If you were not into a habit of saving money and want to start your investment now in 2022, you are thinking of it at the right time. Even though it is ideal to start your habit of savings at the early ages of your work life, it is always better later than never when it comes to wealth building. So, if you have not already started your savings and investments, think of it seriously now in 2022. In this expert guide, we will discuss various ways to save money. We will be listening to one of the top budget experts and his tips to cut down your expenses and start building wealth.
Kavan Choksi is a budget expert for a lot of individual and corporate clients. Many of his articles and videos online address personal and corporate financial management best practices and tips. Here, Choksi is trying to give some expert but simple insights to individuals who want to start their savings and investment habit in 2022.
1. Saving money on groceries
A key tip to save money is reducing the grocery bill, of course, not cutting the necessities. Before you pull anything into your shopping bag, try to compare the prices of different items of similar quality and quantity. To do this effectively, you can start comparing the prices. You can also compare the prices between stores and also the price difference online and offline to save the most on grocery purchases. Doing this research can always help you save a good deal of money, not by compromising the quality and quantity of your purchase.
2. Buying in bulk
Another ideal approach to save money is to buy goods in bulk. However, this is applicable only to the most necessary long-term use goods. For other things with minimal usage, you need not think of bulk purchases.
3. Cut cost on utilities
There are many ways to try out to save money on utilities billed monthly, like power consumption, water bills, gas bills, etc. Try out these methods.
- Always make sure that you turn off all lights and electronics while not used.
- Unplug the unused appliances, which will help you to save on electricity costs for the unused appliances.
- To reduce the cost of heating and cooling, it is advised to install a programmable thermostat.
- Use low-flow showerheads and faucets. This approach will help you reduce water consumption and thereby the monthly bills on the same.
- Use a water heater timer. This is a default feature in the new-gen water heaters, which will help you to cut down both electricity and water bills.
In fact, these are some basic tips to save money. Once you save money with all these approaches, Kavan Choksi advises that one should reinvest the same into other growth-oriented investments so that the value of money grows year by year. You can think of stocks, bonds, retirement funds, and other high, moderate, minimal risk investment vehicles to build your wealth slowly and steadily.