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Ways of Saving Money During Present Difficult Economic Situation in India

November 16, 2011  by: S. Chowdhury  Points: 12   Category: Others  Earning $0.75   Views: 882

Even though saving money is very important in life yet the tough economical conditions of India at present is making it even tougher for the common man to save money. So here are some ways to save money even in such tough times.

         

Saving money is very important in life. It not only would make a person's old-age life more secure if done judiciously but also would enrich the better spending habits of a person. Also the general saving attitude not only impacts a person financially but also develop better habits as well in other aspects of life and even at times change one's holistic approach towards life.

Sadly this virtue is being tested to its limit by the tough economic situations prevailing presently not only in India but the world in general. The food inflation rate of India has reached an all-time high and stays mostly on or above the double-digit mark, which is quite high according to any standard of evaluation. The fallout of this drastic development is the skyrocketing of food prices hitting the daily consumption expenses of an average middle and lower class household in India very badly.


How much costlier would these vegetables get?

The several hikes in the prices of diesel, kerosene and LPG cylinders in the past year specifically have only increased the woes of the common man of the country. Since these fuels are of essential daily needs to the common man therefore he is being forced to extend his family budget every now and then to meet the challenges of existence under such trying circumstances.

The average income of a person in the country is turning out to be insufficient in keeping up with the pace of increasing prices of food and other essential commodities and in many instances an ordinary family had to either cut down the expenses on other secondary requirements or borrow extra-money from other available sources to fill the monthly budget deficit.


Women groups protest against the high food prices

In such a desperate and grim situation the term 'savings' has taken almost a backseat in the lexicon of the common Indian. It's more about doing the fire fighting for the present existence rather than garnering for a future that seems bleak anyway! Even though it's a sad reality but that's how things stand presently.

Still I feel one should never give up on savings as it may lead to even further misery. Desperate situations demand desperate measures and everyone of us need to put in that bit of extra effort to make savings a matter of priority anyhow, no matter if one has to take up an extra part-time job or work.

Also one needs to chalk out a strategy to cut down on certain expenses that otherwise wouldn't have come under that much attention to save every penny possible. Here are a few ways one can go about it:

(1) Limit Excessive Shopping

Stop shopping items that are not your priority requirement. The lure of the shopping malls, supermarkets and appealing advertisements drive people towards an habit of purchasing more than they actually need and those include items that lose its charm after sometime and become useless. Therefore one needs to refrain from the itch of shopping to save a good amount of one's hard-earned money and put it to better use.

(2) Use Public Transport more

With the continuous increase in petrol and diesel prices many people have cut down on the use of their four and two wheelers and use more of public transport instead, thereby saving a considerable sum of money. Unless it is absolutely necessary one can also try this option out till the situations become favourable for such luxuries, if at all for the average vehicle owners.

(3) Save Electricity

The Electricity charges are also very high nowadays because of several factors and one can save some hundreds of rupees at least from here as well. Don't use an air-conditioner unless there's a dire need for it. It will only inflate your electricity bills. Use CFLs and energy-saving fans and run them (run the fans slower when you don't need optimum speed) when you need those. Most people don't pay much attention to the amount of electricity they waste every month. If a family takes a collective decision to use power up to the required limit then they will certainly see the difference it makes. Also don't forget to check your electrical connections to avoid any leakage of power.

(4) Lookout for Discount offers

If you want to purchase an item or commodity then look for discount offers. You don't have to purchase an item of inferior quality; most companies now give discounts on certain products at certain times. You only have to time and plan your purchase for availing those offers. The same goes for movie tickets and restaurant meals as well. The opportunity is very much there for anybody to grab and pay a little less just by being alert about the discounted offers.

(5) Stop leading an extravagant lifestyle

Try not to live an extravagant lifestyle if you wan t really and honestly to save some of your earnings. Many people don't even calculate how much they spent on junk food like burgers, fries, chips or colas every month and simply wonder where all the money is going. Those expenses would neither make you healthy nor would take care of your pocket; it will only give a short-term satisfaction. So try to avoid those and eat healthier home-cooked food instead. Also many people don't pay much attention to their mobile phone expenditures and go on with their endless chatting, downloading applications, music, games, etc. till it adds up to a sizeable monthly bill. One needs to cut those wasteful expenses to keep the mobile phone bills under control. There are similar such expenses that one needs to identify and cut down to not only make better spending habits but also to save money in the process.

In this desperate times we all need to do what we can within our powers to save money and I hope that the above-mentioned ways will help at least some people to find a few methods of going about it.




Comment(s)
Author: ushakiran        
Posted Date: 11/17/2011    Points:3    

Excellent points, in fact a very well written article...saving is a habit that needs to be cultivated right from childhood.It is an essential part of money management without which our life would be incomplete.Since, if there is no saving or something to show for your hard work, there is no point in earning any amount of money in life...
Author: Paulose        
Posted Date: 11/18/2011    Points:4    

Really a very useful article when India, as well as the whole world, is strugglinghard to fight against hike in prices. Life today has become more consumerist because of the commercial politics all over the world. Prices of things are dependent upon one or the other and hike of one thing causes price rise in other things. This article gives practical ideas how every common man can control help control price hike by saving. This will definitely help building up the nation's economy.

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