Even if we are living within our means, finding the capacity to start saving for a healthier financial future can be a challenge.
You should also consider the following creative ideas to free up some funds:
Identify ways to manage your expenses or costs. You will find this a lot easier if you talk about it with a partner or loved ones. If your friends, family and those close to you are aware of the changes that you are trying to make, there's a much better chance that you will see them through. Could you cut the number of times you go out each month? How about your impulse buying and online shopping? How much could you save each month by cutting back on a few luxuries? What are some fun activities or hobbies you could do for free instead?
If these changes don't make enough of a difference, take a look at your other expenses. Could you reduce your food bill by better meal planning or shopping at a discount supermarket? Have you compared car or home insurance rates recently to see if you could be paying less?
If you can be flexible with your daily or weekly schedule, then you can often find plenty of ways to free up funds. Could you schedule your meetings to a little later in the day, so that you can travel off-peak? How about making your lunch, rather than buying it at work? Could you work remotely, or from home, either some or all of the time?
Selling items can be a very effective way to free up funds. There are buyers out there looking for second hand goods such as cars, electronics, etc. If you have something you no longer need or use, try selling it to increase your funds.
Take the next step
How to recognise the signs
Smarter ways to reduce what you owe
Start planning for time ahead
This publication has been issued by The Hongkong and Shanghai Banking Corporation Limited (HSBC), India, Incorporated in Hong Kong SAR with limited liability, for the information of its customers only. This publication does not constitute investment advice or an offer to sell, or a solicitation of an offer to purchase or subscribe to any investment. The information herein is derived from sources believed to be reliable and the concerned Information Provider(s) have duly authorised HSBC to use such information provided by them. Whilst every care has been taken in compiling the information, HSBC and the concerned Information Provider(s) do not guarantee, or make any representation or warranty and accept no responsibility or liability as to its accuracy or completeness and shall not be liable for damages arising out of any person's reliance upon this information or any action taken or not taken as a result of any material contained in the publication. Expressions of opinion are those of HSBC and the Information Provider(s) only and are subject to change without notice. HSBC has not independently verified any information provided by the Information Provider (s) or that has been derived from the sources believed to be reliable by HSBC. Opinions expressed herein do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this publication. This document is for circulation in India only. No part of this publication may be reproduced or stored in a retrieval system without the prior written permission of HSBC. Any liability is accordingly expressly disclaimed by HSBC, its officers, directors and employees.