Money management and financial planning sound like a tough deal and people run away from starting the journey as it looks like a challenging number game that is to be followed for a long to reach a goal. However, the case is the right opposite it is an easy and disciplined way and can be called a lifestyle change that would only get easier with time as you develop the habit of the same. 

But what about daily savings? How to save money daily? This question is yet to be solved by many. We are here with some of the best tips and tricks that can be inculcated in life to save a sum on daily basis and create a good financial planning for oneself.

Create a Money Management System

Having a systematic money management system and approach toward sustainable usage of paychecks can be a boon when your aim is to save money for future prospects. Some of the tips on how to create a money management system are as follows.

Evaluate Your Daily Spending

Keep a tab on your daily spending. Be mindful of where and how much are you spending. It can include your cab charge to the office, online groceries, and more. Know the average amount you spend in a day and where it can be curtailed to save you some extra note by end of the day.

Set a Monthly Budget

As soon as you know the average amount you are spending on your needs in a day you can create a rough budget of how much funds you would need in a month. Also, add your important recharges, bills, and EMI’s in a note while you create this budget. This is one of the best answers on how to save money every day for a better future.

Track Your Daily Spendings Regularly

Having a regular or weekly check on your spending and knowing if you are right on the budget will help you in being disciplined and following the path of savings in the long run. Neither be strict on yourself nor be too lenient while you are following a particular savings journey.

Change Your Shopping Habits

Liked that bag on the shopping website and hit on purchase button? Ordered that customized wallet you saw on social media? We all are guilty of doing these. In the present frame of time, changing your impulsive shopping habits is another great aspect when planning for monetary savings.

Try & Avoid Emotional Buying

Heard of the term – “retail therapy”? if not you might be guilty of doing it but do not realize it. It is another term for emotional buying. Sometimes, we shop under stress, peer pressure, love for sales and discounts, etc. if you are on a savings spree, being mindful of your shopping is a must.

Don't Buy According to Trends

Trends come and go, but your financial responsibility towards yourself and your family is intact. Buy things that are ever trending and do not follow all the trends that come and go if you want to save some extra funds for your dream and goal that requires a substantial amount.

Buy in Bulk

Bulk buying always saves money especially when it comes to grocery and daily needs items. Plan your meals, so you can get groceries and vegetables in bulk. Try to get stuff at wholesale rates when you opt for bulk buying.

Insource Everyday Spending to save money every day

In times today outsourcing everything is the game of left hand. Nevertheless, all you are being asked on this savings journey is to insource and do it yourself if you want to reduce some living costs on a day-to-day basis.

Reduce Dining Out

Cook at home and reduce eating out. We do not ask you to stop it completely, but it will be a great choice if, for instance, the frequency was 5 times a month to reduce it to 2 or 3. It will save you a real good amount in the end.

Clean Your Car at Home

Getting your car washed out at a fancy car spa center is expensive. The charges are high and can be completely avoided by simple efforts at home. Wash your car by yourself and save that extra note in your wallet.

Do Your Own Personal Grooming

Salons these days are fancy and costly, and a trip to this personal grooming zone is a mandate every month. But what if you do your shave and basic trim at home? Take help from your partner or friend and help them too. This way you will save your money and spread awareness about how to save money every day amongst your close-knit group as well.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.