Become a Saver From a Prodigal – 10 Ways to Execute this Impossible Task

Last Updated : March 3, 2021, 6:10 p.m.

You will always need money to fulfil your necessities whether it is food, clothing, or shelter but the level of these three might vary. We are being always taught since our childhood that we can’t survive without these necessities and this can only be possible if we start saving money from the beginning. Then we move on to the next stages that are comfort and luxury but being a prodigal you can’t move to the next two stages.

Therefore before moving to the next stage you have to become a saver from prodigal and then only you can move to the next stage. We know that people around you are spending their hard-earned money lavishly as if there is no tomorrow but if you want to move from necessity to comfort and then to luxury, you will have to opt for the saving habits.

You must know that Prodigal Habits Die Hard and you might become penniless. So, it is better that you start saving from the initial stages rather than repenting in the future. We have mentioned some easy techniques in this article that might make you a saver from a Prodigal.

10 Ways that Can Save up to 50% of Your Salary

If you are really excited to save more money then you must go through all the saving techniques.

Pay Premiums Instead of Bulk Bills

Health checkups usually wash away your savings and you left with really little money at the end. Therefore it is better to buy a health insurance plan that will cover your medical expenses during any emergency. If you are paying a premium of ₹1000 per month and ₹12000 yearly and you claim for the amount of ₹50 to ₹60 thousand then I think you have saved approximately ₹38 to ₹48 thousand rupees on your medical bills. So, if the high medical bills are annoying you then you must go for a health plan instead of paying the bills from your own pocket.

Accept Cheap Conveyance

As you know that petrol and diesel prices are at boom and spending lavishly on transportation might affect your savings. Therefore, you can make use of public transport or use carpool techniques. It might help you cut off your transportation expenses and allows you to save some extra bucks. Your personal vehicle might include maintenance, parking, and fuel expenses that might lower down your savings.

Choose Nominal Recharge Plans

If we talk about recharges then have you calculated how many plans you recharge in a month? Well, you pay Wifi Bills, Mobile Phone Bills, and Dish Recharges. So, you must always go for a cheap plan instead of an expensive plan. If you think a plan of 1.5 GB per day might work then recharging for a 2 GB per day plan is of no use. Similarly, you don’t watch all the channels on your television so pick only those channels you watch regularly. These techniques will definitely help you to cut off your expenditures and you can become a saver from a prodigal.

Prefer Online Shopping

Don’t hustle to buy any product and understand the utility of that product. You can postpone your wish for the future and then buy that stuff. Prefer online shopping and wait for the sale on various online websites. Check the offers on the website for making the payment whether it is available on any credit card, debit card, or mobile wallets. Online shopping might help you to lower down your monthly spending and you can save some extra money.

Try to Buy Grocery Items in Bulk

Let’s take a very common example to understand this technique. If you go to buy 1 dozen eggs then it will cost you around ₹60 whereas if you buy a crate of 30 eggs then it will cost you around ₹130. So, you might have understood why we are asking you to buy the necessary grocery items in bulk. It will definitely help you to make small deductions in your grocery expenses and you can become a saver.

Always make list before shopping and try to avoid any additional items to that list. Apply for the shopping cards and enjoy extra discounts on the grocery items.

Cut Off Your Entertainment Expenditure

You know everything is getting digitalized so you can make use of your mobile phones to get aware of the news instead of giving newspaper bills every month. On the other hand, use online booking portals for booking a movie ticket instead of visiting the counters. You might get exciting deals on movie tickets if you book them from BookMyShow, Paytm, or any other online portals. So, if you are prodigal then you must quit such habits to become a saver.

Save Some Bucks on Electricity Bills

You left the room and the fans and lights were on! Well, this habit will definitely increase your electricity bills and some extra expenses will incur. You can make use of electricity saver LED lights instead of CFLs and it definitely decreases your electricity expenses, allowing you to save some extra bucks.

Avoid Junk Foods

You must always prefer homemade foods instead of eating momos and chowmin in the streets. We know that you can’t quit junk foods but still, you can manage to reduce the frequency of eating so. Sometimes junk foods might be not good for health therefore you must always prefer homemade food and save wasteful overheads.

Don’t Opt for Any Bad Habits

If you are a smoker or drinker then you must quit such a habit because it will affect your health and you are just wasting your hard-earned money. Instead, you must opt for healthy habits like visiting gyms and taking healthy diets. If you are spending ₹5000 on smoking and drinking then you can convert these expenses to your own healthy habits. You will just pay around ₹1000 at a normal gym and ₹3000 for your healthy diet. The ball is in your court whether to become healthy or ill.

Quit Expensive Sports in Initial Stages

If you are addicted to any expensive sports like snooker or bowling then you must not get addicted to it. A major portion of salary might get washed away in these kinds of sports. These sports are for enjoyment but still, you will have to put a bridle on such expenses to quit your prodigal habits.

Conclusion

You can start your journey through these techniques and can become a saver from a prodigal. These techniques will definitely save a lot of bucks from your monthly income and that can be up to 50% of your salary. So, you must move towards saving addiction and enter the comfort and luxury stage of your life.