Here I shared top 12 money saving tips to save money 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 fails to save money, 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.
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?
Benefits of saving money
How to Save Money in India?
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.
Best Way to Save Money in India
- Eliminate Your Debt
- Avoid Postpaid Plans
- Make Shopping List
- Make Monthly Budget
- Save Money On Grocery
- Start Shopping Online
- Avoid “Buy 1 – Get 3” Type Offers
- Start Online Booking
- Grab Credit Card Offers
- Open a Profitable Saving Account
- Plan Your Retirement Money
- Avoid Wasting Food
- Buy Health Insurance Policy
- Pack Your Lunch
- Stop Smoking & Drinking Daily
How Indian People Save Money to Become Rich
Money saving tips: 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.
1. Eliminate Your Debt
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
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.
Postpaid Plan Case Study: 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
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.
Prepaid Plan Case Study: When I switch to Prepaid plans from postpaid, my life & saving change 180 degrees with respect to saving money.
Advantages of Prepaid Plan
- 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.
3. Make Shopping List
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
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:
- 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
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
- 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.
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
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
How Credit Card Save Money?
Having a credit card that’s not mean use it anywhere all the times. 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
We don’t think about extra saving while opening a bank account. The average interest rate offers by the majority of banks is 3.5%. So we got up to 3 to 3.7% of interest 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
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.
- 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.
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
15. Stop Smoking & Drinking Daily
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