Here are ways to help you save by minimising your expenditure.

A millennial woman’s guide to saving big on monthly bills

Millennials are the people born between the early 80s and the late 90s, although opinions differ on the exact years. They had an upbringing filled with optimism and instant gratification, and subsequently received a lot of marketing attention. Their unique early life has had an immense influence on their lifestyle and personality; thanks to which they stand out with a distinct identity – the gadget-savvy Millennial Generation.

As a millennial woman, you will most certainly be spending on things like high-speed Internet, mobile phone, Netflix, car, home, various club and gym memberships, online shopping etc., in addition to groceries, education, eating out, healthcare, and so on. Your monthly dues are a reflection of your spending habits and patterns, so there are several ways to minimise them.

  1. Combined services – Indian telecom companies nowadays provide internet as well as phone services. They also have their own online entertainment platforms like Airtel TV, Jio TV etc. By opting for a single service provider you can enjoy discounts and special offers on bundled services. You can also opt for a family phone plan, which will further reduce expenses. These steps will help you minimise these recurring expenses.
  2. Entertainment and subscriptions – Have a second look at the various entertainment expenses you pay every month. Do you really use the club and gym memberships that often? If not, enquire about ‘pay as you use’ options. Do you really need the premium package on your satellite TV for channels no one watches? Instead, if your credit card is offering free movie tickets against reward points, go for it!
  3. Sales and coupons – There are a lot of coupons floating around the internet that offer discounts on various purchases. You can use these while buying groceries, which can reduce your monthly expenses to some extent. You should also look for particular days when stores offer discounts. Through a combination of these, you can significantly reduce your monthly outgoing.
  4. Utility expenses – Electricity bills tend to leave a hole in our pockets, particularly during summer months. Go for energy-efficient appliances, LED bulbs, and energy-saving ACs and refrigerators. Switch off lights and appliances when not needed. These practices will greatly reduce your energy bill and also help the environment. Also, decide between options while using appliances. Is it cheaper to heat up leftovers in the microwave or on the gas? Should you cook on the induction plate or use the stove?
  5. Eating out – Keep your daily plans in mind while cooking. If you plan to go to the mall later that night, reconsider the portions that you are cooking. Chances are you may end up eating at the food court, only to come back home and throw away the leftovers. Instead, cook in advance for the evening and plan mall visits in such a way that you are back home in time for dinner. Instead of always opting to eat out, you can go for a picnic once in a while, for half the cost and twice the fun!
  6. Transportation – If you are a millennial woman in a major city, you should rethink owning a car for multiple reasons. Apart from being an expensive necessity, it is a hassle to manoeuvre one in the increasingly jammed and polluted Indian roads. With improved on-demand cab services and better public transport, a private car has become more of a luxury than a necessity. By not owning a car, you save a lot of money on fuel, parking, and maintenance, apart from the EMI on your car loan. Public transport also comes with money-saving schemes such as monthly pass, discount coupons etc. Yet another money-saving practice is carpooling. Tip: While buying car insurance, don’t just renew the previous policy but compare all available options. Aggregating portals provide exhaustive information on all available policy offers. Check them all and go in for one that offers the best deal
  7. Online shopping – A lot of online shopping is about indulgence rather than necessity. Rather than buy something tempting, defer the purchase and make a note of it instead. Keep a wish list and see if you still crave them a week or two later (trust us, in most cases you won’t). You can also set a budget for online indulgences and spend within it. Take stock of what you already have before buying another. Fancy a new pair of shoes? Remind yourself that it will be the 23rd pair in your shoe rack.
  8. Accommodation – As a millennial woman, you may also have invested in a house, which may reflect in your monthly dues. However, a house is also an asset and its EMI burden may be something you are willing to bear. But, those of you who are planning to buy a house can do a ‘rent vs. buy’ comparison before taking the big step. If you find that it makes more sense to stay in a rented place, you should go for convenience rather than a posh address. Not only will you save the ‘upmarket premium’ on rent, you will also save time and money commuting to work and managing your daily errands.

Remember, keeping a watchful eye on your spending patterns and using these tips and tricks to trim avoidable expenses can greatly reduce your monthly bills and help you save more!