It’s remarkable how making minor adjustments to your financial habits can result in SIGNIFICANT savings, even in a country like India where the cost of living can vary widely. By altering your spending patterns and reducing expenses whenever feasible, you can EASILY set aside some extra cash each month. And it doesn’t need to feel like deprivation — we’ll talk about where to trim spending so you don’t feel like you’re being tortured.
Everyone often *thinks* that small purchases or minor changes do not amount to much, but the truth is that over time, they can add up to a substantial amount. This can include simple expenses like your daily chai or coffee from local vendors (which is a common practice in India).
Firstly, if you’re trying to save more money, it’s important to define “why,” so that creating better financial habits are tied to an outcome. Maybe you’re saving for a wedding, a vacation, or your child’s education. Understanding your “why” also makes the process of slashing spending feel less laborious.
For me, my “why” is that I’d like the financial freedom to retire sooner or provide a good education for my children.
1. I Cut Expenses That are Meaningless To Me
In India, you might love grabbing a cup of chai from a street vendor or a quick snack from a local eatery. If these things bring you joy, find other areas to cut your spending.
However, consider this: if you spend, say, ₹1,500 per month on such small indulgences, and you start making your chai or snacks at home (which might cost you only ₹300 per month), that’s a ₹1,200 monthly saving. Over time, this could accumulate significantly.
The same principle applies to other expenses. Consider whether you truly value the items or services you’re spending on.
2. I Fix “Stuff” Myself
In India, DIY can save you a lot, especially when it comes to household repairs. Many minor issues can be resolved without professional help. YouTube has a wealth of free content for DIY projects, including home and car repairs.
For car repairs, buying parts from local stores or online can be much cheaper than paying for labor at a repair shop. Learning to fix minor car issues can save you a substantial amount over time.
3. I Cook at Home — And Given the Fact that Indian Cuisine is So Diverse, You Might Want to Consider Cooking, Too Indian cuisine offers a wide range of flavors and ingredients. Cooking at home not only allows you to enjoy delicious meals but can also save you a significant amount. Eating out in India can be expensive, especially at restaurants that serve international cuisine.
Experiment with Indian recipes and explore local markets for fresh, affordable ingredients. By reducing your dining out expenses and cooking more at home, you can save a substantial amount each month.
Remember, “personal finance” is just that — it’s “personal.” If you enjoy dining out occasionally or have specific indulgences, allocate your budget accordingly. Focus on cutting expenses in areas that matter less to you.
In which areas are you looking to reduce expenses in India?
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