This
is what runs the world, and this is what we run around for… Money! But
with the changing economy and rising prices, we have to work smart to
make the most of it. So we ran a contest on the Good Housekeeping
Facebook page - "The Thrifty Housekeepers" - to determine what the
readers do to save. We bring you some points from the 10 most thrifty
homemakers picked by Delhi-based financial consultant Akash Bhatnagar
along with a special savings plan from Delhi-based CA, Sarabjeet Singh.
Tweak and pick a plan to suit your needs.
Shobana Rajan, 39, works with a consultancy firm, Chennai
Plan on saving for a holiday rather than taking a loan.
Early-bird booking or travelling during off-season can help one save up to 30 to 50 percent money, which one would otherwise spend were he/she to travel during the peak season.
Compare airfares and insurance before you seal the deal. Also, use homestays with kitchenette/bed-nbreakfast or explore deals on hotel rates and negotiate for an additional night instead of an upgraded room.
Pack smart and carry all that you need keeping the local weather in mind, so that you don't have to do unnecessary shopping at the destination. Keep room for purchases.
Pay for as many things in local currency including the Visa. Use smart money cards. Avoid foreign exchange conversion at airports.
It helps to research and plan activities/combo deals for cheaper entrance tickets.
Use public transport and free Wi-Fi.
Eat healthy light food for two meals and look out for at least one authentic local meal per day.
Avoid expensive beverage breaks. Alcohol is costly the world over, so moderate indulgence is a great saver.
Remember that holidays are all about happy moments with friends and family and don't fret too much over your budget
Rashneet Ritu Saluja
Monthly grocery shopping can be made interesting! Imagine if 2 or 3 friends or neighbours were to car-pool to go shopping together every month. Fuel expenses would go down plus the bonus would be the fun of shopping with friends. Try it!
Anam Singh, 23, student, Noida
Turn off the lights when you're not in a room. Turn off the water when you're brushing your teeth. Keep the thermostat just a few degrees higher in the summer and lower in the winter.
Priyanka Bhardwaj, hospitality professional, Gurgaon
For any foodie, it may be worth exploring new recipes with one's spouse at home. It would provide an opportunity to spend time together preparing the dish and enjoying the culinary experience. Source the ingredients on the way from work and see the flavours come alive at home.c
Ritwika Roy Mutsuddi, 36, home-based editor, Mumbai
We only do one big outing a month. Over the weekends we try out new and innovative recipes at home, watch movies on TV and go to the nearest park for fun and play. By doing this, the children are not only learning the value of money, but also developing an interest in healthy eating and cooking.
May Noronha D'souza
Take time to walk short distances, this helps both your health and your pocket. Also, opting for public transport instead of taking individual cars helps save the environment.
Mary Deepthy, 33, IT manager, Bengaluru
Automate your savings. It helps to set a target for the monthly expenses and saves the rest of the earnings. One can issue standing instructions to the bank to ensure there are timely deposits from the salary account to PPF, RD, mutual funds, and so on.
Start writing down your expenses every day as this helps one know when the monthly budget is getting exhausted. It also reminds one to skip the extra outings.
Create separate Recurring Deposits (RD) for annual insurance premiums. Once the RD matures, the amount can be put in a flexible RD and can be used to pay insurance premiums as required - this way, one is ready for upcoming insurance premiums, and also earns interest on the money saved towards the insurance.
Prefer using credit cards with cash back for any purchase, and then transfer the amount that is transacted to the savings account immediately.
Stock up the regular fruit and vegetable supplies from the weekly market and avoid hyper-marts (or your community thela) as these may not be cost-effective.
Decide on dress/footwear of your choice and plan the purchase during the discount season. Most brands send alerts to customers on this.
Be on guard while the billing for a purchase is happening. Make sure that you get the stated discount on the price and check if the same is reflected in the bill. Match the bill to the products purchased to avoid any errors in computing by the salesperson.
Smitha Jayin
Buy in bulk, avail sale coupons and shop at local stores.
Shop for clothes twice in 2 to 3 months, not more often.
Limit dining out only to special occasions.
Nirmala Murli
Explore the joys of recycling and reusing - it reduces expenses and saves the environment as well.
Find innovative uses for your newspaper. Make garbage bin liners out of it, instead of using plastic bags.
Replace face tissue with handkerchiefs, as they can be re-used.
Use clean old clothes and towels as mops instead of buying readymade products.
Kamini Godiya
I have started walking to nearby places to run errands. My daughter's school is 15 minutes away from home, so we walk one way, and take public transport the other, instead of using a vehicle for both.
Good Housekeeping adds:
Go through your spending habits, scrutinise and improve. For example, you may be in the habit of not checking restaurant bills but just whipping out your card. Don't. Next time, go through the bill carefully. You may be surprised at the frequent discrepancies. Also, when booking at a quality hotel, you may be embarrassed to ask for a discount… The hotel doesn't form value judgments on you, as long as you're polite. In fact if the turnout is low, they may oblige you. Do you spend regularly on the latest books and DVDs? Wait, buy the paperbacks, borrow and share. Do you go out shopping without a list? Avoid. Shopping to a list is a great way to save, especially if you're a sucker for retail therapy!
Delhi-based, CA, Sarabjeet Singh, brings you two plans to help you live well and save optimally. Cautions the expert: 'The advice below is purely my conception of the scenarios, and will ultimately differ from person to person and from family to family.' Choose the plan that suits you, tweak as required… Revisit in 3 months and see how you are doing
Disposable income: Rs 1,00,000 per month Projected monthly spends: Rs 85,000 (expenses include all household and living costs, children's education, EMIs and so on) Leftover: Rs 15,000.
Suggested Savings Plan
Families in this bracket should aim for a more conservative approach towards savings and investments and avoid risk-taking avenues.
Set aside Rs 2,500 to Rs 4,000 per month for medical insurance or any tool to save for health emergencies.
A minimum of Rs 5,000 should be invested in term insurances which give a large insurance coverage in terms of emergency/setback. These may not yield any money at the maturity - hence the low premium.
For the leftover Rs 6,000 choose from bank RDs, PPF accounts or pension funds. Expert Savings Plans For You Disposable income: Rs 3,00,000 per month Projected monthly spends: Rs 2,50,000 (expenses include all household and living costs, children's education, EMIs and so on) Leftover: Rs 50,000 Suggested Savings Plan
Such a family may aim for diversified savings, including risk-bearing investments.
Ideally, the minimum amount of insurance cover should at least be equivalent to the income of 15 to 20 months to tide over unexpected emergencies. So set aside Rs 5,000 per month towards term insurance cover.
Put aside Rs 15,000 towards endowment insurance cover.
Invest Rs 10,000 in SIPs/mutual funds likely to yield benefits in the long run.
Health insurance is a must, so another Rs 5,000 should be earmarked for this.
For the remaining amount of money leftover every month, roughly Rs 15,000, choose from PPF accounts/Recurring Deposits/endowment insurance policies linked to children/old age. You may also think of investing in gold or paying off an EMI for real estate.
Shobana Rajan, 39, works with a consultancy firm, Chennai
Plan on saving for a holiday rather than taking a loan.
Early-bird booking or travelling during off-season can help one save up to 30 to 50 percent money, which one would otherwise spend were he/she to travel during the peak season.
Compare airfares and insurance before you seal the deal. Also, use homestays with kitchenette/bed-nbreakfast or explore deals on hotel rates and negotiate for an additional night instead of an upgraded room.
Pack smart and carry all that you need keeping the local weather in mind, so that you don't have to do unnecessary shopping at the destination. Keep room for purchases.
Pay for as many things in local currency including the Visa. Use smart money cards. Avoid foreign exchange conversion at airports.
It helps to research and plan activities/combo deals for cheaper entrance tickets.
Use public transport and free Wi-Fi.
Eat healthy light food for two meals and look out for at least one authentic local meal per day.
Avoid expensive beverage breaks. Alcohol is costly the world over, so moderate indulgence is a great saver.
Remember that holidays are all about happy moments with friends and family and don't fret too much over your budget
Rashneet Ritu Saluja
Monthly grocery shopping can be made interesting! Imagine if 2 or 3 friends or neighbours were to car-pool to go shopping together every month. Fuel expenses would go down plus the bonus would be the fun of shopping with friends. Try it!
Anam Singh, 23, student, Noida
Turn off the lights when you're not in a room. Turn off the water when you're brushing your teeth. Keep the thermostat just a few degrees higher in the summer and lower in the winter.
Priyanka Bhardwaj, hospitality professional, Gurgaon
For any foodie, it may be worth exploring new recipes with one's spouse at home. It would provide an opportunity to spend time together preparing the dish and enjoying the culinary experience. Source the ingredients on the way from work and see the flavours come alive at home.c
Ritwika Roy Mutsuddi, 36, home-based editor, Mumbai
We only do one big outing a month. Over the weekends we try out new and innovative recipes at home, watch movies on TV and go to the nearest park for fun and play. By doing this, the children are not only learning the value of money, but also developing an interest in healthy eating and cooking.
May Noronha D'souza
Take time to walk short distances, this helps both your health and your pocket. Also, opting for public transport instead of taking individual cars helps save the environment.
Mary Deepthy, 33, IT manager, Bengaluru
Automate your savings. It helps to set a target for the monthly expenses and saves the rest of the earnings. One can issue standing instructions to the bank to ensure there are timely deposits from the salary account to PPF, RD, mutual funds, and so on.
Start writing down your expenses every day as this helps one know when the monthly budget is getting exhausted. It also reminds one to skip the extra outings.
Create separate Recurring Deposits (RD) for annual insurance premiums. Once the RD matures, the amount can be put in a flexible RD and can be used to pay insurance premiums as required - this way, one is ready for upcoming insurance premiums, and also earns interest on the money saved towards the insurance.
Prefer using credit cards with cash back for any purchase, and then transfer the amount that is transacted to the savings account immediately.
Stock up the regular fruit and vegetable supplies from the weekly market and avoid hyper-marts (or your community thela) as these may not be cost-effective.
Decide on dress/footwear of your choice and plan the purchase during the discount season. Most brands send alerts to customers on this.
Be on guard while the billing for a purchase is happening. Make sure that you get the stated discount on the price and check if the same is reflected in the bill. Match the bill to the products purchased to avoid any errors in computing by the salesperson.
Smitha Jayin
Buy in bulk, avail sale coupons and shop at local stores.
Shop for clothes twice in 2 to 3 months, not more often.
Limit dining out only to special occasions.
Nirmala Murli
Explore the joys of recycling and reusing - it reduces expenses and saves the environment as well.
Find innovative uses for your newspaper. Make garbage bin liners out of it, instead of using plastic bags.
Replace face tissue with handkerchiefs, as they can be re-used.
Use clean old clothes and towels as mops instead of buying readymade products.
Kamini Godiya
I have started walking to nearby places to run errands. My daughter's school is 15 minutes away from home, so we walk one way, and take public transport the other, instead of using a vehicle for both.
Good Housekeeping adds:
Go through your spending habits, scrutinise and improve. For example, you may be in the habit of not checking restaurant bills but just whipping out your card. Don't. Next time, go through the bill carefully. You may be surprised at the frequent discrepancies. Also, when booking at a quality hotel, you may be embarrassed to ask for a discount… The hotel doesn't form value judgments on you, as long as you're polite. In fact if the turnout is low, they may oblige you. Do you spend regularly on the latest books and DVDs? Wait, buy the paperbacks, borrow and share. Do you go out shopping without a list? Avoid. Shopping to a list is a great way to save, especially if you're a sucker for retail therapy!
Delhi-based, CA, Sarabjeet Singh, brings you two plans to help you live well and save optimally. Cautions the expert: 'The advice below is purely my conception of the scenarios, and will ultimately differ from person to person and from family to family.' Choose the plan that suits you, tweak as required… Revisit in 3 months and see how you are doing
Disposable income: Rs 1,00,000 per month Projected monthly spends: Rs 85,000 (expenses include all household and living costs, children's education, EMIs and so on) Leftover: Rs 15,000.
Suggested Savings Plan
Families in this bracket should aim for a more conservative approach towards savings and investments and avoid risk-taking avenues.
Set aside Rs 2,500 to Rs 4,000 per month for medical insurance or any tool to save for health emergencies.
A minimum of Rs 5,000 should be invested in term insurances which give a large insurance coverage in terms of emergency/setback. These may not yield any money at the maturity - hence the low premium.
For the leftover Rs 6,000 choose from bank RDs, PPF accounts or pension funds. Expert Savings Plans For You Disposable income: Rs 3,00,000 per month Projected monthly spends: Rs 2,50,000 (expenses include all household and living costs, children's education, EMIs and so on) Leftover: Rs 50,000 Suggested Savings Plan
Such a family may aim for diversified savings, including risk-bearing investments.
Ideally, the minimum amount of insurance cover should at least be equivalent to the income of 15 to 20 months to tide over unexpected emergencies. So set aside Rs 5,000 per month towards term insurance cover.
Put aside Rs 15,000 towards endowment insurance cover.
Invest Rs 10,000 in SIPs/mutual funds likely to yield benefits in the long run.
Health insurance is a must, so another Rs 5,000 should be earmarked for this.
For the remaining amount of money leftover every month, roughly Rs 15,000, choose from PPF accounts/Recurring Deposits/endowment insurance policies linked to children/old age. You may also think of investing in gold or paying off an EMI for real estate.
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