Best & Important Ways To Save Money – GrandTourio Tips

Save Money People! It's for Your Own Future!

In today’s day & age where Indian lifestyle has changed a lot if you compare to 20-30 years ago. People then mostly would live a very simple life and would avoid buying expensive things and spending money on outside food. Today, the scenario has changed! People visit restaurants at least 5-6 times a month, would spend buying even something that is not needed because of some offers going on, on the online websites or stores. In a nutshell, in today’s time of credit cards, no cost EMI’s, E-commerce sales, Discount providing apps, and so many other things, people are spending a lot on things that they can actually live without. We are not against improving lifestyle but only against the way we are spending money without thinking about our own future.

It’s very important that you imbibe the habit of saving today, so that you can spend it tomorrow when you might be going through a rough patch in your life! We have some very basic but crucial ways of saving an extra buck from your pocket that may help you later.

1. Electricity Bill

This is known to you since your childhood by ways of school and parents shouting on you for keeping that fan on even if you are not under the fan.

This is so basic but people tend to take that for granted. Keep in mind, that this habit of yours is burning your money more than you can think. Please make sure that you switch off every fan, light, or TV and each and every electronic device if you are not using it at that point of time. You must also start buying LEB bulbs and tube lights instead of CFL or Incandescent light bulbs that consumes high power. You can even opt for gas geyser instead of using electric geysers which will incur one-time installation fee but will help you save ton of electricity bill.

2. Shopping

Avoid going to the mall or grocery store without a list in your hand. Because even you know this, that when you enter the mall for shopping, you tend to loose your mind and buy more than what you went in for. Please make a list of things you need and not what you “want” before going shopping. And be true to yourself and spend on things that are most important and urgent in your life! You will save a lot when start controlling yourself while shopping!

3. Offers & Online Shopping

We are shouting from the top of the roof- “Please stop impulse buying”

Oh C’mon, you know you are guilty of buying things you were not supposed to buy at that point in time. These online shopping festivals have made you crazy and you fall for the trap every time. No Cost EMI’s, Cashbacks, Credit Card Offers, Buy Now-Pay Later and whatnot! You are surrounded by these things and we know it’s not easy to stay away from these offers, but just think of those times when you bought that expensive pairs of shoes or that cool bag or that smartwatch, you could have managed without those things for sure and you could have saved thousands of rupees for yourself.

4. Resist Eating Outside

Eating outside has become way too expensive now. Stop your habit of eating outside for reasons that are not even reasonable now! We know of people who planned a party even when they won their first game at PUBG after loosing three-times back-to-back. Now that is sick! Not every success calls for a party guys!

Firstly, it eats up a lot of your money and secondly, you are slowly ruining your health too as you are eating a lot of outside junk food! Please eat homemade food that your mom or dad is preparing for you with all their love! You will save more than you expect when you eat homemade food and stop spending on expensive meals outside. Once or twice a month is fine but don’t make it a habit to eat outside daily!

5. DTH or TV Cable Bill

Now-a-days young generation hardly watches TV except for certain shows or sports channels during the matches. But even that can be seen on your mobile phone because of your internet connection. More so, nowadays, people are subscribing to mediums like Hotstar, Amazon Prime Videos, Netflix and the craze for these online web series and movies is increasing and the number of young people watching TV is reducing. Avoid getting a TV cable connection and you can easily save up to 500-700 Rupees a month

6. Commuting

Prices of fuel being so volatile and touching the sky, daily commute for people is not so cheap now!

Our population is increasing and so is the pollution around you, it would be great if you stop using your private vehicle on daily basis and start using public transport for your daily commute. There are so many options these days like Uber pool, Ola Share, even apps that provide buses pooling around the city. It would help save you a ton of money! Also for short trips like going to the mall, or meeting your friends nearby, instead of taking out your two-wheeler, please walk your way to the location or take public transport. Or use a bicycle for such short commutes which is also great for your health as you flex your muscles. You can save so much when you do this and make this a practice!

7. Subscriptions

Now as we said, subscriptions of various portals are available and if you are the one who tends to subscribe to each and every portable then you are spending a lot every year. Now although we think you know it, but find partners for those subscriptions and buy it together! Even if a group of 5 people subscribes together, you save a lot of money! Or else there are other options like torrent where you can download every digital content out there for free!

Now, we have talked about saving money but what do you do after saving that money!

8. Invest Your Money Wisely

What’s the point in saving if that money is just sitting in your bank account. Don’t make the mistake of keeping your money idle in your account or in your home. Let the money work for you! Invest that money so that it grows itself and that provides a sense of security for your future life!

  1. Get yourself insured!

You never know what can happen to you in this uncertain world! Get a life insurance and also a medical insurance for yourself! Medical expenses can come anytime and you need to be assured that you have a medical insurance at that time and not worry about expenses at that point. It is very important for you to take such mature decisions early in your life so that your future is secured! Even if you are healthy now and think that you don’t need any kind of insurance but don’t take your health for granted and also think about your family who is counting on you!

  1. Invest in mutual funds!

As the fashion of Fixed Deposits is fading away because of low returns, another very simple way of growing your money is via mutual fund investments. Now you might think that you don’t want to invest in mutual funds because they are risky and have high chances of suffering loss rather than showing profit.

But understand one thing, if you are young and just starting out in your career, then you have 20-30 years ahead of you. During this time, you must religiously invest your savings in equity mutual funds for long-term and you will be surprised by the amount of money you will make after so many years.

For someone who doesn’t like taking risks, there are other types of mutual funds too like Debt Funds, Liquid Funds, Hybrid Funds. These funds are comparatively less risky. These funds also allow investments for just 2 days where you can park your extra cash or savings rather than keeping it in your savings account!

We hope that you will start following each and every point mentioned above because it’s never late to start anything. The quicker you begin with all of the above the easier your life will get!

We at Grand Tourio truly believe that only with sheer conviction, you can achieve everything that you want in life. And you should not shy away from taking any step that will help you in your life! Even though that means taking risks now and then.