentage of your monthly pay check into a recurring deposit, immediately after receiving the pay check. The best way to do it is to open a recurring deposit in your bank account and give standing instructions to your bankers to debit the specified amount from your account to the savings on the pay day.
2) Avoid unnecessary visits to shopping malls
A visit to a shopping mall will tempt you to buy unnecessary things that catch your eye in addition to essential things in your grocery list. Visiting a local shop to buy your goods is a better idea than visiting huge shopping malls. Better still, give your monthly, budgeted shopping list to your local shop and if the shop offers facilities for door delivery, utilize it. The idea is to discourage you from getting tempted at the dazzling display of unwanted goods at shops that tend to drain your wallet unnecessarily.
3) Buy on cash rather than on credit
Though this discipline is difficult to enforce in today’s credit card culture, you can always make a genuine attempt to buy things only on cash. It helps you in two ways: One, every time you spend your hard earned cash, you feel a pinch at your heart; two, you won’t get the temptation to defer the payment to the credit card company when the bill comes and consequently spend heftily on interests.
4) Simplify life
Avoid frequent eating outs; keep away from parties; stop celebrating birthdays; never greet others with bouquets; reduce giving gifts to near and dear ones (and thereby avoid getting gifts in return from others that are mostly useless for you!). Travel less; Don’t spend on latest fashions that fade away too soon. Spend more quality time with your near and dear ones at home rather than wasting time with friends and colleagues at pubs and bars. Do not move with friends whose lifestyles and spending patterns are a class above you. Don’t compare yourself with others and try to imitate their lifestyle.
Talk less in cell phone and save on call charges. Consider cell phone only as a phone and ignore its other features; this will help you to settle for the cheapest mobile that serves the basic purpose.
5) Get rid of bad habits
Smoking, drinking, eating junk food at odd hours, betting, spending money on lottery, gambling – there are umpteen things that we get hooked to but find too difficult to wriggle ourselves out of. A strong mental determination is needed to come out of them, but if we are successful, this alone can contribute the greatest in saving money fast.