Saving money feels hard? Try these surprisingly simple daily hacks
What's the story
We all know saving money can often feel like a daunting task, but what if we told you, incorporating some unconventional methods into your daily routine could make it easier? These quirky tricks are designed to help you save without feeling the pinch. By making small changes in your habits and mindset, you could gradually build up your savings without much effort. Here are some creative ways to start saving money every day.
Challenge yourself
The 'no-spend' challenge
The "no-spend" challenge is about picking certain days where you don't spend a single penny. It pushes you to use what you have, and not purchase things you don't need. You can start small with one day a week and increase it as you get comfortable with the whole concept. This technique helps in spotting non-essential expenses and encourages mindful spending.
Round-up method
Round-up savings technique
Every time you buy something, round it up to the nearest whole number and save the difference. For instance, if something costs ₹85, round it up to ₹100 and set aside ₹15 for savings. This feature is offered automatically by many banking apps, which makes it an effortless way to accumulate savings over time without even noticing.
Envelope system
Envelope budgeting system
The envelope budgeting system entails putting aside cash for various spending categories every month in envelopes bearing the name of each category (like groceries or entertainment). Once an envelope runs out, no more spending is permitted in that category until the next month. This hands-on technique curbs overspending as you can't access funds beyond what's allocated.
Buy Nothing Week
Implementing a 'buy nothing' week
Designate one week each month as a "buy nothing" week. During this time, allow yourself only essential purchases like groceries or utilities. Avoid discretionary items, for example, clothes or gadgets. Doing so, you'll find yourself saving more than expected. That's because you're delaying gratification on non-essentials. Often, you may not see these items as necessary at a later date.