10 tips to save money in life

POSTED BY Jagoinvestor ON February 6, 2011 3:01 pm COMMENTS (11)

This thread is to list down things which one can do in one’s life to save the money which otherwise we waste ..

something like “Cut down on outings once a week and better go to a Park or meuseum with family”

Lets add more and make atleast 10 points , make sure the tips do not have any drastic effects on a person’s lifestyle !

11 replies on this article “10 tips to save money in life”

  1. bharat shah says:

    i like to pinpoint one biggest syphon of your saving is mindless buy of life insurance product to oblige some relative/friend /known .very frankly, do not go any type of life insurance except pure term life insurance. i am writing after knowing my near relative, even with good commerce qualification , though my frequent advice in the past, took no. of other life insurance casually, as perhaps having good current income.

  2. Raja Mohamed says:

    Make it a practice to thrive on only 90 – 95% of your monthly take home…the remaining 5 – 10% of liquid funds will come in handy during crisis/emergency situations…

  3. india investor says:

    my tips

    1. Never shop for groceries on empty stomach but do so only after you have had your fill. You will be amazed with the difference.

    2. Keep a list of items you need and wait for a few days. After a while the urge lessens and only things of real importance stay on the list.

    3.carpool if possible

    4. eat at home. cook at home – biggest difference in good health, savings and happiness. do go out once in a while but make it a rarity.

    1. India Investor

      can you elaborate on point 1 , looks interesting to me !

      Manish

      1. Gaurav says:

        When you are hungry, you tend to buy more in groceries. Specifically if you are buying in a super-mart or such a place, you will find that you tend to buy a lot more high calorie food like chips and cookies when you go on an empty stomach. Go after your meal and you will buy healthier food and more fresh produce.

  4. Rajendran says:

    @Paritosh

    I strongly disagree with your 7 point. After all you have got only 1 life why you want to restrict urself.
    What policy is very simple

    Better have whatever you want but ensure you have it within your limits.

    1. PARITOSH V TRIVEDI says:

      RAJENDRAN

      AS I AM IN MEDICAL PROFESSION,I HAVE SEEN MANY CASES IN MY LIFE WHOSE FAMILY

      IS SUFFERING A LOT MENTALLY,PHYSICALLY AND ECONOMICALLY ONLY B’COZ OF

      ALCOHOL AND SMOKING.

      YA! WE HAVE GOT ONLY ONE LIFE THEN WE CAN’T LIVE IT HEALTHY AND HAPPILY!

      ITS EVERYONE’S PERSONAL CHOICE.

      1. anithaveeravendhan says:

        1. Never go for shopping if you are unhappy or stressed. We end up buying things we don’t need.

        2. One should not develop the habit of buying gifts for loved ones (esp., children)to assuage any guilty feeling.

        3. Plan family finances with family. Make sure that your family realises the financial implications of buying unnecessary, luxurious things just to show off to others.

        4. Don’t tell your children,” I don’t have money.”
        Instead tell them,” We have money.But it is for more important things like food and fees. we will get what you want next month. Please wait.” This strategy will take some time to work but it is a good way of teaching children about priorities. Don’t give in to tempertantrums and end up buying things they want. It will become a viscious cycle.

        5. for one day trips with family, prepare lunch and snacks at home. eat dinner at hotel.

        6. During holiday, Play board games with your children. Make them realise that it is as much enjoyable as going out. But first we grown up should realise that.

        7. Going for beach? Walk to the bus stand, take a bus. It is good for the family. But make it enjoyable. Tell children that it is a different experience. Declare atleast one sunday as “No Car day”

        final advise. don’t overdo it.

  5. PARITOSH V TRIVEDI says:

    1.FREQUENTLY VISIT JAGOINVSETOR FORUM (AS IN MARATHI IT IS SAID “WACHAL TARACH WACHAL”)

    2.SPEND LESS.

    3.SHOP WISELY.
    EXM-BUY DAILY USED GOODS IN BULK

    4.USE LESS/ADEQUATE- ELECTRICITY,WATER,FUEL AND MONEY

    5.DONT CARRY EXCESSIVE DEPT

    6.BUY USED.
    EVERYONE LIKES TO BUY NEW ,BUT WE CAN GET USED BUT IN GOOD CONDITION
    CARS/TOOLS ETC AT MUCH CHEAPER PRICES.

    7.QUIT SMOKING/ALCOHOL/TOBACCO CHEWING
    IT SAVES MONEY AND INCREASE THE QUALITY AND QUANTITY OF LIFESPAN

  6. Milind Kotibhaskar says:

    1. If you receive a big lump sum amount ( say, bonus or maturity of FDs or something ), invest it as soon as possible. Do not let it lie in your savings account. More you wait to invest, more you lose.
    2. Look out for bargains (there are many now a days especially in the big supermarkets). Be it grocery or cloths, you can get good material at discount prices.
    3. Eat home cooked food as much as possible. It is hygienic and cheap.

  7. Rajendran says:

    1) Buy things only if you think they are must for you… don’t buy any thing just b’coz your colleague or neighbor has it.

    2) Keep track of your expenditure so that at some of time you will know where spend a lot and whether that can be controlled

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