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Check out these 10 challenges to save money and take control of your finances.
Tuck away INR100 every day for a year. Not a lot now but in 365 days you'll have saved INR36,500. You could also do this weekly or monthly and set up a standing instruction to transfer the money straight into your savings account.
Increase the amount you save every day by ₹1. Start by putting away ₹1, then ₹2 and so on. Stick with this small saving and in 1 year, you'll have saved INR66,795. Proof that starting small can lead to big things.
Once a month, review your account transactions and see where you can curb your spending. Then make this a habit every month so you're always on top of your spending.
Take each month as a number and multiply by 10 to work out how much to save. For example, January (month 1) will be INR100, February (month 2) will be INR200 and March (month 3) will be INR300. After 12 months, you'll have saved INR7,800.
Why not pay yourself for getting into shape as an extra incentive? For example, if you're starting a weight loss journey – you could save INR100 for every pound you lose. If quitting smoking is your goal, you could save the money you would otherwise spend on cigarettes – helping your financial health as well as your physical health.
This challenge involves not spending money on anything but the bare necessities, such as food and bills, for a whole month. You could also do a no-spend challenge for a week or 2 at any time of the year to give your savings a boost.
The little things you feel you just can't live without may be costing you more than you know. Maybe yours is your daily coffee or ordering a takeaway every week. You can either cut out all vices for an entire month or cut out certain vices for an even longer period. Not only will it help you become more mindful of your spending, you'll save money too.
Is there a mindful way to shop for clothes? Pay attention to what you're spending your money on and the impact it has on the environment. You can start by:
From your appliances to your supermarket – you can save by shopping around to find the best value for money. If your insurance policy is up for renewal, for example – now is the time to see whether it's suitable for your needs. Check the energy labels of new appliances and consider upgrading to an electric vehicle, if you drive. Why not make this the year of making positive changes to help you save money?
Taking action feels good. Whether you're looking to grow your money, get out of debt or invest your savings, there's support available to help you reach your goal. Small steps can make a big impact and could be the beginning of a very different future.
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