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5 ways to save more !

  • Lopa 

With the rising inflation and the cost-of-living crisis, many individuals are finding it difficult to save. On the contrary, many are having to dig into their savings to make ends meet.

Such circumstances are eye-openers for us, showing us why saving is so important, particularly when things don’t go our way.

Even though we aren’t able to save as much as we did when inflation wasn’t as high, the following tips can help you save a bit more:

Savings Tips

  1. Set a savings goal: However small the goal might be, always have a goal. Trying to save without a goal is like trying to wander about the street without a destination. Once you know what your goal is you are more motivated to work towards achieving it.
  2. Make a budget: Based on your income frequency make a budget of how much you spend and how much you save per pay cycle.
  3. Automate savings: Once you receive a payment, move the planned savings amount to a savings account that you don’t have easy access to. Automating this transfer for the day after your payday will ensure that the fixed amount is moved to your savings pool before you get tempted to spend it.
  4. Choose a high-interest savings account: Most of these high-interest savings accounts, however, come with certain criteria that you need to meet in order to avail the bonus interest. Please do your due diligence prior to signing up.
  5. Reduce spending: This is the hardest thing to do in today’s time but not impossible.

Below are 10 tips to help you spend less.

10 hacks to spend less

    1. Buy groceries ahead at half price or discounted price: Except for fresh veggies or meat, you can pretty much buy everything else in advance and store. From items such as cereals to cleaning tables, everything can be bought in advance when they are at half price or discounted offers. You would be surprised how much you can save just by planning ahead and not waiting to buy when you run out of stock.
    2. Preparing meals in advance and freeing not only reduces expenses because you are buying in bulk, but you save on gas/electricity costs used for cooking multiple meals.
    3. Buy frozen veggies and fruits. These are no less nutritious than their fresh counterparts but often way cheaper. Buy seasonal fruits and veggies which are usually cheaper.
    4. Reduce utility expenses. Turn off lights when not needed. Use as much sunlight to warm up the room so your heater doesn’t need to run on boost mode. Similarly on hot days, put the blinds down, and open the windows to naturally cool as much as you can. Use heating and cooling appliances in energy-saving modes.
    5. If you have solar fitted at home, use the appliances during daytime where possible so you can utilize the solar energy as much as possible.
    6. Use the washing machine with a full load, when possible, instead of multiple runs with lesser loads.
    7. Review media subscriptions and get rid of those you seldom use.
    8. Look out for offers from gyms and fitness classes or try free online videos for home workouts.
    9. Avoid using delivery service and instead, directly order and pick up from the restaurant yourself. You would be surprised how much you save not only by not paying additional delivery costs but more often than not, the restaurant serves more quantity of food for direct orders when compared to orders via delivery partners.
    10. And lastly, when you want to buy something, sleep over it. If purchasing online, add the item to your cart but don’t pay for it for 1-3 days and see if you still have the same urge to buy. If you still think you definitely want it, go ahead and buy it.
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