3 Money Saving Tricks That Will Help You in Tough Times

Money cannot buy happiness but it can make your life easy. That’s why when it comes to money matters, you should be extra careful and look for ways to enhance your income resources. We are not suggesting you to become a miser or stop spending altogether. However, a little attention to everyday life decisions can make an enormous impact in your life financially.

Especially, once you become the breadwinner of your family, there is very little space for reckless monetary choices as the entire family is dependent on you. In other words, your financial choices are not for yourself alone but for a group of people associated with you. So it is important that you adopt a considerate approach towards major decisions involving money. The goal is simple – you need to spend smartly and save wherever there is even a slight chance. Let us tell you three harmless ways to save money that may help you in tough times;

 

1- Lack of Informed Decisions

Personal loans, Car loans, credit cards, home finance, car insurance, travel insurance, life insurance and many others are part of every individual’s life. Unfortunately, people willingly take the poor deals. Mostly, a friend or an influencer will suggest something and people would follow him blindly. Whether it is car insurance, travel insurance, any personal or car loan, home finance or opening a bank account, you will have a lot of options available. The competition in these markets is getting intense in Pakistan.

All you need to do is spend some time to gather information and then pick the most logical one. You must realize that the personal, car, home or life insurance is directly related to your family. Although you will be paying for these but the benefits will be reaped by the entire family.

Ultimately, taking an informed decision will not only get you a better deal but also save you some money as well. To be honest, taking an informed decision is not that hard. Financial product comparison platforms like Mawazna.com provides you a comprehensive comparison of various financial products including all the banking products (credit cards, bank accounts, personal loans, car loans, home loans, car insurance, travel insurance, and broadband products) in a matter of few minutes.

 

2- Not Investing at Right Time

People seem to commit another blunder i.e. keeping extra cash in their current accounts. Of course, there is a certain amount of money that you require for your day-to-day life. We can also understand the need to reserve extra money for emergencies. But if a few hundred thousand rupees are lying in your account for months then definitely you are missing on a solid investment. Did you know that a fixed deposit account can be opened for as low as Rs 25,000?

First of all, you need to figure out the sum of money required every month for the regular expenses. The next step is to find an appropriate amount for an emergency situation. Lastly, if you still have cash then invest it and create an additional source of income. A fixed deposit account, stocks, and mutual funds – the investment options are literally unlimited, you just have to make up your mind for investment. The best starting point of your investments may be considering opening a fixed deposit account with a Pakistan bank. You can check various deposit accounts offering such facility at Mawazna.com.

 

3- Paying Late Surcharges on Recurring Bills

Every month you get a ton of bills like electricity, phone, school, college, broadband, postpaid etc. If you don’t pay these bills on time, you have to pay a certain amount of late fee. And if you add up the late fee of each bill every month then it is a substantial sum of wasted money.

Your procrastination is damaging your pocket every month. Your hard earned money is being used for a totally avoidable situation. If you are suffering from this problem then you better come up with a solution to fix it. Paying bills on time is 100% doable. One plausible way is to designate these responsibilities to other people in your house or setting multiple reminders on your phone for each bill. These 3 money-saving tips will not save you millions but surely, adopting them in your life will have some long-lasting benefits. For receiving such tips on regular basis, stay tuned with www.mawazna.com.

Author: Team Mawazna

Team Mawazna

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