Saving is an important attribute in one’s life. It really doesn’t matter, if you are single, married, student or a working professional, saving becomes mandatory for every individual. It is important to map out your expenses and purchases so you can identify where you hard-earned money is going.
- Draw a list of all your mandatory monthly expenses. If you don’t know what to include in the list, give yourself a month’s time and note down important expenses like rent, electricity, food, telephone services etc. Plan your monthly budget according to the expenses that you make.
- Do not shop with your debit or credit cards. Always purchase goods with cash in hand. When you shop with your plastic money, it’s hard to track of how much you are actually spending. You save on interest and less likely to buy on unnecessary or impulse items.
- Try to avoid eating at restaurants often. Eating out with your family and friends is fun, but is sure to burn your pocket. Besides home made food is more nutritious and healthy than what you get at hotels/restaurants.
- On special occasions, if you are going out with your friends to restaurants, make it a habit to share the bill all of them. This is a good practice not only for you but also for your friends.
- Make sure you spend your money on good investment platforms like health insurance, emergency fund, fixed deposits and other such funds. This will not only help you to save your valuable money but also keep your family financially secured at times of emergencies.
These are a few tips to consider on your monthly household budget.