Are you always out of cash? Follow these tips to save for the rainy day

Do you also witness the D-Day in the month, when you really are out of cash and there are no other possible sources of money? Did you ever feel the urge to combat this and lead a financially sustainable life?

Well, if you really are keen, then we have got the best money management tips for you. But first, you need to promise and take an oath that ‘You won’t take any extra cash supplies from Mom-Dad and will learn to use money management tips to get rid of this D-Day”.

Now, gear up because we have shortlisted these most efficient Money management tips which will lead to spend less and save more:

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  1. Create a budget!

The utmost important tip is to create a budget, which is suffice. You can start by listing your monthly income sources, savings, allowances and then sum it up to compare it with your expenditures. The next step is to calculate and compare the allowances and expenses to create a budget, which consists of all the costs such as college supplies, food outside your meal plan, personal care items, accommodation rent, traveling etc. When you will have a set budget, you will start tracking expenses in a proper manner – Hence, the purpose is served!

  1. Separate wants from needs.

Do you still want to spend thousand rupees on hair spa or save it for your accommodation rent?

It is very important for you to set priority on, what you currently need to spend on and what you can avoid for the moment – You need to separate your want from your need, if you want your budget to work out. Analyze what your sorted priorities are and put this plan of yours into action.

  1. Cards are for use, not abuse!

This. Is. The. Limit.  Well, a debit card or a credit card surely can’t say that to your face, but we are telling you to be cautious in terms of using them. We clearly understand the fact, that in both the cases you have a limit on your card, be it a debit or credit – but most of the time, we tend to forget to put the limit on us. You want to shop, well there’s the card – But no, this puts you in debt instead of saving the credit for emergency purpose. So, before the bank freezes your account, make sure to freeze your mind before making any useless expenses.

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  1. ‘Shop smart’ should be your mantra for Money Management.

Start making smart choices in terms of buying things – stop paying more for things that can be easily bought in a much lower price. For example – If you are a bibliophile, then buy your book paradise – Kindle or download the PDF in your phone, or look for stores where you can easily buy your favorite book for just Rs. 100 or so. OR it could be as if you are living in a shared accommodation, which is costing you way too much and is not even reliable, then try looking for reliable web portals like Studentacco, to rent yourself a reliable accommodation in Delhi NCR.

This is how, we believe that it is really is a smart way to shop and save at least a fair amount of money, which you can use as your savings.

 

We completely agree with the fact that ‘It is easier said, than done!’, but what if you give money management a chance and what if you succeeded in it. The bottom line is, you won’t know anything until you try it – so, you might as well, try your luck here! Also, if you really are getting started with making wise financial decisions, then get in touch with us to get yourself a reliable shared accommodation in Delhi NCR.