Over the few years, the investments are not reaping good returns. The fixed deposit is also not a lucrative investment. The supply in the market is not getting steady in terms of commodity items. The auspicious purchasing of Gold during Dushera and Diwali is questionable with the astronomical price tags. Insurance and investing for rainy days is very important but at the same time one also has to understand to cut back expenditure.

 

Children’s education is a costly affair when it comes to several days celebrated in school and the material costs involved in the projects. Drawing a budget several times is useful though it is always wise to keep a margin for contingencies. In case you always overshoot the budget, then one has to draw a line strictly. There are better ways to enjoy weekends than feel good binge shopping and eating at fast food joints. If the motive is entertainment then one can have a dinner meet at home. s

 

Friends could come in for a brunch or dinner session and are also welcome to bring a part of food. Going Dutch is the easiest way when you go out to dine with family. Using public transport is another cost saving mechanism and walking down to the market is certainly a good exercise. Most times we enter super markets and arbitrarily purchase items which may or not be of direct use. When you recognize this instinct then curb the same immediately.

 

Kids have a deep sense of understanding and have to be conditioned to an issue. Another age old trick is to have a piggy bank in which they can collect coins. Give them a coin as a reward and supervise that it goes in the piggy bank each time. Books make wonderful rewards and there are affordable kids magazines that are deep in knowledge. Similarly you could also have treasure corner where in you could some money each day. Whenever you need loose notes, you could borrow from the treasure box but repay double the money. This actually works well.

 

Celebrations are important and there is no need to lavishly splurge on clothes. Mix and match ideas work great and one could also learn to sew and stitch to create a desired outfit. Compulsory monthly saving via automatic debit to your bank account works wonders. Recurring deposits though not lucrative is also a nice way to save essentially. Recession is affecting globally and hence it is wise to be prudent rather  than habitual wayward spending.