For the sources of expenditure :
1. Start with preparing a monthly budget. Segregate your expenses budget into different sections like books, travelling, entertainment, cell phone recharge, apparels & accessories, etc. . Keep aside some fund to meet contingencies like buying a birthday present for a day old friend.
4. Look for a tariff plan according to your use. If possible, call people at night as many cell phone operators have low night calling charges.
5. Avoid going to a multiplex on weekends, but if you are too busy with work or studies during the week, go for the morning shows on weekends as they are still cheaper than the night ones.
6. If the reviews for a movie are not good, you can even avoid the multiplex and save a few hundred rupees. Go for a DVD and enjoy on your laptop.
7. If you are staying far from your place of work/study, use as much public transport facilities as possible – bus, local, metro.
9. In case you are a brand conscious person, try to take complete advantage of the seasonal sale where you can get decent discounts, even if it requires buying sweaters in summers. After all, brand matters.
10. Look for friends who are willing to shop in the near future. Compel them to shop with you and go for a single bill. You may earn some extra discount or goodies on such bulk purchases.
11. Avoid having roadside panipuris and chaat, specially during the rainy season. This will not only help you to stay healthy and but also limit your medical bills.
12. If you are planning to go home during the vacations, plan well in advance and you can easily save the tatkal charges of Indian railways.
13. Develop a habit of writing your expenses. This will help you to analyze your expenditure pattern and avoid overspending.
14. By the end of the month, try to save some amount, which can be used for three purposes –
a. Lend it to a friend and make him feel indebted to you
b. Go out and party, or
c. Take something special for your parents, brother or sister, whenever you go back.
15. You are your best judge, analyze your habits and way of living, and look for better ways to limit your expenses.
For the sources of income : Ask your ‘sources of expenditure’ to follow all the above points.
Tags: Personal Finance