1) The Envelope Method
When you receive your salary, decide your savings target and withdraw the rest in cash. Store this cash in separate envelopes marked with different heads of expenses.
This will serve two purposes 👇
#salary
When you receive your salary, decide your savings target and withdraw the rest in cash. Store this cash in separate envelopes marked with different heads of expenses.
This will serve two purposes 👇
#salary
• Paying in cash creates this psychological nudge of money going out of your hand and can prevent impulsive spending..
• Segregating money for various expenses enables better management of expenses.
• Segregating money for various expenses enables better management of expenses.
2) The No-Cart Method
When you walk into supermarkets like DMart or Reliance Smart, do not get a cart. Instead, carry everything you need.
With lesser space available, there'd seem to be less urge to buy unnecessary things.
#business
When you walk into supermarkets like DMart or Reliance Smart, do not get a cart. Instead, carry everything you need.
With lesser space available, there'd seem to be less urge to buy unnecessary things.
#business
3) The Debt-First Formula
Get rid of debt on priority, before spending on non-essential items.
Choose a debt payoff plan that makes sense for your lifestyle and financial goals.
Get rid of debt on priority, before spending on non-essential items.
Choose a debt payoff plan that makes sense for your lifestyle and financial goals.
4) The Less-Is-More Mindset
We are living in the age of OTT platforms and it's almost impossible to avoid your favourite OTT subscriptions.
But try and limit your subscription to one or two platforms and If you’re not using your subscription, cancel it.
We are living in the age of OTT platforms and it's almost impossible to avoid your favourite OTT subscriptions.
But try and limit your subscription to one or two platforms and If you’re not using your subscription, cancel it.
5) The Pause Method
If you have a luxury product on your shopping list, don't buy it right away. Pause.
Put the plan on 30 days' waitlist and when the days are up, you can buy it. However, the strong urge to buy it will be gone, and then you can evaluate calmly.
If you have a luxury product on your shopping list, don't buy it right away. Pause.
Put the plan on 30 days' waitlist and when the days are up, you can buy it. However, the strong urge to buy it will be gone, and then you can evaluate calmly.
6) The Goal-First Mindset
Whether you are saving for your lavish wedding or a 3-day trip to Goa, planning in advance helps you prevent overspending.
Plan all your financial goals and get actionable steps to achieve them on time, only at Recipe.finology.in
Whether you are saving for your lavish wedding or a 3-day trip to Goa, planning in advance helps you prevent overspending.
Plan all your financial goals and get actionable steps to achieve them on time, only at Recipe.finology.in
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