Save Money In 2022, Money Saving Tips And Hacks

Now that we are approaching the end of January 2022 and you have either succeeded or failed in maintaining your New Year Resolutions, here’s one that you should take up now to come out of 2022 a little more richer. 

Financial discipline is a must if you wish to built wealth and while saving and investment may come naturally for many, it is a challenge of many more.

So, you are from the latter. Here are a few small, every day savings tips that could make a substantial difference in the long run.

Learn the difference between Want And Need
The very first thing you need to do is, figure out what is your Want and what is your Need. Needs make up your monthly bills, groceries, commute expenses – basically the bare minimum that you need to lead your life comfortably. Your Wants are your night outs, dinning out of ordering in, your shopping sprees etc. basically everything that is not essential for your survival and can be avoided. 

Now, once you have figured this out, make adjustments in your Wants to save more money. 

Carry Cash
There is something about watching the money go out of your wallet. Yes, digital payments are convenient, but having money in your own wallet and keep it there for a long time provides you with a sense of accomplishment. 

Compare Online – Check for Discounts
When shopping, always check online. At times, you could find the same product for a discount online. So just order it online. If you are in the store, you may ask them to give you the same discount, and more often than not, they would give it to you.

Learn skills that can save you money – facials, haircuts, manicures, waxing etc
There are several things that you can do on your own. With the pandemic, many people learnt to give themselves a haircut, wax on their own, etc. and now they are saving up on the parlour money. Try and figure out what do you spend regularly on, then figure out if you can learn that skill in order to save money. 

For Eg. If you regularly order in cakes, learn how to bake. Who know, you may start your own business and sell out of your kitchen.

Track your finances
Use an app, create a spread sheet (I use Google sheets) or note it down in a diary, but do it! It is very important that you track your income and expenses. This also helps you understand where you overspend so you can be mindful next month. Honestly, after a time, it is almost like a game and you start enjoying it. Give yourself ‘no spend days’, ‘budget days’ etc. so as to challenge yourself, sometimes you succeed, sometimes you don’t and that’s okay.

Save 1 day a week to socialise and eat out
If you like socialising, keep one or two days a week when you indulge and then discipline yourself he rest of the week. This way you don’t feel like you are depriving yourself from all the fun.

Keep 500 in a savings fun each week – close to Rs 25,000 by the end of the year
This is again a challenge you can try. Try and save Rs 500 every week. I do this in two ways,

Round of all my expenses, and save the remaining. For Eg,

If I buy a Maggi for Rs 12.00
Then I bought 2 pen for Rs 80.00
Now, ill round of both these numbers with Rs 50 and Rs 100. So Rs 50 - Rs 12 = 38 and Rs 100 - Rs 80 = 20. 

Now I’ll put Rs 38 + 20 = Rs 58 into my weekly fund. 

At the end of the week, suppose I have Rs 380 in my fund with this rounding off technique, then I would just add additional Rs 120 to the fund and make my Rs 500 for the week.

I know it seems tedious, but trust me, it is more fun that in seems. 

The other technique is simple, I just simply cold turkey keep aside Rs 2000 or Rs 2500, depending on the number of weeks in the month.

Do you have any money saving tips and hacks? Share in the comment.

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