There is no dignity quite so impressive, and no independence quite so important, as living within your means. – Calvin Coolidge
Indians are frugal by nature. Right from childhood, we see our parents and other people around, being smart with money. Or should I say insightful about handling money? There are countless ways they try to save money wherever possible.
We bargain at our best in every section.
Women have their secret cash boxes in the kitchen. Kitchen? To keep it safe and out of reach of husband and children.
Use tiny pouches to collect loose change which adds up to a specific amount after a few days.
Figure out the best places to shop where we will get value for money.
Strive to get some space in public transport because it is a cheaper alternative.
Buy our monthly groceries in bulk.
Make every possible attempt to save on utilities.
These are some of the general money-saving ways followed in India.
But, every household is different, and therefore, their money management system also differs a little bit if not much.
I love to stay home to look after my husband more than work outside. Many times, shouldering the responsibility for homemaking is as important as earning money. This divided sense of responsibility allows us to focus and concentrate on our work respectively. And, creates harmony in the relationship.
Even after belonging to a frugal family, there was a time, I was poor at managing money.
One time, I stumbled across the quote, “Penny saved is a penny earned”. It was so impactful that it entirely moved my focus from earning to saving. I looked for areas where I could eliminate as many expenses as I could; I observed that household and lifestyle changes were the better areas to start with.
I started slowly and steadily. And now, with little effort and mindfulness, I save a particular amount of money at the end of each month. I consider this amount of money as “My Earnings”. And, because of this outlook, I strive to save as much as I can to increase my monthly earnings. I regard this as a little assistance on my part to support my husband’s hard work.
Here are a few ways I save money on income:
HOW I SAVE MONEY ON ONE INCOME (With No Kids)
1. One car and small house:
We are a family of two – my husband and I. We do not have kids. I work from home. So, there’s no point in having an extra car.
As for the home, we don’t need a big one. We both prefer to live within our means. And, don’t believe in going into debt for a big house. We’re living a debt-free=content life in our small house.
Also, a small house has the advantages of less electricity, less water consumption, and hence lower utility bills.
2. Meal Planning and cooking at home:
Cooking at home saves roughly about 30-40% of the monthly expenses. Planning the meals ahead and making a grocery list helps avoid impulse buying.
Meal planning helps to prevent frequent trips to the grocery store thus saving on travel expenses.
Read 6 Reasons You Should Start Cooking From Scratch Today
3. I avoid buying too many cleaning products:
Do you really need so many expensive products if you clean your house regularly? I mean one for floors, one for the bathroom, and the other for the toilet? The answer is NO. The basic cleaning products do a great job of keeping the house clean.
The products that I use are – dishwashing liquid+baking soda+white vinegar. These three primary products are adequate to clean pretty much anything in the house.
Read: 5 Super Simple Ways To Make Dishwashing Fun
4. We don’t spend on gym membership:
My husband loves brisk walking in the open (outside) for 30 minutes 5 times a week. Yes, I agree, walking does not count as a workout. It is just a physical activity. But that’s the only form of exercise he loves. And, my attitude towards exercising is – something is better than nothing.
I love to do yoga in the comfort of my home. This saves us almost $43 (Rs 3,000/-) on a monthly gym membership.
5. I do not buy home decor items:
Since I have a small house I try to keep the decor items to a minimum. A clutter-free home is more beautiful than an accessorized one for me. This saves a lot of cleaning time as well.
Read: 11 Inexpensive Ways To Beautify Your Home
6. I do not hire a cooking or cleaning maid:
It’s easier to hire a cleaning and cooking maid in India. But I prefer to do all the housework and cooking on my own. I am a little OCD about cleaning. And, cannot entrust the most important tasks of my household (Cleaning and cooking) to anyone.
This helps me save not less than $114 (Rs 8,000/-) a month. A pretty good amount, right?
7. DIY hair and beauty treatments:
I go to salons for facial threading and to get my hair trimmed only. And, do the rest by myself at home. I scrub my face once in 10 days. Apply a homemade mask when I need some hair treatment.
Take care of my nails, toes, and feet while in the shower. I paint my nails at home.
The average cost of the package that includes (facial+waxing+manicure+pedicure) is somewhere around $30 (Rs2,100/-) in Mumbai. I save that much amount with these quick and easy DIY treatments.
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8. With a minimalist approach:
Minimalism has brought a drastic change in our financial habits. The journey of being a spendthrift to a saver was life-changing. All thanks to minimalism.
I have become the best version of myself in the purchase category. The minimalist coach within me makes the decision if it’s a need or want; whether to buy the item or not.
9. By shopping in sales:
Yes, we buy in bulk our clothes as well. We take advantage of the end-of-the-season sale, which happens to be 2 or 3 times per year, in India.
During the sales, we buy everything from shoes to accessories to handbags, every single thing. In between, we avoid going to malls to avoid impulse purchases.
10. By canceling cable subscription:
From the time I started blogging, we’ve canceled our cable subscription. Since I hardly get any time to watch Television. Rather I don’t WANT to.
And, with the option of having so much entertainment available on the internet, cable was a sheer waste of money.
Final Words:
These are some of the areas I save comfortably without affecting our standard of living in any way. Yes, we do spend on eat-outs and date nights, but we limit it to once a week.
I don’t believe in going out of the way to spend or being a cheapskate either. And, firmly believe in maintaining a balance in order to persist.
So, we have fun when we need a break from the daily rut while also being sensible about our spending.
Over to you. I would love to have your suggestions. In what other ways do you think can I save more money living on one income? Thanks so much for reading. Happy Saving!
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