Learn 9 easy ways to save big (9 Easy Ways To Do Big Savings)
For the last one year, due to Corona virus, the economic situation of the country has stumbled badly. This period of economic recession has explained to us that in order to cope with the crisis in future, it is necessary that we keep our spending under control and increase savings. By adopting some of the methods mentioned here, you can increase your savings by reducing your expenses.
1. Shopping by making a list
If you shop by making a list of the goods of your needs, then you will never be disturbed and will also avoid wasteful expenditure. Anyway, nowadays people enjoy online shopping instead of going to the market and buy a lot of unnecessary salmon without need. Shopping by making a list, you will buy as much as you need. By controlling unnecessary expenses in this way, you will learn to save gradually, when a large amount is deposited, then you can invest that amount somewhere.
2. Control Telecom Bill
Due to work from the past, the expenses of electricity, telephone, mobile, computer and internet have increased significantly. Another reason for the increase in these bills is that the market is flooded with telecom companies, which provide such plans to their consumers, so that consumers get affected and get more and more plans. If your telecom bills are increasing month-by-month, then there is a need to reduce these bills and stop unnecessary plans. You can control these telecom bills and boost savings by taking cheap plans by turning away useless plans or by changing expensive plans.
3. Unwind Branded Products
Our fascination for branded products is increasing due to changing lifestyle, fashion, style and trends. Of course, the quality of branded products is good, but their price is also high. According to experts, ‘consumers buy branded products online without thinking whether they are getting extra benefits or discounts or offers. While purchasing branded products online, the consumer should keep in mind that these branded goods should be shopped online only when there are some additional discounts. Nowadays most of the online sites sell their inhouse brands at low cost to sell their goods. These inhouse brands are also called generic products. ‘Please tell for the information of the consumer. These inhouse brands are of better quality than branded products and their cost is also less as compared to branded ones.
4. Use Credit Cards Correctly
Often people have the impression that credit cards increase extravagance. For the sake of information, let us tell you that this credit card is a facility provided by the bank, which the consumer uses to spend first and later to pay that expenditure. Consumers can use credit card online or offline. But if the consumer does not pay the credit card on time, then the consumer has to pay a fee as its penalty. Therefore, the consumer should try to pay the minimum amount of his bill at the end of every month. There is no penalty on paying credit card bills on time and the credit score of the consumer is also good. If the consumer does not pay the bill on time, then the bank also charges interest on that amount and the consumer has to pay the interest along with the bill. If the consumer does not pay both the bill and interest, then late payment is made on it. The second important thing is that some shops offer reward points after shopping for a certain amount. To get these reward points, do not shop without reason and do not increase the credit card bill.
5. Invest in Safe Mutual Funds
According to market experts, most people do not invest in mutual funds. Because they feel that investing in mutual funds is risky. While not always. Investing in mutual funds can be safe for your future. If you do not have complete knowledge about the market. You can invest in mutual funds by getting complete information about mutual funds from the market. If you want, you can also take the advice of a professional.
6. Repay the loan and get freedom from interest
Banks provide the facility of home loan, car loan, education loan and personal loan if required, but with EMI an additional expense of interest increases. To reduce these unwanted expenses of interest, your first step should be to pay all the loans one by one before the deadline, so that both the loan and the interest can be relieved.
7. Fix Insurance Portfolio
Over time, new insurance comes in the market. But now the time has come for you to shift your years old and expensive ULIP plan to pure term plan, in which there is scope for more profit.
8. Take a Budget Friendly Home
Nowadays people want to avoid more travel, so they rent expensive houses around the office. Of course, their travel expenses and time are saved, but they have to pay more fare. To reduce the cost of this increased fare, take a house to a place where the rent is also slightly lower with all the amenities and travel can also be done easily.
9. Don’t be tempted by offers
Usually all companies offer many types of offers to the consumer to sell their goods, such as one free after purchasing three items. Do not spend money on these types of offers. Even though this offer looks attractive, but the payment is only for four. These are the tricks of the companies to sell their product to the consumers.
– Poonam Closet
Read more: How to avail savings account? (Benefits Of Savings Bank Account)