15 Ways to reduce costs and increase savings. Now a days most of the people want to know how to reduce their cost at the time of Conora pandemic. In this year we have faces a lot of disastrous condition.Recently we have faces another bad situation that is super-cyclone named Amphan. This all of this will definitively affect our National Economy. So to build our economy as before , we have to maintain some rules to reduce our cost and save money.
Ways to reduce costs and increase savings
Many people have become jobless because of COVID-19.They have become homeless because of Super-cyclone (AMPHAN).So if we want to survive in the world, we have to reduce the cost.If we can’t reduce spending at least in the next few years, the middle class and lower class will be in trouble.
How to Reduce Cost?
During Corona virus we needs to reduce costs if we need to survive in the next world. At least in the next few years, the middle class and lower middle class will be in trouble if this cost is not reduced. In the meantime, many companies have started the process of pruning. Many are paying 10-50 percent. There are also clear indications that a number of small businesses will be hit in the coming days.After all, no one can survive in case of financial crisis. Therefore, it is important to reduce the cost before the risk increases. But it is not possible to reduce the cost. He needs to follow some rules.
But the cost will not go down easily. He has to follow some rules and regulations. So let’s find out how to save and reduce costs:
- Spend as you need. Don’t waste money buying fancy things because they have no need at the moment, who can tell what day is coming tomorrow!Don’t waste money buying unnecessary things because there the next day may not be good!
- Maintain the habit of eating at home. It will be good health, the cost will be reduced. It is not right to eat out at this time. So it is better to be careful.
- Go to the office with tiffin from home. Canteen food may not be safe. There is a cost also.
- Buy clothes as you need. Even so, the festival will not celebrate as like as previous year. As a result, there is no profit by spending extra.
- Reduce the cost of beauty treatments.Half of the face will be covered with a mask, the head will be covered with a hat or veil. Without it the parlor will not be able to maintain social distance, which increases the risk of corona. Moreover, there is a risk of corona in the parlor also. As much as you can,use home made material & practice beauty at home. You can go for a haircut once in 2-3 months.
- Reduce gift budgets. It is best to go to festivals less.It is best to give away gifts at festivals.
- Stop travel plans for at least this year. Try to save some money for the future as well.
- You can deposit 5-10 percent of your earnings. Arrange to deduct the money directly from the salary.
- Invest in health insurance. If done, top up regularly. So that you can keep up with the increased medical costs.
- After receiving the monthly salary, pay the house rent, electric bill, gas and water bill and other expenses.
- Maintain the habit of eating home-cooked food in the last two months. The better the health, the lower the cost.
- Deposit 10% of the money in the savings account. At the end of the year it can be used for Premium or any need.
- If possible, make your first essential purchase a modern procurement suite.
- Review and make a list of non-essential spending.
- If possible avoid all the subscription that are not needed.
Way To Save Money
- Save at least 5-10 percent of income. The stock market is very shaky now. So if you are not very experienced, it is better not to go that road. Recurring deposits are safe on the whole. You can put money there. Make arrangements to deduct the money directly from the salary.
- Invest in health insurance.
- After receiving the salary, pay the house rent, electric bill, school salary etc. first.
- Deposit 10% of the remaining money in the savings account. It will be useful to pay premium at the end of the year or any need.