Did the pandemic set you for a financial roller-coaster ride? Don’t worry! You are not alone. There are billions of people worldwide whose income got affected in some or the other way. As a result, it becomes difficult to save money with limited or uncertain income every month. But that doesn’t mean that you spend all you earn.
We are here with the 7 money-saving tips and schemes which can be helpful in your tight budget as well. Check them out!
Saving Schemes for Middle Class
The government has introduced various benefits for the middle class and lower-income group. One of those benefits is special saving schemes for the middle class like Atal Pension Yojna, Pradhan Mantri Jan Dhan Yojna, Kisan Vikas, Patra, etc. You can go to your nearest government office, like a post office or a public sector bank, to inquire about your eligibility for these lucrative saving schemes.
Beware of Sales & Discount Coupons
When was the last time you bought something just because it was on sale? Sales and discount coupons like 50% off and BOGO offers are designed to lure people into buying things that they don’t want in the first place. You can dodge these tempting offers by avoiding window shopping, shopping with a list, and strictly following your list only. That way you buy only what you need.
Allow Yourself One Subscription
When you switch on the TV, you spend most of your time flipping channels to select what to watch. And do you lend up on your favourite channel most of the time? Save yourself some money there and subscribe only to that one entertainment channel until your financial condition improves. This might seem an insignificant change at a glance. But these kinds of small steps can lead you to save more money in crises than you can imagine.
Create a Chit Fund With Your Friends
A chit fund is a widespread practice of collective savings within a group or community. Each person contributes towards a pool of funds. This pool is provided to group members one by one by auction. But since the pandemic, people are gathering less to maintain social distance. You can create a chit fund with your friends online also via chit fund apps. Online chit funds are simple and safe.
Take Health Insurance Policy
You need to understand that health insurance is not an expense. On the contrary, it will save the exuberant costs you might need to bear in a health emergency. All your plans to save money can get ruined in such situations. Healthcare is getting more costly day by day. Thus it is wise to ensure yourself and your family members against hospitalization charges with a small yearly health insurance cost.
Avoid Shopping Via Credit Card & EMIs
It is pretty tempting to use your credit card during a cash crunch. But you can end up building a trap for yourself by getting things on credit and EMIs. It is easy to spend on unnecessary things when you don’t need to pay for them immediately. However, there are fewer chances of going over-limit with your expenses when you spend whatever limited money you have. Moreover, if you can’t repay your EMIs and credit card bills on time, you need to pay heavy interest and late payment fees.
Follow a Monthly Budget
Make a list of your fixed expenditures. And see how much room is left for your monthly saving schemes. Deposit the money you can save the moment you get your monthly income. Leave some cash only for everyday expenses and budget for any big expenses. This way you won’t spend all your money before you can save some.
To Sum Up!
Remember, it doesn’t matter if you can’t save much. The important thing is to keep your savings rolling till your financial situation gets better. And we hope that these money-saving tips will help you to achieve that.
Author Bio:
Aatish Khanna works with the Content Marketing team at Money Club – a digital chit fund platform that makes saving, borrowing, and investing your money more efficient. He writes on topics to help his readers understand processes so they can make better financial decisions. He’s the go-to person that his family, friends, and colleagues turn to for all their money matters. He loves to play board games and aspires to one day build his one finance-related board game and app.
