Recently, BYJUites got the opportunity to take part in a webinar where they learned how to manage their personal finances better. From invaluable tips on how to manage multiple bank accounts, credit cards to even understanding the best way to invest and manage taxes, BYJUites were able to ask some of the most pertinent questions about how to save money. Taking the conversation forward, let’s look at some of the best hacks to help you plan your finances in a way that maximizes savings.
Yes, you have waited for a while for the increment but it doesn’t mean that you should spend it all at once. While you deserve to reap the benefits of your hard work, it is recommended to deposit a part of the increased salary in a monthly investment scheme like a recurring deposit, SIP, or a mutual fund. Put it in auto-debit mode so that the funds get deducted before you spend it.
So, you have decided to splurge on a cellphone or a luxury handbag or even go on an expensive vacation. That’s great! You deserve it. But, consider investing an equal amount in your saving schemes. The implications of this are twofold. First, this is a method to increase your savings. Second, it acts as a self-imposed luxury tax for indulging and prevents you from spending unnecessarily.
If you can have a gym buddy, why can’t you have a buddy who keeps track of your savings? A bit of friendly competition never hurts anyone and in this case you’re competing about who can save more! Set targets and goals and stick to it like nobody’s business. Alternatively, you can also ask a family member or close friend to take charge of your finances, tell you how to save money and let you know when you overspend and aren’t saving enough.
So, that car loan or home loan is paid? And now the amount that was being deducted as EMI is just lying there. You never noticed it before because you didn’t have to worry about it. But what do you do now? Instead of spending the surplus, invest it in a saving scheme like a recurring deposit, SIP or mutual funds. The same amount gets auto-debited every month, and you hardly notice the difference. All it does is increase your savings!
Our younger selves knew how to save money, alright! Much like the piggy bank from our childhood, a separate bank account for all your savings and investments is a great way to ensure that a certain amount of money gets saved every month. Don’t have more than two accounts — one corporate and one savings — and transfer a certain amount from your corporate account to your savings account every month. It’s better if you don’t have an ATM or Debit Card for this savings account. This will prevent you from withdrawing money from it at a moment’s notice.
We all have urges and impulses to own the best of things. While that’s definitely rewarding, sometimes it can mean that you end up saving less or nothing at all. So when the latest smartphone or smartwatch or some fancy shoes end up on your wishlist, think about it for a while before making the purchase. Add it to your shopping cart and then think for a few days before purchasing. Ask yourself whether you really need it or you just want to own it. Buy it only when you feel the same about it after some time has passed.
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Bidushi took a left turn from journalism and landed up in the corporate world. She is a foodie and considers eating good food amongst the greatest joys of life. Keen on travelling and exploring new places, Bidushi has spent the last four years of her life in three different Indian cities. But she has also learned that her bedroom is her happy place. Screens relax her greatly — whether it's watching a movie or a TV show or reading a riveting bestseller on her e-reader. A cheerful person, she prides herself on making friends easily. When not working, Bidushi can be found spending time with her parents, talking to her friends over a call, or browsing the internet for that one lipstick!
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