The pandemic has brought to focus on the ephemeral nature of life. Sudden job losses or financial instability due to reduced take-home salaries forced many families to survive on a shoestring budget. Saving money becomes difficult for families running on a tight budget. However, irrespective of the shortfalls in your income or its irregularity, there are always ways to save money.

For those wondering how to save money on a tight budget, here are certain tips to follow.

• Save on your entertainment budget: Halls and theatres are now closed and work from home is the current norm. This means that you spend more time in front of your television, flipping channels and watching your favorite shows. Instead of paying for all those prime membership views, over-the-top services, and other streaming platforms, switch on to a cheaper alternative. Try watching on a cable that will give you access to many television programmes at the fraction of what you usually spend on enjoying video content.

• Prefer eating at home: Dining out at your favourite restaurant at least once a month or ordering food online from nearby restaurants during weekends. Eating out at hotels or restaurants involves spending a lot of money these days owing to increased spending on labor, rent, insurance, and high prices of food items. Besides, the imposition of the Goods and Services Tax has added to the cost of eating out with family and friends. Apart, there may be other kinds of service charges adding to your food bill. Change your eating habits if you want to save money. Eating at home can help cut down the expenses of dining outside as restaurants are now charging money from their customers.

• Pinching pennies: Know the difference between what you need and what you want for your daily survival. This will help you cut down on the unnecessary items from your monthly list of expenses. Once you do not buy that which is not needed, you will have saved at least Rs 500 to Rs 1000 and added that to your savings. You may also try to cut down on the wastage of your daily groceries. Besides, with the price of petrol going up to an unprecedented level it makes sense to ditch the use of private vehicles and rely on public conveyance instead. Walk where you can or take a bus or metro if you have to travel far. This will save you money spent on fuel. Less use of heaters during the winter season and preferring to warm up in coats, sweaters, and socks will help save money on electricity too.

• Prefer cash over the card: Paying your daily utility bills with the card is easy. However, with the credit card being in constant use, it may be difficult for you to keep track of your daily expenses. If you want to cut back on your expenses, switch to using cash to meet your everyday needs. Seeing your money slipping through your fingers will help you limit the spending and exercise control of your monthly budgets. Make it a thumb rule to buying groceries or daily utilities using cash.

• Repay your credit card debt: Your credit card debt may attract a lot of interest as a penalty if not paid on time. Check how much you pay towards interest on your credit cards. With credit card interest ranging between 15 and 25 per cent every month, it makes sense to limit your credit card use. Paying off your credit card debt will help save a lot of money on interest every month. However, the same stands true for any and every kind of debt.

• Cutting back on big expenses: Identify the expenses that take away a major chunk of your monthly earnings. For example, if your accommodation rent is too high, move to a cheaper place if you are married. If you are single, shift to a shared accommodation so that the total rent is shared among roommates. Cut down your expenses on toiletries and visits to parlors.

• Find alternative earning sources: It helps to have alternative earning sources too. To make up for the reduced income, try your hands at alternative earning gigs. A side hustle can help you earn extra money that adds up to your savings.

The urge to save money and see it grow is inherent in Indian society. So much so, that many parents advise their wards to practice the 30-day rule that involves following simple rules to save money by doing away with unwarranted expenditure. The rule says, “You are responsible for your financial choices. Stick to buying what is essential and ignore spending on items that are not needed. Whether you are buying from a store or online portal, think before you shop. Stop where you can and where you must.”

The author is Journalist and Blogger