It happens to all of us. We find ourselves in a tight spot near the end of the month when it comes to money. At times we even resort to borrowing from our friends or relatives. But this need not be the case. If we are a little careful about our money and spending habits, we might in fact be able to save some money and invest it so that it earns some interest for us. Memsaab brings to you some useful tips on how to break out of your spending patterns so that you are able to save some money for yourself. Read on..

1. Make a budget at the start of the month – Say your monthly salary is Rs. 15,000/- (in hand). You should first set a goal of saving at least Rs. 1,000/- out of this. Keep this Rs. 1000/- separate and make a note that you would not even touch it. Now that you know that you only have Rs. 14,000/- to spend, you are mentally prepared. Make a list of the items you normally spend on. It could be your house rent, electricity and other bills, grocery items and other things that you spend on. Knock off non-urgent items such as the expensive new dress that you saw on your way back home or the sandal that you do not need right now. Make sure that you spend only the Rs. 14,000/- that you had started out with.

2. Bulk shopping – Rather than shopping once a week, see if you can shop once a month. Nowadays retail chains like Big Bazaar have days in a month or week when they give super discounts. Take advantage of such days. Also when you go to shop, keep a list ready. Ensure that the list contains only those items that you actually need. Do not splurge on impulsive shopping. Stick to the list.

3. Online shopping – Online shopping saves you the trip to the market and any fare that you would incur because of the trip to the market. Also when you go to the market, there is a tendency to shop impulsively. Online shoppers save some good money on discounts and because they tend to stick to what they had planned to buy.

4. Buy Second-hand items – Websites like ebay.in offer good deals and discounts on second hand items. What’s more every buyer and seller is rated and thus you are aware about the credibility of the person you are buying from. So rather than spending 400 bucks on a new DVD of the latest Bollywood blockbuster, wait for sometime and see if it is available in second hand. You can also use such websites to sell similar items that you have no use of now.

5. Exchange clothes with a good friend – You need not splurge on an expensive gown or a sexy dress if you have to meet your boyfriend. Talk to your best friend and see if she can lend you that sexy black dress. Obviously you have to make sure that you and your friend both are of the same size..:)

6. Avoid Dining out – We do not realize it, but dining out in expensive restaurants can really shave off some money from our monthly savings. What you can do is see if you can avoid dining out. Nowadays recipes to the best food dishes are available online and you can make some really good food at home at a fration of the cost and which is as good as that expensive restaurant. If you are still the types who loves eating out, try limiting the number of times you dine out.

7. Buy in house store brands – Retails chains like Big Bazaar have in house store brands which are cheaper than the branded stuff you buy. The quality is as good as the branded stuff. So why waste money? Get smart!

If you follow the above mentioned tips, we are sure that you would soon be on the way to becoming a saver rather than a spender and would find that you have enough money at the end of the month which you can invest responsibly and enjoy the fruits of that later!

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