Tips to control your expenses | Fusion - WeRIndia

Controlling your expenses is as worth as earning it. The money thus saved can be handy in times of needs.

Here are some tips to control your expenses:

• Prepare a monthly budget to track your expenses to give a better understanding of where you have to control. There are many apps at present for this purpose.
• It is a proven fact that more money is spent on card purchase than using cash. This is because you cannot spend more than the amount you have with cash. On the other hand, you can spend as much as you can in the limits of the card. Furthermore, whenever you pay with cash, it pinches you psychologically which lacks in spending with the card. So, reduce your card usage and try to use cash whenever you can.
• Create cash envelopes for all your regular bills. If any envelope is out of money before the month end, stop spending on it.
• Avoid eating out to save your money as well as health. Even if you order online, it might be heavy on your pockets. Try investing the money and see the magic of compounding it.
• Save money regularly for big purchases. For instance, if you want to buy a refrigerator, start saving money for it from your monthly income. It reduces your financial burden as well as unnecessary spending.
• Prepare a list and buy as per it while buying groceries to avoid impulse purchases.
• Use discount coupons and cashback offers wherever you can.
• Use your credit card wisely and grab offers to save your money. Also, pay full bill without any delay within the due date.
• Always pay bills like phone bill, electricity bill etc. on time to avoid late payment fee.
• Monitor your electricity bill and control it which saves power consumption as well as money.

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