Save Money and money will save you. We save money as we can’t predict the future. A habit of saving and investing money can help us to become financially independent. However, sometimes it is difficult to figure out how to save money each month? It may be due to tight income condition or bad spending habit.
Whatever be the case, if you are looking for some extra ways to save money here is 11 Smart Tips to Save money in India. Obviously, not all tips will be applicable to everyone. Just go through the list and find out best saving tips applicable to you.
11 Smart Tips to Save Money in India
#1 Prepare Shopping List
A first thing you should do to save money is to make an accurate shopping list for every month. Carry this shopping list along with you when you go shopping. Stick to list and avoid buying unnecessary things. This will help you to avoid impulsive buying. If possible, avoid big shopping mall purchase grocery from a local shop.
#2 Find out cheaper options
You should try to find out cheaper options. In clothing, leisure, and food you will be able to find many less expensive options. Don’t get fantasized by branded and imported items. Make use of local Indian brand to save money.
#3 Shopping Online
Use Online Shopping option. You can save a lot of money by from online shopping. Online shopping offers discount coupon and cashback options. You can also compare the price of products before taking actual buying decision. It ultimately helps to save money.
#4 Use Cashback Credit Card
You should identify and use best cashback credit card that offers a discount on grocery and other household expense. I have already listed down few best cash back credit card you can pick up one which is suitable as per your requirement. When you opt for credit card make sure to pay your dues on time. If possible, establish auto debit rule so that you can avoid credit card interest rate.
#5 Avoid Buy 1 Get 1 Free Offers
You must have seen Buy 1 Get 1 Free offers. These offers are placed to attract customer for doing impulsive buying. You should avoid these types of offers. Before buying anything extra ask yourself if it is really required.
#6 Food and drink at the movie theatre
If you are frequently visiting movie theatre for watching a movie this tip is for you. Avoid buying food (especially popcorn) and a cold drink at a cinema. These items are heavily priced at movie theatres. If you can avoid this expense you can save a lot of money.
#7 Prefer Postpaid mobile over Prepaid
You should prefer prepaid mobile SIM compared to postpaid. If you are using postpaid SIM I suggest you change it to prepaid. The prepaid card offers you multiple benefits. You can track and control your usage. Apart from that, you can avoid paying charges for value-added services which are not required. This will bring a lot of saving to you.
#8 Cut down smoking and alcohol
“Cigarette smoking is injurious to your health and wealth”. If you are a smoker or taking alcohol, I would recommend changing this habit. Change in this habit will bring a lot of saving for you. By this, you will not only save the cost of cigarette or drink, but you will also avoid paying the hefty cost incurred for medical treatment and health insurance premium.
#9 Select a Good Saving Account
Usually, bank account pays 4% interest on the deposited money. However, few saving bank account pays interest in the range of 6-7%. If you have a habit of putting money in your account, you should select a good saving bank account with the facility of higher interest rate.
#10 Maintain Minimum Balance
The next tips for saving money is maintaining a minimum balance in the saving account. I have ended up spending extra money for not maintaining a minimum balance in saving bank account. So, I would advise you to maintain a minimum balance.
#11 Use ATM Card wisely
Frequent usage of ATM card cost you more money. Several banks allow only a few free transactions every month. Additional ATM transaction cost you money. In order to avoid this, you can withdraw the larger amount in a single go so that you can avoid paying more money.
In the end, I would like to share that “Penny saved is a penny earned”. Follow this quote wisely and save maximum money.
The tips mentioned above are working for me in saving more money. You can also use these tips to save extra money.
If I have missed any tips or if you have any extra saving tips share it with us via the comment section.
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