Author: Rahul Saini

I am sure that you might have received your salary check by now and most of you might have been on spending binge as yet. Hip and happening young guys and girls running around the shopping complex, theatre plaza etc make a peculiar sight. Times as they say is changing. Since the era India entered the international market and MNCs came in to Indian bazaar, setting has changed upside down. Today you might be earning more than the collective salary of your either or single parent, but still short of cash at the end of the month or balance sheet in red. Now what I am telling you this? You know it all. What it has to do with you. Well this is concerned with your saving amount. If I may ask you about your savings and spending ratio which you do not need to tell me. Just recall in your mind. The answer could be a disaster if you score almost near to nil or might be a lucky guy if you have been able to control the flow of money from your pocket. Your parents might have been reprimanded you for this on occasions. Friends offered uncalled-for advice to save the money. Well if you think that we are going to do the same then let me correct you here. We do not wish to offer restrictive recommendation about your shopping behavior. This article is meant for those who cannot give up shopping but want to save the money simultaneously. Here are few handy tips you can apply to see the balanced economic life.

• Prioritize your shopping list. Essential commodity ranks first- common sense. Do not ever alter the list. Some people are so tempted to buy anything to regret it later.
• If possible invest some money in mutual funds, stocks, real estate, gold, equity papers, insurance policies and financial bonds. Doing this covers the future risk of financial turmoil. Economy is like a typhoon, one day high and other day low.
• Avoid the hasty use of credit and debit cards. Try to pay in cash. This might inculcate the habit of saving the money.
• If you are living alone in a town away from your family, stay at hostels. They are cheap and offer all the facilities that one needs to lead a smooth life.
• Take care of your health. Sounds funny. How it affects your bill? Well if you fall ill in future, you might end up in spending for the huge medical fees and shopping of medicines. Well this is one of the items that you might want to write off from your list.
• Stop eating at the costly restaurants so often. If you do so then check the expenditure. Not much but at least a bit can be stopped up and that makes the distinction. At the dip hours, some restaurants give some rebate or extra quantity at the same price.
• Learn to make pizzas, snacks, cakes, pastries etc at home. That saves a load of money and let not starve you from that mouth watering taste.
• Transportation burns the hole in the pocket as fuel prices are on rise. If you are planning to buy a car, hold on for a while. Clear your head of all those colorful ads and decide which car will be best for you. Available parking space, usage, economy of the car. If it is a big car then naturally guzzle more fuel, and vice versa. Judge your need in the present and future context. Fancy, big cars might not serve your purpose.
• Buying the costly article on the installment is not a big deal but to pay up its payment is big headaches so do not be lured by the dealers offer. Pay big cash down payment. It reduces the extra burden of interest that you have to pay up. Remember Indian Reserve Banks change the interest rate every year. So any change in policy will undoubtedly affect your remaining installments.
• Buy clothes in sale and off season. Many big showrooms and big brands offer attractive discounts on the clothes. Haggle over the price as they are not fixed until there is message saying aloud, “Rates are fixed”.
• Buy household appliances in sale.
• “DO NOT WASTE ELECTRICITY”, is the old wise advice. You can save a lot of bucks if you really lend an ear to it. Install fluorescent lamps instead to cut off on the electricity bill.
• In this era of online shopping internet can solve many of your problems. Check online selling sites and you may get the article being sold over there at lower price. Moreover if you have something which you do not want to use any more, you can put it up on the internet sales site. Good amount without any advertisement can be earned off.
• Do not buy new movie or music CDs at the drop of the hat. Many websites offer online viewing service which can be downloaded for later viewing. Of course, you cannot use the material for commercial purposes. Or else more money will go into legal process and bailing to get you out from the jail.
• Magazines, lifestyle books, literature etc that you love to read is all available on the internet. Buying this stuff can cost you dearly.
• Use free software instead of Paid licensed one. For example Use GIMP in place of Photoshop.
• Stop smoking at all if your have iron will power or drop it low, at least you can give it a try. Health betterment ultimately saves your money which you can use for other useful uses.
• Abstain from regular drinking.
• Avoid taking loan when short on cash. Wait for some time. Sudden urge to get something gets cooled off in few days, and then you realize that you never needed that.
• Encourage yourself to use public transport.

All these are collective tips to make you realize or recall the point which you already knew or just had the average idea, but never realized their usefulness. You can make the difference by checking the statement of your bank.