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Have you thought of a resolution that is profitable and fruitful not only for the new year but for many more coming years. Let’s help you out a little. How about making a resolution to save money ?

Also read: Neobanks in India

Along with the best of our wishes, we have compiled a list of ways in which you can save money in 2022.

Remember that every penny counts and to save some ensure that you do not indulge in overspending. This, especially if you have a target set to save a particular amount.

This New Year, challenge yourself to save money- no one can challenge yourself more than you. And resolutions are made so you can stick to them until the very last day.

Start slow, prioritise your monthly budget. In the first month, you will get a rough estimate of your expenditures and how much you can save.

From the next month onwards, give yourself a budget and stick to it. By this you will have control over your spends and the amount you end up saving.

Also read: With 5% GST, auto and cab rides to get costlier

Start Small

You do not have to be hard on yourself and live on a tight budget that is messing with your lifestyle. If you are someone who doesn’t save a penny, start small. 

Set a small amount aside by giving up on a few luxury spends. Stick to saving that particular amount every month throughout the year and you will see how small steps make a big difference.

Once you get a hang of saving small amounts, you can further get on to making bigger goals. You will easily be able to achieve this as now you have disciplined yourself to save money.

Also read: Time and Money Management during exams

Sign up for a Savings Account

First and foremost start with opening a savings account. You can keep depositing money in the account according to your feasibility and not fret as these banks charge minimum to no fees for their services.

The savings account is also easily manageable for students and does not involve heavy formalities.

Also read: 6 things to consider before opening a savings account

Every Penny Saved is a Penny Earned

This is probably a proverb that we have been hearing all our lives, but how many times do we really implement it? We keep adding unnecessary things, clothes and accessories in our shopping carts all the while without thinking if we really need it. This is exactly where the proverb holds the most weightage.

It is necessary that we don’t fall prey and over-splurge. These are the commodities that we can easily buy later or skip buying at all if the ultimate aim is to save money.

Take a Step Towards the Debt-Free Life

Yes, that’s right you can save money if you have no debts to your credit. If you are debt-ridden you will be looped in a vicious cycle where you are either paying an amount to free yourself from debts or are paying interests.

Once you are done paying off all the debts, it’s only then when you can start thinking about saving money.

Refrain from taking credit or issuing new credit cards- your credit card could be the easiest way to spend your money. At times, you may not even realise how much money you’re spending in a swipe until you receive a fat bill at the end of the month.

Shop Only During Sales

If you are someone who already lives on a budget, but doesn’t want to compromise on the lifestyle, we’ve got a plan for you.

Be it clothes, accessories or gadgets, always look for sales while you are shopping. This way you will end up saving a lot more than your usual spend on your shopping sprees.

Record every penny you spend- develop a habit of maintaining every penny you spend. This way you will understand how much you end up spending, the things that you’re spending on and how much more you can save. This will also help you to keep your spends in limit as you will feel the guilt when you overspend and immediately cap the same.

Conclusion

We have handpicked and curated the list especially to make your New Year merrier and to help you with an array of options in order to save money and make right choices.

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