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Money Saving Tips

How to save money

Money Saving Tips

Here, when we talk about our own country India, we very well know that most of the people earn money but very few people are able to save money. Saving money is one of the most important tasks in everyone's life as money is the important need for survival in this era.

So we should closely keep watch on our expenses to save our hard earned money. Having a control on your expenses is good for your bank balance and for your peace of mind. It is very important to control small expenses as they make a huge amount when combined together in long time horizon.

Keeping a record of your income and expenses will help you to save more money for your better future. 

The following money saving tips can help you a lot to cut down your expenses and save more money in your account:

Keep record of all your expenses

The thumb rule of saving money is to know where and how much you are spending every day and month. You have to note down every single rupee you spend to examine them at the end of the month. It will take less than five minutes to write down your expenses every day. This way you will identify all your needless expenses. This record will also help you in making your budget for the next month.

Plan monthly budget and stick to it

No, once you got an idea of where and how you are spending in a month. On the basis of this start planning the budget for the next month income and expenses. Also, keep at least 15% to 20% of your income as saving every month. If you are unable to save that much then this is the right time to cut your needless expenses. Making budget not only limit your habit of over-spending but also encourage you to find some ways to earn extra income to increase your savings.

Purchase Planning

Always go shopping with a list and strictly stick with those products only. Wishes are limitless. Avoid buying the things which are not having written in your list. Before going for shopping  out in the market look for online discounts also. Buy some of the regularly used household items in bulk as you will get plenty of discounts on them. This habit of planned purchases will control your spontaneous buying and keep you  with in your budget range.

Goal based saving

You should have some goals for which you are trying to save money. For example, if you are planning to buy a new car in near future or say after three or four years, saving for child's higher education or saving money for your retirement. Person wise goal varies for which money saving should be planned. Setting these types of goals will make it easier to save money for your deaired goal.

Avoid credit cards

Always avoid usage of the credit card for making payments to avoid extra spending. No doubt, Credit cards offer an easy way for the payments while purchasing anything but never be free handed while using it without any worry because use of credit card also encourages buying a non essential item. And, If you are using your credit cards then try to pay your credit card bills every month otherwise you have to pay a higher rate of interest on the balance amount.

Keep control over phone bills

Find a suitable plan for you on the basis of your usage (number of calls made, SMS sent and data used) by reviewing your last few months bills. Post-paid mobile connections always surprises at the end of every month in the form of a long bill like credit cards. Instead use a prepaid mobile connection which will always keep control over your huge mobile bills.

Walk Walk Walk For Your Financial Wealth

Always look for walking opportunities as walking is good for your health. This can save you a healthy amount of money in long time horizon. The prices of autorickshaws, cabs and taxis are very high these days. If you have your own car or bike, then rising fuel hikes affects your pocket. If the distance is within a kilometer it will take only 15 minutes to cover that distance by walking. It will be healthy for you and your pocket. Public transport facility is best options to cut down your monthly expenses on vehicle maintenance and fuel.

Food And Party At Your Home

Once or twice in a month, we use go out for a lunch or dinner on some special occasions and the outside food costs us a lot and at the same time it is not at all healthy and hygienic. Prefer home cooked food rather going out for dinner or lunch at costly restaurants. By eating home cooked food, you can save a lot of money. Organize party at your home so that you can save thousands of rupees.

Save Energy And Reduce Your Electricity Bills

Saving electricity has become the important necessity because of massive electricity bills and rising power cuts. Saving electricity is not a rocket science rather it is easy. With little effort and care in using various home appliances, electronic devices and instruments can help you in cutting your electricity bills down.

Entertainment at home

Find ways to keep the children entertained at home or a home movie instead of opting for theatre now and then. You can also opt for some exhibitions, festival celebrations, sports events, picnicking etc. If you have decided to watch a particular movie then catch that movie on a weekday when you can get tickets at very low price. Also look for one on one free offer or cash back facilities by booking tickets online.

Hope the above-mentioned tips for money saving will help you to cut down your needless and unwanted expenses and help you save more money in your bank accounts.


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Thanks for sharing these useful tips! Indeed, budgeting is exactly like taking a trip in your car. You know where you are and where you want to go, but still you need a road map to find out how to get there. Your advice helps a lot in developing a right "route" :)

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