Every person manages his/her money irresponsibly in the initial days and leads to losing money. Here in this article, I am going to explain a few ways to save money in India along with some best money-saving tips.
Why one should Save Money in India
In this era where people’s responsibilities and needs are rising day by day, many have opted to go as far as investing their money in big companies so that they are able to cope with their daily needs.
Here in India, the population is rapidly growing and the needs are increasing at a ridiculous rate hence the need to get ideas on how to save money and be a step ahead of all your responsibilities I mean who wouldn’t want a stress free kind of lifestyle.
In India, most investors want to make investments in such a way that they get high returns very fast something which is nearly impossible. This is why top investors are always on the lookout for top investment plans where they can double their profits in a shorter period of time with no risk.
After research I found out certain ways that can really come in handy while saving money. Both fixed-income investments and market-linked investments have a role to play in the process of wealth creation. Make spending habits in such a way that you don’t waste a single rupee of your hard-earned money. You can save even thousands of rupees per month if only you know how to reduce expenses.
Best Ways to Save Money in India
Here is the best money saving tips in India:
- Go Shopping with a List
- Make a Monthly Budget
- Avoid the Offer Deals
- Switch to Prepaid Mobile Plans
- Shopping Online
- Make Online Booking for Travel, Hotels & Movies
Go Shopping with a List
This one mainly goes to women, I know how hard it can be for us to resist that urge to buy that cute dress you see on your way while going out to the market to look for supper. It even goes as far as withdrawing more money from the bank just to fulfill our desire.
It’s even more shocking to find out that men have started suffering from the same disease that us women go through.
Don’t worry because that’s why I’m here to let you know that in order to get rid of this bad habit. You need to plan your shopping earlier so that you can make a list of everything you want to go and purchase and strictly adhere to it while you’re out there. This will even save you more time because your mind will be focused only on the things you’ll need. This way you will be saving money that you would have rather spent on a very expensive watch
Make a Monthly Budget
I can attest that making a monthly budget is the best feeling ever. You can do this slightly at the beginning of the month probably the first five days of the month.
Make a list of all the things you’ll need at the end of that month and I assure you that you’ll even get motivated as you work all through the month. I know it may get boring or you may be too lazy to do it but trust me it’s worth it. You will be smiling all through the month knowing in mind that you’ve got everything you’ll need for the next month and more money left to keep watch at the bank. When your salary is finally here take only the amount you had scheduled for the budget and save the rest
Avoid the Offer Deals
Let’s say you are out in a boutique to buy that nice dress that you’ve been admiring for days and you see an offer on it [buy 2 get 1 free] what do you do. I’m sure most of you would jump at the offer but let me remind you that you’re going to spend more money on that dress than the amount you had scheduled for.
This is because, for example, if the original dress costs 1000 rupees then you are buying 3 dresses at 2000 rupees that means 667 for each dress. Do you realize that that’s double amount what you’re supposed to spend before going to purchase?
Switch to Prepaid Mobile Plans
When I got my first phone I signed up for a postpaid plan. After some time I got to know that I was double paying to the company, what a waste. This is because in postpaid mobile plans it is very difficult to track the usage of the postpaid plans until you get the bill, sometimes you activate unwanted paid services and there’s no control over the upper limit. When you switch to prepaid mobile plans you’ll realize that you will be left with so much money to save and take back to the bank. Isn’t that great news
The main reason why I love shopping online is because of the handsome discounts and deals that are available and don’t forget that you can also use your credit card. The tip is before you shop online to ensure that you check all the prices on all the top shopping sites in India.
You can comfortably use price comparison sites that automatically show the price of the same product on all the available websites at the same time. You’ll be amazed at how you will be able to save so many rupees.
Make Online Booking for Travel, Hotels & Movies
One thing I’m sure of is that Indians know various portals for booking your online travel and hotel but are not aware that you can combine credit cards, wallets and discount codes to get double or triple the discount without even trying. This will save you so much money
Starting with this small and simple saving tips will help you to gain more insight about investing as we all know a journey of a thousand miles starts with a single step. As you embark on this journey of saving, keep in mind that it requires willingness and determination and once you start there’s no turning back, it’s like a necessity and very worthwhile in the end. It will help you to avoid spending money unnecessarily and hence you will get rewarded with more and more money in the back which will usher you into the next journey of investments and who knows who may turn to be the next billionaire in town.