10 Ways to Increase Your Savings
6. Watch your diet
When you are out or even at home, often you have the urge to eat something, and thus it becomes a habit to have a box of candies or packets of chips to binge on whenever you feel like. Avoid buying junk food altogether and instead spend on healthy foods like fresh fruits. Do not buy chocolates and pastries every other day to soothe your craving; instead make it a habit to not have the need to indulge in these high-calorie, sugary foods which not only empty your pocket slowly but gradually, but take a toll on your health as well.
7. Find simpler and free alternatives
For anything over which you spend money, find out if there is a cheaper or free alternative. If you like reading books and magazines, try doing so over the internet. Most magazines and newspapers are online nowadays and you will really not miss out on anything if you stop subscribing to the copy of the newspaper. Join a library and borrow books instead of spending on new books every month.
8. Quit shopping for leisure
Avoid being a shopaholic. More importantly, do not treat shopping as a stress reliever to the extent that it causes more stress owing to emptying your bank balance. Avoid spending your leisure by going for shopping. Instead, go to the park or take a walk and do anything else that does not involve spending money.
9. Avoid being brand conscious
Another way to increase your savings is by refraining from being brand conscious. You may like certain brands – you should in fact stick to a reputed brand when it comes to health and personal care – but do not look at the brand always and in every item that you buy. There are cheaper and equally good products available in the market, and buying them would save you a lot of money which you spend just for a brand name, which makes no difference whatsoever.
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10. Open a recurring deposit account
You will obviously try your best to cut down on expenses and check your spending habits in order to increase your savings. But do also make it a necessity rather than a choice. Open a recurring deposit account in your bank, which will compulsorily make you deposit a fixed amount every month failing which a penalty would be charged. A recurring deposit account would make it obligatory on your part to set aside the designated amount for its purpose, thereby helping you save more.
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