Jun 28 (PR): Money-saving might seem like a very complicated thing but in reality, it is very simple. Once you have developed a knack for it, you will find that it is quite obvious. Here are 5 simple tips to get you started on your money-saving journey.

1. Make a budget and stick to it: Budgeting is the simplest way to start saving more. A budget is your spending plan that tells your money where to go. Many people do not make a budget because they think it is very hard but actually, it is very simple. Take a paper and write your incoming and outgoing funds. Write all your expenses, savings and liabilities, and balance them against your income so that there is no difference between the two. If your expenses exceed income, you need to reduce expenses and consolidate debts.

2. Consolidate your debts: Did you know that running multiple lines of debt has a significant impact on your spending and saving levels. If you are paying multiple EMIs, you should consider taking an instant cash loan online to consolidate your liabilities. Pay off your other debts and you will be left with only one smaller payment with a fixed schedule. If you use the instant cash loan app for this, you will be able to divert money from debt servicing toward saving more money every month. This will not only make you financially stronger but will also reduce stress in your life.

3. Reduce or eliminate discretionary and impulse spending: One big reason why many people are unable to save is that they spend more than they are saving or even more than they are earning. Take the example of streaming TV services. You want to see one show and for that, you take an annual plan because while the monthly plan costs around Rs 199, the annual plan costs Rs 365 and offers uninterrupted services. The year-long plan seems more value for money but if you do not intend to watch anything more than that one show then what’s the point of spending almost the double amount? Going to the market to buy one thing and coming back home with 10 bags of impulsive shopping is yet another example. For you to be able to save more, you must identify such impulse spending behaviours and stop them.

4. Treat saving as a mandatory expense: This is perhaps one aspect that not many people are aware of but it is an extremely effective way to save more money. Most people think of saving money as an optional extra. This is a very unwise move. Anyone who considers saving money as an optional extra will never be able to save regularly. Instead, you have to treat it like a compulsory, ongoing expense. You have to trick your mind into thinking that saving is not an asset but a liability or a debt that has to be serviced. Consider saving to be like paying off a loan that you took from an instant cash loan app. Here is a neat example—if you know that you will need a new car in 5 years, start saving for it now and consider it to be your car loan payment.

5. Start using cash for daily transactions: This is another way to improve your savings, which seems to be very obvious once you come to know about it. Credit cards and digital payments might seem all fine and dandy but they are bug enablers of overspending. Time and again research has proven that while paying by phone or plastic triggers the pleasure sensors in your brain, paying by cash triggers the pain sensors in your brain. Let us say you pay by card, now you get the product and you also get your card back. For most people, this will mean that they will overspend and will receive a bill shock when the card bill gets generated. When you spend in cash, every outgoing currency note and coin hurts. Plus, in case of any emergency where your cash in hand will not suffice, you can take an instant cash loan online to tide over the situation.

One indirect way to save more money is by earning more money. While a higher paying job can bring home a higher salary, an independent way is by starting a side gig or business. If you are good with academics, start tutoring students on the side. If you know computers, you can get into programming or app development on the side. Many people who can cook can start a home kitchen where they sell food using online food ordering apps. The possibilities are simply endless.