Did you have a tough year in 2015? Do you want to spend wisely for the rest of 2016? If the answer to these questions is yes then you are in luck! We have shared some tips that may help you manage your money a lot better. You don’t have to alter your lifestyle tremendously to achieve better results, just follow the tips below and bask in the results!
In order to save electricity you don’t need to turn your house into a cave and dump all the appliances. You can regulate your consumption by turning off the appliances and the extra lights when they aren’t in use. Installing LED or energy saver lights and running the air conditioner on 24 helps a lot too. We all know electricity is a major problem in Pakistan, so do your part and use power intelligently. You won’t be disappointed by the results.
Stick to the list when you go Grocery Shopping
Always make a list of the items you need and follow the list . Many of times we find ourselves buying an extra item here and there simply because it’s placed so well by the stores. Avoiding impulse purchases is a massive win, recognize your impulsive purchase so you can control them. Lastly some friendly advice – try avoid grocery shopping when you are hungry, you will always end up buying more stuff than you need.
Unsubscribe to all your unnecessary subscriptions
You may have numerous subscriptions all at once. You hardly use some of these subscriptions, cut down on the ones you don’t use frequently and feel the difference at the end of the month. Remember, only subscribe if you are going to use the service. Many households will have two different cable subscriptions, one from a visit this website local neighborhood cable provider the other from a provider such as world call or PTCL
Eat at home
It’s a known fact that home cooked food is healthier and cheaper. So the next time you are planning to go out, settle for a nice dinner at home with the added perks of watching your favorite movie or show like Game of Thrones. Lastly avoid ordering lunch every day at work.
Finish Your Leftovers:
Most of the time the quantity of food that is made at home or ordered is more than you can eat. Don’t throw the left overs and freeze it for later. You can find all sorts of recipes that will make the leftovers tastier than the original food.
Buy in Bulk
You spend more when you buy items on a daily or weekly basis. Try to make one purchase at the start of each month that covers all the essential items you need and you will notice a significant increase in your savings. If this isn’t possible, grocery shop twice a month.
Watch Out For Deals
Be on a hunt for deals. Several brands offer economical and budget-friendly deals and packages for the customers. For instance, several clothing businesses offer discounts on their products for a limited time before a festive occasion –such as Eid.
Save on fuel and the environment by traveling with a group rather than alone. Doing this can be really handy if you have a couple of colleagues who you can car pool with.
Save and Invest
Save and invest a nominal amount every month. Mutual funds are a great avenue for this. You can start with as little as PKR 500. Investing in mutual funds really isn’t as complicated as it seems. There are a variety of funds for all sorts of investors available in Pakistan. Investing in a mutual fund increases your propensity to keep your savings invested, simply because it isn’t as easy as withdrawing it from an ATM – like you can with money in a bank account. Having said this, mutual funds are really liquid (which means you can get your money back easily). Usually it takes about 1-2 working days to redeem your investments from mutual funds.
Pay your bills on time
Nothing pinches more than being penalized for paying a bill late. If you are tardy, make sure to pay your electricity bills on time. Not paying on time will cost you anywhere from 5%-7% higher than the original bill. Also if you are someone who prefers to use their credit card often, make sure you pay off what you use at the end of each month, try not to accumulate debt and make sure to never pay your bill late – you will be penalized heavily for this. Credit card providers will charge you a late payment fee, and remember that there is an interest charge on your spend. Be smart and use the interest free days on the card which range anywhere between 30 – 51 days.