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Personal Finance

How I reduced my monthly expenses by 40% and you can too!

Posted By : Chatur

18 July, 2023

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As an outstation college student, I was always fascinated by the newfound independence of living away from home. But with that independence also came a new set of responsibilities, including managing my finances. 

Honestly, I had no clue about personal finance and the importance of budgeting. As a result, I spent excessively on things that didn't matter - eating out, shopping, and indulging in other materialistic pleasures.

It wasn't until I checked my bank account and saw a single-digit balance that I realized I needed to consciously control my spending habits. 

By implementing a few simple changes, I was able to cut down my monthly expenses by a whopping 40%. 

1. Tracking Expenses

Monitoring and categorizing expenses using a tracking app helped me identify areas where I was overspending and make necessary adjustments.

2. Meals Before Outings 

I used to make the mistake of going out while feeling hungry, which often led me to make impulsive purchases and overspend on food and drinks. 

So, I started ensuring I ate something beforehand to curb my hunger. This helped me enjoy my outings without spending more than necessary on food and drinks. 

You can also make it a habit to carry a small snack at such events.

3. Smart Shopping Habits

I found that purchasing certain necessities like toiletries and stationery items from my hometown, which is pretty close, was significantly cheaper. 

While this might only be feasible for some, it's worth considering if you have the option.

4. Cash > UPI 

We often get lured into online transactions through UPI apps in this digital age. However, it is essential to set a limit on our online transactions and try using cash for small purchases. 

This helped me keep a better track of my spending and also helped reduce my dependency on online transactions, which often led to overspending.

5. Participating in Competitions

Participating in college-sponsored events was a sustainable means of entertainment and helped me save money.

Not to mention, some of these events even offered cash prizes for winners! Plus, you get the added bonus of meeting new people and getting involved in campus life.

Saving money is not about compromising your standard of living, but rather, it's about making conscious decisions to reduce unnecessary expenses. 

In Conclusion…

I hope these tips are helpful to you and inspire you to rethink your spending habits.


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