IMO: Issue #18 - 8 Habits To Save Money

Share this newsletter on WhatsApp
You can view all previous newsletters here

₹ Rupee Rejuvenation: 8 Habits To Save Money

Here are 8 easy-peasy habits that'll have your bank account doing the Bhangra in no time.

Let’s discuss a battle plan to conquer your expenses and turn you into a saving samurai! Let's face it, saving money in today's world can feel like trying to find a decent Wi-Fi connection on a train journey (practically impossible). But fear not, with these 8 habits, you'll be a Rupaiya Rockstar in no time!

Habit #1: Budget Buddy Up!

Budgets are boring? Think again! It's like a roadmap to your financial goals. Here are some actionable intel:

• Track your income and expenses. (Every penny counts!)

• List your financial goals. (Dream house? New phone? Having a target keeps you motivated)

• Use a budgeting app or spreadsheet (Plenty of free options exist!)

• Allocate funds for needs (rent, bills) and wants (entertainment) (Be realistic, but don't forget to have some fun!)

Habit #2: Pay Yourself First (Become a Saving Samurai)

Think of your savings as a super-powered side-kick!
Here's the battle cry:

• Set up an automatic transfer to your savings account. (Treat it like a bill!)

• Start with a small percentage (5-10%) and gradually increase it. (Baby steps lead to giant leaps!)

Habit #3: "Needs" vs. "Wants" Tango

Impulse purchases? Not on your watch! Master the money moves with this strategy:

• Ask yourself, "Do I NEED this or just WANT it?" (Needs fuel your life, wants are fleeting fancies)

• For wants, implement a minimum 24-hour wait rule. (Sleep on it, and that shiny gadget might not seem so alluring)

Habit #4: The Couponing Crusade (Slash Spending with Savings Snippets)

Who says saving can't be a thrilling adventure? Channel your inner Indiana Jones with these tips:

• Utilise digital coupons and apps. (They're at your fingertips!)

• Browse store flyers and online sales. (Plan your shopping trips around deals)

Habit #5: The App Annihilator (Unsubscribe and Save)

Subscription creep is real! Here's how to fight back:

• Review your monthly subscriptions regularly. (Do you still use that yoga app?)

• Unsubscribe from unused services. (Free up that recurring expense!)

• Explore free alternatives before subscribing to something new. (There might be a cheaper option!)

Habit #6: The Power of "No"

Learn the magic word – "NO." Whether it's a friend pressuring you to split an overpriced bill or that salesperson pushing an extended warranty, a polite but firm "no" can save you a ton of money in the long run.

Habit #7: Buy in Bulk - The Savvy Shopper

Buying in bulk can be a great way to save money, but there are some things to consider to make sure it works for you:

• Storage Space & Shelf Life: Do you have the space to store a bulk purchase without it spoiling? Consider the shelf life of the product and how quickly you'll use it.

• Membership & Minimums: Some bulk stores require memberships, and there might be minimum purchase quantities. Factor these costs into your calculations to see if the bulk price still makes sense.

Here's a tip: Team up with friends or family! Split a bulk purchase to get the savings without the storage commitment.

Habit #8: Invest in Health - Your Most Valuable Asset

Taking care of your health can save you money in the long run. Here are two ways to think about it:

• Preventative Care: Regular checkups, screenings, and healthy habits can help prevent costly medical issues down the road.

• Healthy Eating & Exercise: Eating nutritious foods and staying active can boost your energy levels, reduce your risk of chronic diseases, and even improve your mood. This can lead to fewer sick days, lower healthcare costs, and a better overall quality of life.

Remember, saving money is a marathon, not a sprint. Be patient, celebrate your milestones (big or small!), and most importantly, have fun with it!

Bonus Tip: Track your progress! Seeing your savings pile grow is a fantastic motivator. So, what are you waiting for? Unleash your inner Rupaiya Rockstar and get saving!

P.S. Don't forget to share this newsletter with your fellow folks! The more the merrier, right?

Until next time; Keep Learning, Keep Sharing!!