India is a country where a large number of middle-class families live in urban areas. But unfortunately, cost of living in our country is increasing day by day. A day may occur where middle-class families fall under the urban poor category. But, with a simple change in our lifestyle, we can save a lot of money. Though the individual savings may be less, but when seen collectively over the period of a year, it sums up to a huge amount.
Most of the times we care very less about saving smaller amounts. But this is similar to that of the concept 1% change every day leads to a lot of change in an annum (1.01 power 365 differs a lot from 0.99 to the power 365). So, don’t forget to focus on the small savings. Here are some tricks through which a lot of savings can be achieved.
1. Put your smaller amount of loose money found in your pocket collectively in a box.
It can be said without any doubt that, you can find loose change in your pocket daily. Don’t throw them away. Instead of that, collect that small amount of money in a box. Don’t open the box until it becomes a huge amount.
Savings per day: Loose change in pockets per day – 5 rupees
Annual savings: Rs 1825/-
2. Sell your newspapers and magazines during annual raddi sale
Don’t throw away the scrap of newspapers and magazines immediately after its accumulation. Instead of that, store them and organise them for the annual raddi sale. Sell them in a huge amount at the end of the year.
Savings per day: Re. 1- approx. (8 Papers amount to 1 kg of newspaper. And 1 kg cost is around 8 rs.) excluding magazines.
Annual savings: Rs. 500/-
3. Compare the rates of vegetables and fruits from different shops. Buy vegetables at a shop where the prices are low.
Some dealers over charge the price of vegetables and fruits. So, it’s not better to buy from a single shop. Look for good dealers and sellers.
Price difference between two sellers on bulk purchase – 40 rupees. Fruits bought at a rate of twice a week.
Annual savings – 3840 rupees.
4. Never buy the membership for 6 months or a year at the Gyms.
Though you may think it’s better to buy the membership for half yearly. But in the broad sense, it is not useful. Because you may lose interest or you may be transferred to other places. Sometimes a Gym with better equipment may available. So, buy monthly memberships.
5. Grow simple vegetables and spice in your home
Grow garlic, chillis and tomatoes and other simple vegetables and spices inside your home. They grow very fast and they are easy to maintain as they can be grown in pots.
Savings made – Approximate weekly expenditure on garlic, tomatoes, chilies, coriander – 100
Annual savings – 4800 rupees.
6. Don’t buy packaged and cut vegetables.
In the present busy life, most of the people are buying cut vegetables. But the uncut vegetables and cut vegetables differs a lot in terms of money. Moreover, it’s not healthy to use cut vegetables as most of the nutrients may be lost.
Savings made –
Price difference between cut and uncut vegetables – 10 rupees.
Annual savings – 960 rupees.
7. Buy a new brand book after ensuring the price of second hand book.
Check out the flea book sales first before going and buying a brand new book. This is because brand new books are expensive. You can save a lot of money if you buy at warehouse clearance sales and the flea book sales.
Price difference between a new and a second-hand book – 50 rupees
Annual savings – 600 rupees.
8. Most of the repairs in the house are supposed to be done by the owner and not you. So, Know your rights as tenants.
House owners always try to impose the cost of repairing the damaged things on the tenants. So, make a clear agreement with your owners.
Savings made –between 100 rupees to a 1000.
9. Rent your room when you or your roommate is out of the town.
You can make an agreement with your roommate that the room can be given as rent when one of you is away from the room.
Savings made –Annual cumulative holidays taken – One week away from the room. Rate at 700 a day.
Annual savings – 8400 rupees per roommate.
10. Replace filament bulbs with LED bulbs.
LED bulbs can minimise a lot of electricity usage.
Savings made –If you use a 9W LED bulb, and use it for 9 hours a day at a rate of 7 rupees to a unit.
Annual savings – 130 rupees.
11. Ensure the right air pressure of the tires of your vehicle.
Low air pressure leads to low mileage. So to get the maximum efficiency ensure the proper air pressure. In fact, fuel efficiency is reduced by 1% for every 3.0 PSI that its tires are below recommended levels. So a bike which can give a mileage of 40 kilometers per liter will give only 36 kilometers per liter.
Savings made –If you drive 20 kilometers a day for a whole year.
Annual savings – 140 rupees.
12. Get the roof of your house coated with white paint.
White reflects the sunlight. It helps your home to remain cooler during summer. It reduces the usage of Air conditioners.
13. Clear your cache and browser history before looking for flights
This may be unknown to you that booking companies and airplane companies keep a track of the last time you checked the prices. As a result, they make you see the increased price when you log in for next time.
Savings made –Always clear your cache and browsing history before checking.
Annual savings – 1000 rupees.
14. Minimise the brightness of your TVs and monitors
Tvs use a huge amount of electricity. If you reduce the brightness by even half you save up to 40% on your electricity bills.
Savings made –Annual savings – 1260 rupees.
15. Buy your clothes during the festival sale.
You can avail 10 to 30% discount during the festival sales.
Savings made– save up to 600 rupees annually if you spend 3000rs twice a year.
Total annual savings is around 25000 rupees. So, start saving the money from right now. You can go to a tour at the end of the year with this money you saved.