10 Easy Money Saving Tips for Indians

Cost of living is increasing day by day. If you live in a city then every commodity is expensive and you have to think twice before you but it.

In this article we tell you how you can save money on everything you buy. Whether it is mortgage or your groceries or health insurance you can save money on almost everything.

Here are 10 easy tips that you can learn and implement in your daily life. If you implement them then you can save a lot of money each day.

1. Set a Monthly or Yearly Saving Goals

You can never save even a dime if you don’t have saving goals. You must be determined enough to save something at the end of each month.

Following tips are of no use if you simply don’t have any intention of saving money. Saving money is an art and you have to learn how to do it.

Not every one of you succeeds in saving money each month. However you can start with a very modest target. You are not going to save all your money in the beginning.

However if you take it seriously then after few months you can easily save 20% to 30% on your expenses.

2. Daily Budgeting: A Diary, MS Excel or an App

Once you are determined to save money you can go to old school way like maintaining a diary for budgeting.

If you are tech savvy then you can use MS Excel and other apps specifically designed for daily budgeting & money saving.

You have to set a daily budget. Your expenses must not exceed the budget that you set for the day. We know that initially it will exceed however you have to learn spending money below the set budget.

So start with a diary or MS Excel spreadsheet.

3. Have Two Separate Bank Accounts: One for Saving and Other for Spending

It is always advisable that you have two different type of bank accounts. One account is for all your savings and other account is for spending.

If you have two accounts then you will be able to track your daily spending as well as savings.

Both of you can share these two accounts. If anyone is spending from spending account then he or she must inform their spouses.

Because at the end of the month when you are budgeting it will help to keep track who is spending more and who is saving more.

4. Bargaining Does Not Make You Cheap

You save a lot of money on bargaining. When I say bargaining then it means bargain for every type of commodity whether it is grocery, insurance or mortgage.

Not every one of you can bargain but you can start learning from now on. By bargaining you can easily learn to save 5% to 10% on your expenses daily.

Start with bargaining for small items like grocery and clothing. Later on you can bargain when you buy a piece of property.

You can save most of your money for shopping electronic products like TV, Fridge etc. from retail stores like Croma, Vijay Sales etc.

5. Look Out Discounts and Coupons Online for Everything

Online has changed the way we shop on daily basis. Now you can save on fresh vegetables and fruits daily. Every other ecommerce site online is willing to give you heavy discounts even up to 50%.

In this scenario you don’t have to go offline and shop. Moreover you get deals and coupons if you eat out every weekend.

Sites like Reliance Fresh, FoodPanda provides 10% to 25% discount coupons for new as well as existing users. One of the trick to get maximum discount is by registering multiple times on these websites with mobile numbers of all your family members.

You can also save 20% to 30% with coupons whenever you eat outside. You simply can’t miss some of the great ecommerce sites which are offering great discounts each day.

You can get coupons directly from these ecommerce sites or get it from various popular coupon sites like Grabon.

6. Mortgage: Renting, Leasing or Owning Your Own Home

After groceries your large chunk of earning goes into accommodation. Here you can save some real money.

You have to make a decision whether you want to rent your home or lease out.

Leasing helps you to save some money over renting it. However if you have enough money then you can buy or build your own home.

A piece of advice that I want to give you is always it is better to buy a home as early as possible because it saves you a lot of money on rent.

But again if you live in cities like Mumbai or Delhi where property prices are sky high, its always better to live on lease as EMI cost is much higher than monthly rental for the same flat.

7. Curb Your Temptations While Using Credit Cards

Credit cards are such a menace especially if you are a shopaholic. You will accumulate so much debt because of your frivolous shopping habits.

Credit cards are one of the main reasons for the bad debt. You have to be very careful with your credit card.

Always make your monthly payment on time and avoid bad credit score.

By taking these simple precautions you save a lot of money using credit cards.

8. Revisit All Your Insurance Plans

Most of the people in India are paying way more on insurance than they should be. The reason is their agent.

Agent always wants you to buy a plan where you pay more for a longer period because it benefits the company he represents.

You have to be smart enough while you choose your insurance plan. Read every term and conditions for paying less on premiums.

Revisit all your insurance plans whether it is health, life, car or any other plan.

Its always better to buy any insurance online because premium is cheaper specially for term insurance plans.

9. Look Out for Tax Rebates While Buying a Commodity

Smart money savers always look out for tax rebates when they are buying a house or some other property.

If you buy smartly then government gives you rebate on taxes. So while buying, keep in mind how much you have to pay in lump sum and how much you have to take a loan.

10. Investing Money Wisely = Saving Money Daily

Although this is not money making tip but investing money wisely is also more or less equal to saving money.

You need to learn how to invest your money in stocks, commodities and mutual funds. If you learn the market then you can easily invest money and get good returns year after year.

So start investing from today.

These were few great money saving tips from grocery to mortgage to credit cards. You can save money on almost everything you buy.