Tips on how to save money

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We all struggle with saving money. And considering Pakistan’s volatile economic situation, it is imperative for us to save money for a more secure and stable future.

Compiled from CNBC, here are seven tips you can apply in your everyday life to save money.

Keep your expenses very, very low

Keep your expenses low by avoiding spending on things you don’t need. Think twice before you buy anything – from food to clothes – and ask yourself if you really need it. Frugal living is the way to go.

Pack lunch for work

We often end up spending a lot of money by eating out or ordering food for lunch every day during the workweek. This puts a big dent on your pocket. Plan your meals ahead and take lunch from home. You’ll be surprised to see the money you’ve saved at the end of the month and how much healthier it is.

Don’t go out every night

Going out has become an important part of our days, and weekends and it tends to be very heavy on the pocket. Instead of going out, plan one-dish get-togethers at homes. The point is to spend time with each other.

Cut down on groceries

Before you head to the grocery store, make sure you have a full stomach and a prepared list of items you want to buy. That way, you won’t get sidetracked by things you don’t need or food cravings that pop up while you’re there. Also, buy things in bulk – you’ll save a few rupees.

Save 40% to 50% of your earnings

Growing your money isn’t just about keeping expenses low, it’s also about making a plan to save what you have leftover. Put your savings in a savings account or invest them somewhere so you are not tempted to use them.

Start a side job

Opportunities are endless and if you have a skill or some extra time on your hands, utilise it to start a small side business which can contribute to your income.

Don’t get caught up in comparison

This is probably the most important tip of them all. A lot of the time, people end up spending money they don’t have on something they don’t need — usually because someone else has it or expects them to have it.

Everyone wants to flaunt around their wealth but you should never feel the need to spend money to impress anyone. If you do, you may find yourself competing way past what your budget allows.

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