15 Practical Ways to Save Money in Nepal That Actually Work
15 Practical Ways to Save Money in Nepal That Actually Work
Whether you’re trying to build an emergency fund, save for a big purchase, or simply get better at managing your finances, saving money is a crucial skill. Living in Nepal presents its own unique set of challenges and opportunities for saving. Here are 15 practical ways you can start saving money right now, without drastically changing your lifestyle.
1. Master the Art of Bargaining
In Nepal, the price you see isn’t always the final price, especially in local markets. Whether you’re buying vegetables, clothes, or souvenirs, a little polite bargaining is expected and can lead to significant savings. Start by offering a price slightly lower than what you’re willing to pay and find a happy middle ground.
2. Eat Local and Cook at Home
Dining out, especially at Western-style restaurants, can quickly drain your wallet. Embrace the local cuisine! A plate of dal bhat is not only nutritious but also incredibly affordable. Better yet, cook your meals at home. Buying fresh, seasonal produce from the local market is far cheaper than relying on imported or packaged goods from supermarkets.
3. Use Public Transportation (Yatayat)
Instead of relying on taxis or ride-sharing apps for daily commutes, make use of Nepal’s extensive network of public buses and microbuses. The fares are a fraction of the cost of private transport. It might take a little longer, but the savings add up substantially over a month.
4. Cut Down on Electricity Costs
Be mindful of your electricity usage. Unplug appliances when not in use, switch to energy-efficient LED bulbs, and minimize the use of high-consumption appliances like heaters and air conditioners. During load-shedding (power cuts), you’re forced to conserve, so apply that mindset even when the power is on.
5. Brew Your Own Chiya (Tea)
A cup of chiya from a local shop is cheap, but having several cups a day can add up. Consider buying your own tea and brewing it at home or in the office. It’s a small change that can save you hundreds of rupees each month.
6. Opt for Local Mobile and Internet Providers
Compare plans from different providers like Nepal Telecom, Ncell, and Worldlink. Often, there are cheaper packages or promotional offers available that can significantly lower your monthly bills. Avoid unnecessary data packs by using Wi-Fi whenever possible.
7. Plan Your Shopping with a List
Whether you’re going to the grocery store or a department store like Bhat-Bhateni, always go with a list. This simple trick prevents impulse buying and ensures you only purchase what you actually need.
8. Repair, Don’t Replace
Got a broken appliance or a torn piece of clothing? Before rushing to buy a new one, see if it can be repaired. Nepal has many skilled local artisans and technicians who can fix almost anything for a very reasonable price.
9. Limit Your Use of Imported Goods
Imported products, from chocolates to cosmetics, come with high taxes and are significantly more expensive than their local counterparts. Look for Nepali brands and products; you’ll not only save money but also support the local economy.
10. Take Advantage of Free Entertainment
You don’t need to spend a lot of money to have fun. Nepal is full of beautiful parks, hiking trails, and public squares. Go for a walk, visit a temple, or simply enjoy the scenery. These activities cost nothing and are great for your well-being.
11. Open a Savings Account with a Good Interest Rate
Don’t just let your money sit idle. Research different banks and financial institutions to find a savings account that offers a competitive interest rate. This way, your money works for you, even when you’re not actively investing it.
12. Automate Your Savings
Set up a standing instruction with your bank to automatically transfer a certain amount from your salary account to your savings account each month. When the money is out of sight, you’ll be less tempted to spend it.
13. Review and Cancel Unused Subscriptions
Do you have subscriptions to streaming services, apps, or magazines you barely use? It’s time to review them. Canceling even one or two unused subscriptions can free up a surprising amount of cash over the year.
14. Buy Second-Hand
For items like furniture, books, or even electronics, consider buying second-hand. Websites like Hamrobazar have a vast selection of used goods in great condition at a fraction of the original price.
15. Set Clear Financial Goals
Saving money is much easier when you know what you’re saving for. Whether it’s a new phone, a trip, or a down payment on a property, having a clear goal provides motivation and makes it easier to say no to unnecessary expenses.