5 Lifestyle Changes That Will Help You Save Money
A man recently purchased a Skoda Octavia with his credit card. A major chunk of his salary already goes towards repaying the loan he incurred for their plush high rise apartment. His wife, Priya pays for their children’s school fees and other odd EMIs they seemed to have accumulated over the years. Last month, Aman had been diagnosed with hypertension and was told to make drastic lifestyle changes in order to keep his blood pressure under control. Priya is already under medication for diabetes. The couple is not even into their fifties.
Many of us can identify with Aman and Priya. We aspire for an upwardly mobile life and become prey to exorbitance unknowingly. In the process, we invite stress and become victims to many lifestyle diseases.
Given below are a few tips which help you regain much of your mental peace and help you save money:
Avoid lifestyle inflation
Remember the time you received your first fat pay check after you were living your way through the measly stipends? You blew every little penny that you earned, on revamping your wardrobe, splurged on expensive dining and bought expensive gifts for your loved ones so that by the end of the month, you were back to your student days, loan et al?
Many of us subconsciously invite lifestyle inflation into our homes. Our rise in spending is proportionately much higher than the rise in our earnings. Hence, this time, be mentally prepared for that rise, so that it does not take you unawares and morph you into a spending maniac. Do the math. Spend only a little portion of the rise and utilize the rest for repaying debt. A little bit of calculation will go a long way in nurturing your mental peace.
Invest in Experiences
Experiences are memorable and don’t require much depletion of finances. Make an announcement that you will no longer sit stooped over the lap top during the weekends. Assign one leisurely activity to each weekend, where each and every member of the family gets to participate. Example: Board games, baking, jam making, storytelling, movies etc.
Replace empty activities with creative ones. Paint/read/write instead of shopping. Enrol in an online course and add value to yourself.
Surround yourself with like-minded people
Once, Mitali stopped hanging out with ladies, who proudly claimed themselves to be “shopaholics”, she found her stress levels considerably declining. She now spends her time with friends, who understand her need to save. She thrives on this community of thrifty women, who find new and innovative ways to lead complete, wholesome lives. They hold workshops and coach each other in their newly acquired skills like baking, knitting etc.
Do not fall into the discount trap
There is a reason, it “rains discounts” in some malls, during week days. The shop owners trick customers into believing that they are selling everything dirt cheap, whereas in reality, the customers are hoarding things for which they have no real use. That said, when you do need a certain electronic item, which is sure to create a dent on your budget, do not neglect to compare prices. Sometimes, you might just strike gold.
Do Not Practice Stinginess
Many people mistakenly equate thrift with stinginess. Choosing to have a fresh home, cooked meal instead of going out is thrift. However, buying substandard groceries just because they come cheap is stingy.
Finally, remember the line separating quality life from enviable lifestyle is a thin, marginal one. Exercise caution and make a decision that you will not regret later.
Sridevi Datta is a Cost Accountant. After working as a Business-SME in a leading E-learning centre, she now blogs regularly at The Write Journey.