Record Your Expenses
The first basic step you should take to save money is to record your expenses. For a month, check and record all kinds of expenses you have incurred.
Doing this will give you an idea of how much you are spending and where you need to limit your spending. Following the first step will lead you to the second step which is.
Make A Strict Budget
Start making your monthly budget according to your expenses. The main reason for creating a tight budget is to control and curb your expenditure.
Curb Your Expenses
Make every effort to reduce the expenses of your choice. The less you spend, the more likely you are to save. For example, turn off unused online streaming services or subscriptions.
If your budget is limited, buy used things. Split the costs with friends and family. Give up on brands. Your local chaiwala is cheaper as compared to multinational coffee chains.
Shop Online:
Check out discounts and festive season sales to shop online to get the best deals at the lowest prices. Compare different e-commerce sites for extra discounts and attractive cashbacks.
The same happens when booking flight or movie tickets; Book them in advance. The money saved here can be collectively used for wealth creation.
Avoid Expensive Places:
You don’t need to go to the best pub or the coolest restaurant in town on the weekend or birthday. There are many more places to socialize and celebrate that are equally good.
This is an important trick that will benefit the most in the long run with respect to wealth creation.
