Smartly Save Money in India and Feel Relaxed for a Better Future

Here I shared top 15 money saving tips and those are the best way to save money in India with changing some small mindset in your life. This post can make you rich when you start to saving money by the help of money saving tips provided below. Saving money is equal to earning money. So, if you are an Indian and fails to save money in India, that means you fails to earn money. In this money saving guide, I try to change your habits which resist you to save money and influence you to overspending.

I have made this article as practical as possible so that you can totally relate to the tips and apply them in your daily life. I write these money saving tips to make you understand that you can save money, no matter what your level of income and expenditure is.

How To Save Money in India

Do you want to know the practical ways to save money in India? If yes, then the tips explained below contains proven steps and strategies on saving money without compromising on the quality of your life. It’s NOT yet late. It is never too late to build up your savings and get the most value for your money when spending it.

Save Money in India


By positively reading this practical guide, you’re communicating your commitment and capability to manage your money, make it work for you and start saving.

Here are the essential tips you can apply in your life to save money smartly.

15 Best Ways to Save Money in India in 2020

Who doesn’t know the importance of saving money? Of course, you know that you should be saving a portion of your income before taking it out for your monthly expenses. You know the immense benefits that you can avail if you save a good amount of money – but how do you actually do it?

If you’re trying to save money through a single method, you missed the big. Indian people know how to save money. But, they follow only few traditional ways to save their income. Most of people earn only for make bank balance high, They don’t know how a man/women become rich by saving through several alternate methods. Everyone has their own way to save money, but here I listed all possible money saving ways in India which I follows. Here is the how Indian people Save Money in India to Become Rich.

Money saving tips India: Make a strong mindset about your spending habits like a robot. Also, make the decision not to be waste your hard earned money in the future. Follow these tips below which surely helps you to change your mindset about managing money and you can save a huge amount of money every month. These 15 effective money saving tips helps you to save money in various ways like tips to saving while online shopping, tax saving without breaking the rules of income taxes, mutual funds, long term investment and other money saving ways in India.

If you follow these tips, you can save thousands of money a month.

1. Eliminate Your Debt Now

When you thinking to save money, at first you should eliminate your debt if have. With a debt, you can’t save. So Eliminate the debt is the first step to start saving. If you have multiple debt, try to close the highest interest first and so on.

2. Avoid Postpaid Plans to Extra Saving

Avoid Postpaid Plans to Extra Saving

When I have two options “prepaid & postpaid” for any kind of payment related to money, I choose always the Prepaid plan to save money. I explain the fact with two simple case study.

How Postpaid Plan Spend More: In the past, I use Vodafone postpaid plan for calling purpose and MTS postpaid plan for my Internet data use. That was a big mistake in my life with respect to saving money!

Disadvantages of Postpaid Plan about Saving Money

You can’t track the uses before you got the shocking bill which I hate.

  • No need to pay money instantly for postpaid service, that’s why sometimes I become careless about saving and activate some entertainment service which actually no need to anymore.
  • Sometimes I crossed the limit of my postpaid Internet plan and have to pay more.

How Prepaid Plan Can Save Money: When I switch to Prepaid plans from postpaid, my life & saving change 180 degrees with respect to saving money.

Advantages of Prepaid Plan on Money Saving

  • I always go for full talk time plans. In this way no loss regarding service charges and other charges.
  • You can set a limit to spend on prepaid plans. You can’t overuse, so spending with limit also called saving.

Also read: How To Avoid Mistakes in Stock Market and Save More

3. Make Shopping List to Save Unwanted Sending


Make a shopping list to avoid extra spending and save money

Did you reliase? Most of the time while we going to the market for a single piece of product, we back to home with multiple shopping products with lots of spending money. Actually, shopping companies know it better how to make more sales. They spend more to attract us to their products. So you can’t stop yourself from purchasing more products.

I figure out an excellent way to save money while going for shopping. If you wish to save money, you have to trend your mind to avoid unnecessary shopping products by simply making a list of required things. Yes, It works! Making a list while going to the market for shopping can save money and trend your mind to avoid else.

Caution: Visiting a supermarket without a shopping list can be dangerous for your bank balance!

Also Read: Tips To Earn Consistently From Stock Market

4. Make Monthly Budget & Plan to Save Money

One of the best ways to save money is making your monthly budget. It’s great workable advice but most of us don’t follow it. Of course, budgeting and tracking expenses can save money easily. But, we Indians are too lazy to spend our time making a perfect budget plan for our spending. Trust me, if you wish to save a good amount of money, plan a budget.

Budgeting is your financial blueprint so you can successfully save money. The points we give you regarding budgeting here will set you in the right direction for your personal saving habits:

Save money by making monthly budget


  • Create a budget : You must know this already but this is a must-do. A budget is your tool so you can handle your finances stress-free. At the end of the month, if you end up having “more month than money”, you wouldn’t be wondering where your money went. Plus, when you know your inflows and outflows, you can plan your savings in advance.
  • Budget smartly: Don’t keep such a tight budget that you are unable to follow it. Remember, you’re making a budget so you can control your income and expenses. You want to have a simple budget that you’d have no problem implementing. If you keep it practical, you will be in a better position to follow it.
  • Stick to your budget: Don’t give yourself excuses for going over your budget. Sometimes, if you receive extra income or if you occasionally buy cheaper purchases, you tend to overspend on other items. Don’t! Even if you have some excess money, use it for savings, not for spending. This way, you will train a saving mindset rather than a spending one!

Also read: How to Get Instant Loan in India

5. Save Money On Grocery Bill

There are basic necessities in life and then there are luxuries. When talking about saving money, you might skip buying some luxuries but what about necessities, particularly grocery. There’s no escape! You have to do it but there are ways of doing it right. We offer you advice on how to control your cost when buying the grocery.

List down! Lists are my favorite tool for maintaining control over everything. Before you step out of your home for grocery shopping, list down what you already have in hand so that you do not overstock and buy unnecessary things. Plan ahead for things that you need to buy when you head out for grocery shopping; If you know what you need for your home, (again, a list might be very helpful) you will not be tempted to overspend and buy that extra packet of candy for no good reason.

Today’s stores are designed in a way that if you go shopping without having an outline in your mind or hand, you will end up buying a lot of extra things that are put attractively on display.

Also Read: How to Use Zerodha Kite App to Earn More

6. Start Shopping Online

Make the best use of technology. You can make the best out of your buck by using the internet to your advantage. You can check out the weekly deals and discounts offered by various products or stores. Also, to make life easier, you can put email alerts for such offers.

I’m a big fan of the Internet, so I love online shopping rather than visiting a shopping store that is more time consuming also, I always save money by shopping online. Shopping online with credit cards may able you get more discounts and deals.

Here are some workable tips to save money while shopping online.

  • Compare the prices of the same product with all reputed shopping sites before buying the product online.
  • Always search for Cashback when you go for online shopping.
  • Do payment for online shopping or bill payment from your payment wallet like Amazon Pay, Paytm Wallet, etc. Payment from a payment wallet can provide you more cash back or discounts than payment in cash.
  • While you wish to shop on EMI, you must choose “No Cost EMI” option where available. Some companies like Bajaj Finserv, Kissht, etc offers you “Zero Interest EMI” which have lots of benefits also good for saving money.
  • Waiting for the best deals, discounts & offers can be a step to save money.
  • Use Free Shipping while shopping online can save extra money. Comparing the other shopping sites Amazon offers you free shipping when you pay above Rs 499. Where Paytm charges shipping on each product separately. If you order 5 products from Paytm then you have to pay 5 times the shipping. Better to shop from Amazon for multiple products.

Also Read: Q by Zerodha – Track Your Trading Profit & Loss Easily

7. Avoid “Buy 1 – Get 3” Type Offers

Sometimes we go for buying a single shirt and return home with 3 due to “Buy 2 Get 1 Free” sale. We think we save, but actually not! We spend double amount, which affects our saving.

Buy 2 Get 1 Free means overall 33% discount. It’s better to pick a 40% to 50% discount with a single shirt.

In a similar way when you see “100% cashback” that means an overall 50% discount. In this case, you can pick above 50% discount with a single product.

8. Start Online Booking Travel, Flight & Hotel

Although they save you a lot of headaches but leave you with a dent in your pocket too! Try doing the work yourself. That will save you a great deal of money. Gone are the days when travel agents used to be the only ones privy to great deals and discounts.

With the fast-growing use of the internet, there are a lot of websites through which you can search for the best of deals and discounts yourself. They are a click away. You can try using different websites to find the deals once you have decided the destination of your vacation.

Amazing savings can be done from flights to hotels, from excursions to food and everything else. Also, make use of websites that guarantee the lowest rates by providing a comparison of different services or brands.

Websites that offer price comparisons sometimes seems to be a waste of our time but can provide immense value on a lot of services related to vacation, such as on car hire, travel insurance and package holidays. They can certainly save you money.

I know that you also know how to save money while traveling and hotel booking. The only thing that you might not be aware of is that you can combine use of credit cards, wallets and discount coupons to get extra discounts.

9. Grab Credit Card Offers & Save Extra

How Credit Card Save Money?

Having a credit card that’s not mean use it anywhere all the times. Start to use Credit Card rather than Debit Card, because Debit Cards does’t make you profitable, where you can grab better deals using your Credit Card. If you use your credit card carefully, it can help you to save your money by spending less while shopping or bill payments.

Also Read: Track PAN Card Status Online

10. Open a Profitable Saving Account in India

We don’t think about extra saving while opening a bank account with best Bank Offer. The average interest rate offers by the majority of banks is 3.5%. So we got up to 3 to 3.7% of interest per enum. In the other hand, when you think about extra saving, you can open a saving account with Yes Bank, Kotak Mahindra or any other bank which give you up to 7% of annual interest.

Also, a fixed deposit is a good way for extra saving with your existing money.

Also Read: How to Open Zerodha Demat Account Easily

11. Plan Your Retirement Money to Save & Invest

Investing India: Money is important, right at every stage in life but it is even more important when you retire or get old and need money for a lot of things like your children’s education. The best way to deal with these financial stresses is to plan ahead and make the best of retirement plans.

Don’t touch your retirement savings, no matter how dire your need for money is! Trust me; your current needs cannot be greater than the ones that you will be facing at retirement.

Also you can save money by investing your money to multiple schemes.

  • Post office saving schemes
  • Senior citizen saving scheme

Also Read: Invest Money in Best Demat & Trading Account in India

12. Avoid Wasting Food

Don’t waste any food. Try to prepare the amount of food in line with your needs. Use leftover, freeze them for the next meal or day or give a totally new form so that everybody in the family eats it happily but don’t let any food go to waste. It is like your money going down the drain.

13. Buy Health Insurance Policy

Do you want to know “How to save money by buying health insurance ?” Yes, you have to spend the premium every month or year. Not directly, but indirectly health insurance can save money in the future. Diseases and accidents come without an invitation.

It’s better to spend a small premium per year of health insurance rather than paying a big money on the nursing home bill of unexpected hospitalization due to accident or any other critical disease. With a small premium can save in lakhs rupees in the future.

Also Read: Compare Best Medical Insurance Policies in India

These money saving tips always working for me, and I’m sure when you apply them in your life it will work also for you. If you have some another working money saving tips, comment here to help people.

14. Pack Your Lunch

Packing your lunch to the office can save a big part of your total monthly spending. We all knows the food we buy from hotel or restaurants are too bad for our health. It force us to visit a doctor, that means more spending. In the other side, price of foods on hotel also expensive than home cooked.

So, try to carry your tiffin in your office for the lunch time. It’s good for heath also a better step to save money.

15. Stop Smoking & Drinking Daily

Smoking and drinking are dangerous for our helth. I know, no one can’t stop smoking within a day. I’m not saying to leave it, I just say reduce it. If you do smoking and drinking only on occasions and parties, you can save a lot of money.

Comment below which money saving tips you find helpful in your life and calculate how much you spend for smoking and drinking in a month.

Other Effective Ways to Save Money in India

  • Start to Use a Piggy Bank: How much you can save from your monthly salary ? 500 rupees, 1000 rupees or 2000 rupees per month. Don’t be silly, start from this month. You can easily save 12000 by collecting rs 1000 per month in your piggy bank.
  • Working From Home: If you are a jobless person, don’t wary! Expose your capabilities and start to Earn Money Online.

The Importance of Saving Money in India

India is not a rich country. Also, most of Indians always neglect to save and love to spend which they earned ( including me too ). We are emotional! We always live in the moment, don’t care about our future. So, we fail to plan our future.

Saving money is only and the best way to overcome any financial bad situation like an unwanted accident, business falls or any instant money urgency.

If you are an Indian, you better know the financial situation of Indians. Here I pin some points that are why Indians need to save money.

Benefits of Saving Money in India

  • Benefits of saving money for students: Most of the students in India are only STUDENTS, not at all. They don’t think about a part-time job or any other source to earn money online in India. While students of other forward countries make their living themself. Start to earn money and save them for next level admission, Recruitment Form Fillup, Book purchasing, and many other things. When a student starts to save money and able to carry him/her spendings, no need to ask for money from their parents.
  • Benefits of saving money for Parents: When you are a father or mother, you should save money more than others. The responsibilities of parents are countless. Such as giving better education to your children, Daughter marriage, Household expenses, EMI, Travel planning and so on. I know you can plan those spending as well. But what about surprise expenses like Road accident, Health Treatment, Company Lockout, Business Loss, etc. Become parent is may be easy, but become a good parent is not easy without saving money.
  • Benefits of saving money for Mothers: Children behaving more friendly with their mother in India. They are afraid of their father. When your son/daughter needs some money for personal purpose, they asking their mother, not father. So, if you are a mother, you have to save some money for your children.
  • Saving is too important from today to live a stress-free life after retirement.
  • If you are a student and want to admission to a good college or university, that is very expensive today. Your saving helps you to get a better future through better education. These tips are also applicable to a father who wants to give better education to his children.
  • Savings can rescue you more easily when an emergency or accident happened in your life.
  • When you thinking about switch your job or start a business, your saving gives you confidence.

The Power of Saving Money


The Power Of Saving Money in India

Do you ever feel the power of saving money in India? I feel! Here is a single example that how to work power of money in our country.

Only you can relate my pain when you are also an Indian ( General cast better understand the pain ). I always ignore the power of money, because I always believe in God and hard work.

But, I realize the power of saving money when I ended learning from college life and starting to learn from real life situation.
In most Indian government companies, paying bribes ( bakshish ) is essential to getting a job. Even though it’s bad to hear, it’s true!

So, you can make your future by the power of saving money. If you have money, you can live a better future in India.

I am not saying that is the fault of government companies. In fact, the fault is only present in the minds of some VIP employees, who conduct the recruitment process.

Share it with social media if you agree with my point.