Our season of festivals has ended. Like many, the season’s end may have left you feeling broke and guilty for overspending. Indeed, we panic bought the latest gifts, sweets and paid a visit to our beloved inlaws, we simply spent too much on items that are almost not so much of worth as soon as they’re opened. But don’t fear, the empty pockets of the post-holiday season can be managed well so as to have a fun new year again in the year 2021.
So, here are 5 simple ways to bounce back from overspending to saving this New year:
1) BECOME FAMILIAR WITH A BUDGETING APP – It’s important to understand where the majority of your spending has gone. Knowing this makes the difference. We suggest using a simple APP like Andromoney or Walnut.
2) CREDIT CARDS – Don’t forget to pay the balance on credit cards. Plastic is one of the easiest and most convenient ways to spend, cards come with cashback rewards and flexible payments, but don’t miss the due date! We all know that the interest charges levied are super heavy and unnecessary.
3) CUT DOWN ON EXPENSES – Make a conscious effort to curb spending. It’s a good idea to take note of less than important expenses and prioritize.
Here are possible ways for curbing daily expenses:
- a) Look for low-cost ticket-based events, like an open mic or meetups, and most importantly share OTT subscriptions with family or friends – That covers Entertainment expenses.
- b) For a few months search for discounted places to dine, or go back to the lockdown-mode of home-cooked food – that covers Dining expenses!
- c) Suppose you feel tempted to buy something, wait a few days and see if this need grows or subsides. Also, my most recommended method of avoiding impulse buying is to delete shopping Apps for a month or two, it really works!
4) TRAVELLING – It’s post lockdown and we are bored of sitting at home. Take a break and travel. Being a traveler myself, I would personally suggest making sure that you don’t choose a place that is not thoroughly budgeted because it takes only one moment of unplanned expenses to turn your sweet memory into a sour taste.
5) DONT JUST SAVE, INVEST – Once you take the steps of cutting down expenses, budgeting yourself, and keeping an amount in the bank account, the work is not over. Now it’s time to invest in small amounts, regularly.
I suggest: if you want to park the amount, save it for the New year 2021 holidays. If you invest even Rs.1000, it becomes Rs.12,000 by the next year’s festive season. And, there’s a cumulative benefit of interest.
Try these ways for the new year 2021 and don’t just let your credit card or the shopping app companies have a party on your funds.