Cutting Costs -"Effective Shopping"

World of Finance by M.Vijaya Sai

Think twice before you act. Here I mean we all must plan well in hand before we spend.This could save our money,resources and energy.These savings can be used elsewhere when it is necessary. Doctors often say "Prevention is better than cure" same thing holds good with Financial planners "Precaution is better than a trap". Generally a middle class Indian spends a lot without proper planning thinking that he has enough resources but at the end of month he generally falls short of funds. Here we will see how we could save some of our expenditure and save more while shopping and day to day activities.

1. Visit the point of Salas and evaluate the alternatives in the product line.
2. Avail discount coupons on shopping. eg: Pantlooms gives discount coupons on every purchase for card holder.
3. Set a realistic budget aside and stick on to it during your shopping.
4. Budget planning directs and makes provision for your spending and keeps in track of all your expenses.
5. Do commitment and make a few lifestyle changes that would change your spending pattern.
6. Think more about your basic needs. (Health and Security)
7. Set aside a part of your monthly income or budget towards food,transport,shelter and clothing.
8. Record your spending so that you have a visible track where you spend each penny on weekly or monthly basis.
9. You may be cautious about bigger bills or liabilities like mortgage and loans taken. but, it's easy to lose track of incidental spending you do.

10. Keep track of all your sundry expenses you would be surprised to see yourself how much you spend on movies,eat outs,video rentals and many small items.This could add significant saving each month if properly planned.

11. Look for fun, inexpensive ways to entertain your family.
12. Make a clear list of your shopping requirements and bring only required amount to buy those items only so as to prevent you from buying things that are not important.
13. Compare prices and don't limit your options to one shop alone.
14. Save money on electricity. Turnoff all appliances that are not in use.
15. Compare your monthly electricity bill, Internet bill, household expenses on regular basis.
16. Make habit to pay early to avail early payment discounts and avoid unwanted dues.
17. Do seasonability shopping when you can get those items for best prices.
18. Remember you have to buy only things that are important and needed based on your priority of requirement.
19. Make sure you stick on to your budget amount while shopping.
20. Use public transport as much as possible and try to minimise fuel costs.

Hope by following above points. This act could enhance our saving efficiency and preserve our resources for some other important requirements.

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