They say charity begins at home. Likewise, we also believe savings also begin at home. When we save, we teach our children that savings indeed is a great idea for our better future. We also want to teach our children the importance of savings. But just teaching won’t suffice. When family implements daily habit of savings, then children are also inclined to learn. Let’s take a glance at some simple everyday savings habits, in which she made her children also participate:
10 Everyday Savings Habits That Actually Work!
Here are 10 easy, simple and everyday savings habits that work, and you will know how to monitor, cut and control your expenses and thus be more mindful with your spending:
- Note your expenses: Most of us wonder at the end of the month as to where did all the money go. Some people earn well and yet do not have a penny that is saved. This happened when we spend money on impulses. Logging down your expenses will help you know where the money is going and this will help you identify where you need to cut down. This is a simple way to know where you are spending unnecessarily and where you can make a cut
- Open a savings account: First and foremost. Open a savings account for every member of a family. Let kids also have their savings account. That way they learn that savings account is meant for saving money. Reward them, whenever they do something good and teach them to deposit the money earned so that they learn the value of money and savings. Unless there is an emergency, you must always try to keep some amount safe and aside, every month without fail. You can also open a recurring account with your bank. Wherein, a certain sum of money is deposited every month for a period of 12 months and you get quite a big amount along with the interest at the end of 12 months. This money if deposited in the month of March will give the returns in April next year. Which you can use to pay your child’s school fees. That way, you don’t feel the pinch, when you have to pay yearly fees all at once
- Invest in gold: In event of any birthdays in the family, instead of spending money on buying expensive gifts, try to invest in gold deposit scheme. When you save some money every month and that money when saved for the whole year makes a substantial sum. Suppose, every month when save Rs. 5000 which totals up to Rs. 60,000 at the time of your birthday. Buy gold with that amount. It will be the investment you will always be thankful for. If possible save some money on every family member’s birthday
- Cut down the cafeteria food: If possible, try to take home made food to office. Children also incorporate the idea when they see parents doing that. That way you tend to eat healthy food and save money. Meals in most offices are quite expensive, and carrying home made food will not only be healthy, but contribute to your savings to a considerable extent
- Clear your loans: All your loans cut a big hole into your earnings. Though you must have heard this a 1000 times, we are sure it is pretty difficult to follow through. At least keep your credit cards, personal loans and other shirt term loans clean and clear. This way you will be left with only major loans like car or house loans and your money will be saved
- Avoid unnecessary binging: Be it shopping or eating out, these two things are mostly impulsive and unnecessary. Just because you see SALE sign, does not mean that you have to buy something. Buy only when you really need it. Everyone loves restaurant food. Even if you make same quality food at home, still restaurant food always wins hands down. Have restaurant food or outside food only once a month
- Carpooling: Instead of plying your car every day to work, do carpooling with your colleagues or friends who travel to the same place near your office. This saves not only gas but also causes less pollution
- Collect all the loose change: There are so many loose change coins scattered all over the house. Tell your kids to collect all and put it in the jar. They will be surprised by the amount of loose coins, which are lying all over the house. Collect them, count them and at the end of the month, go with your kids to the bank and encash them. Whatever money you get in exchange of coins, you can give to your kids to deposit in piggy bank
- Save electricity: Always teach your children to switch off the lights when not in use. A rupee saved is a rupee earned. Cut down on TV, laptops. Charge the phone only when battery is totally drained. Electricity consumes lot of energy in our homes, which we don’t realize. Believe me you will be surprised instead of shocked to see lower electric bill and you can spend more family time
- Motivate yourself: Savings can be hard as you have to let go of many small indulgences. But to make it up, decide on what you want by the next year, like a new sofa, refrigerator, or a vacation and save for that. Put up the pictures on the walls and keep yourself motivated. You will feel great working to save for it, and once you achieve it, you will feel even more motivated to save
Little savings here and there do matter and does wonders in the long run. And little spending do dig a hole in your pocket. Savings does not limit itself to money but broadens to other things like electricity, water, diesel or petrol. Savings isn’t a miracle, you just have to learn how to spend less than what you earn.