When you shop: You must be careful to control your urge to spend. Impulse shopping can be really harmful for your wallet. A shopping list prepared beforehand can be helpful as this will help you to stay focussed. As supermarkets today display all the items you need, you may be tempted to buy even those things which you may not need. Sometimes people end up buying things which they already have and this can also result in wastage. So it is always better to make a note of what you need before you step out to shop. You should try to shop for clothes, shoes, electronic appliances and other big ticket items when there are offers and discounts. This can give you good deals. Using online portals to shop can also get you attractive discounts.
When you spend for your children: Spending for your children is necessary, but sometimes forms a major proportion of your expenses. You can consider using the outgrown clothes, toys and books of your older kid for your younger kid. However, it is better not to make this a regular practice, as your younger children may feel left out. Nevertheless, you can re-use books and toys to save money. Shopping with your children means a huge bill on eating! Feed them before you go out, as this will reduce your expenses on snacks for kids. Older children can be given allowances to help them understand the importance of money.
When you spend on personal care expenses: Visiting salons and spas has become both necessary and fashionable in today’s world. Although all beauty treatments cannot be done at home, you can try home treatments for the easier things like washing your hair, helping you save on hefty bills. Another way to save your personal care bills is by checking for discounts and deals online, helping you get better returns for your money.
When you spend in the kitchen: You can save money when you cook for your family. You can save on the gas consumed by giving some thought and planning. By deciding beforehand on what to cook throughout the day you can combine cooking rice, pulses and vegetables together. Cooking on medium flame with the lid on can help you to cook faster and save gas. You should keep your containers and spoons dry to avoid infestation by insects. Also remember to cook before the due dates mentioned on various items to avoid wastage.
When you spend on electricity bills: Electricity expenses form a major part of utility bills of a household. You should try to reduce your bills by switching off devices you are not using, remembering to switch off fans and lights in rooms which are unoccupied and optimising the use of electronic equipments. Use power saving equipments and LED lights if you wish to save your electricity consumption. If you cross the basic threshold consumption limit, your bill will shoot up manifold; hence it is advisable to be prudent in your electricity consumption.
Simple, yet effective ways of bringing down your day to day expenses will help you to save more and go a long way in adding that extra bit to your investment corpus. Start today!