3 Saving Tips To Ensure You Don’t Miss A Personal Loan EMI




With credit now easy to get in this millennial generation thanks to digital lending platforms, we really need to understand the purpose of saving money. This is because if are not saving each month, a financial emergency could leave you with no spare funds for your next EMI payment.

Inability to pay the EMI could lead to penalties and also affect your credit bureau score. Your positive credit history forms the basis for future personal loans with banks. Saving money is worth your effort. Your financial worries will start diminishing. Savings will ensure you have next month’s rent or maybe a surprise gift for a family member taken care of.

Savings give you peace of mind and also better control of your financial destiny. A circumstance might arise where your company shut downs and leave you jobless, but your savings can help you clear off your loan as you look for a new job. If a family member gets sick and requires expensive healthcare, your savings will help pay for the treatment. This provision will re-assure you as well as your family members. All looks rosy when our jobs are going fine, our financial goals are on track etc. but the moment we are hit with an emergency all that goes awry.

And of course savings can be used towards investment. If you have saved up enough and want the savings to earn some extra income for you, invest. Investing for example in digital lending platforms will give you high returns and turn your idle savings into monthly income in the form of EMIs. Over time as you reach the twilight of your career, investment options like these will boost your income and not make you dependent on others.



Let us look at 3 daily avenues where saving can ensure you do not miss any EMI payment for your personal loans.

     1. Shopping purchases

  • A quintessential expense in our daily life, shopping towards household utilities, clothes and home improvement etc. can save quite a bit if you are smart and reasonable.
  • Don’t always be attracted towards branded products. If you are getting an item for less with preferably a discount then go for it. If you must buy brands, try factory outlets to get products for lesser than the MRP.
  • Try purchasing products in bulk. This saves you money for a longer stretch. Purchase items for a week or if possible for a month. Items with longer shell life such as shampoos, detergents and soaps could be bought in bulk.
  • When going shopping always a carry a list. You don’t want to be ending up paying extra cash towards items you don’t really need.
  • For loose change that is given to you by the cashier, maintain a piggy bank.
  • Try eating before you go out for shopping. This will prevent you ending up at a fast food joint gorging on fresh fries with coke.
  • Try washing clothes at home instead of constantly sending soiled clothes to laundry for dry cleaning.
  • Also always look at expiry dates especially for perishable products. You don’t need appointments to a doctor for a case of food poisoning.
  • Online shopping is beneficial in saving you fuel trips between shopping stores. Filter products online for discounts and keep an eye out for delivery charges.


     2. Dining and entertainment

  • Eating out could be a result of laziness, habit or the thrill of trying something new. When you dine out you expect the highest standard of quality, great ambience and quick service. You can enjoy all of that and yet manage some savings when you cook a good meal at home.
  • Get reviews of good eateries or restaurants from family, friends or neighbors. Going in a group helps because you can try different dishes and then divide the total bill.
  • Certain restaurants offer combo meals or unlimited buffet on payment of an amount. Explore these options if you are dining out in a group.
  • Avoid heading out during weekends. You might not get entry onto your favorite restaurant and then be forced to dine at a more expensive option. Your orders will also take more time to be served.
  • Keep an eye out for SMS or emails sent by restaurants that already have your personal details for attractive promotions or new outlet openings.
  • Once a while ditch a swanky restaurant and dine at a local kiosk. Make sure you pack the leftovers.
  • For going out for a movie, book tickets for morning shows as they are cheaper. Book tickets for Mondays or Thursdays if possible.



     3. Last, but not Least

  • Ensure you don’t miss out on routine health checks. Overlooking your health could lead to hazards in the future.
  • Make sure you perform regular maintenance work of your vehicle. Don’t wait till the vehicle starts giving trouble.
  • Have a spare grocery bag available in your car. This will ensure you don’t pay for shopping bags at each store
  • Top up your vehicle with full tank of fuel so that you can gauge the expense it takes for each top up. Sometimes if convenient, carpool with colleagues to work.
  • Install CFL or LED bulbs in your home to save on electricity bill. Also do a routine check of plumbing for your home.


Slowly and steadily you will start building up your savings and then use these to pay your loan EMIs and credit card bills on time.


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