Chalking out a budget for home expenses makes greater economic sense than handling expenses ad hoc or as `they present themselves'. Here are a few tips to save those precious greens:
• Draw up a budget that prioritizes spending and balances wants with limited earnings while making provision for savings (this must be a regular habit).
• Expenses can be broadly categorized into fixed (these could include monthly salaries to house help, grocery, etc), recurring (these could include provisions for birthdays, festive spending and other miscellaneous heads), emergencies (these could include last minute purchases that are generally go unaccounted).
• Ensure that you get `value for money' from your purchase.
• As far as possible stay within spending limits. Have a `sound' reason for over-spending.
• In case you are overstepping limits, consciously search for the reasons. Once you are able to find the cause you could curb that expense.
• Plan purchases from wholesalers and co-operative outlets. There could be a substantial difference in market prices and those offered by these bodies.
• Recycle envelopes, paper, jars and tins. Innovating interesting ways and means to reuse an old item is a good way of saving on resources.
• Saving on variables like electricity, telephone, petrol, water, etc is a good idea. Conserve these as often as you can.
• Budgeting is about living comfortably within your means, it is with patience and practice that one can master this art.
