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Want to know tips to save money?
If you are looking for answers to above questions then you have come to the right place.
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Now, let’s get back to our article on Saving Money.
Lead by example and your kids will follow you.
Saving money is one of the valuable life lessons are not taught in school and colleges.
Reasons Why You Should Save Money
- For a rainy day.
- To maintain liquid reserve.
- To achieve future goals like marriage, buying house, children education, retirement, foreign vacation, etc…
Simple Tips to Save Money
- Travel by train, bus, carpooling, share rickshaw taxi instead of own car.
- Travel shorter distances by cycle instead of using two wheeler.
- Save fuel by driving at a constant speed in the same lane.
- If you are going to a party and have to give gift then make it at home instead of buying from the gift shop.
- Buy ready made khira and eat Idli Dosa at home instead of going out.
- Buy branded ready-to-eat sabji and get roti/naam/kulcha from your favorite restaurant.
- Buy branded products from superstores and get upto 50% off.
- Make online payments using UPI or mobile wallets and get cashback.
- Install PWAs on home screen to save resources and data.
- Buy a second hand phone instead of a new one.
- Install custom ROM to extend life of your present Android phone instead of buying a new one.
- Buy in bulk if you know a particular product is needed every month.
- Switch off electrical appliances when not needed.
- Replace CFL with LEDs wherever possible and save on electricity bill.
- Save on commissions as well as add few percentage points extra returns over long periods of time by switching from [commission oriented] regular mutual fund plans to direct plans.
- If you believe your fund managers are not beating the market then go for Index Funds.
- Use credit cards wisely.
- If you have credit card outstanding, pay off immediately with urgent priority.
- Do not have more than 3 (max) bank accounts, 2 (max) stock broking accounts, 2 (max) debit cards and 2 (max) credit cards per family member.
- Get you footwear, clothes or umbrella repaired with the mochi instead of buying new.
- Instead of buying new books, get it from the public library.
- Buy Made in India generic medicines which usually cost around 10% of the original foreign brand.
- By second hand products instead of new one if your comfortable with it.
- Switch to inexpensive razors available at the lower price points which also do their job wonderfully.
- Just subscribe to channels required or switch to ready made DTH packages at lower price point with fewer channels.
- To stay fit and healthy, cancel your gym membership and do some exercise, yoga, jogging, cycling, climbing stairs, and household chores.
- Watch movies at home instead at the multiplex.
- Wash and iron clothes at home.
- Drive car yourself.
- Husband and wife can do household chores alternatively.
- Switch to brokerages providing equity delivery for free and save upto 0.75%.
- Indians can shop during the grand sale days.
- Go for interest free EMIs.
- Make use of buy now, pay later which give you interest free credit for 15-45 days if you pay on time.
- Get amazing software for less from AppSumo.
Hope above useful tips will help you save lot of money for a secure future.