Tips for Cutting Costs

Here i would like to give a few tips for cutting costs on personal expenditures and saving some money. This way you will save more and become financially secure faster.

1. Always pay by Cash or Debit Cards.

Potential saving - Saves interest on credit cards and also helps you budget better since cash will limit your expenditure

2. Always Pay credit card payment in the full at the end of every payment cycle.

Potential Saving - Saves interest on credit cards which can actually go upto 40% anually with some banks.

3. Always save small amounts every month for Diwali/Christmas/other festival shopping.

Potential Saving - This way you can avoid going it to shopping spree with a credit card and unlimited expenditure and end up paying heavy interest.

4. Always use internet / phone banking

Potential Saving - Saves fuel traveling to the bank, saves time, saves bank fees in some cases

5. Always take your own Lunch to Office

Potential Saving -
If you are spending Rs. 50/day on lunch, in a month you can end up saving Rs 1300/month and Rs.15600/year.

6. Always start saving early for your next car and buy a lower model.

Potential Saving -
A larger down payment can result in lower cost and lower interest payments for the loan.

7. Always use pre-paid cards for Children 's mobiles.

Potential Saving - If they talk too much on mobiles and end up finishing there balance early, ask them to top it up with their own pocket money, this way they will know learn the value of money faster.

8. Always stay in a self service hotel when going out on vacation

Potential Saving - Saves a lot on restaurant bill when out of town a lot of money since they are usually cheaper. i recently heard that the TATA group has opened a chain of such hotels.

Well that all i could think of right now, if you have any other items you can think of do let me know.

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