Easiest 50 Ways to Save Money in India 2022 | Everything you Need to Know About Saving. You might be happy with your life and have everything in order.
But what if there is a financial emergency? Are you ready for it? What would you then need? Money! It is crucial to save money in order to avoid this. We will be discussing 50 ways to save money on Indian soil.
“Money saved, is money earned” It is impossible to imagine anyone wanting to lose their hard-earned cash. It is easy to lose or spend your money.
But it is much harder to make it. This article will show you how to save money. I can assure you that if you go through this guide you will save thousands of rupees. It is well worth your time to find money-saving tips.
It doesn’t really matter if you are a student or a school, cash shortages can be a common problem for many people. A survey conducted in India showed that the consumer spending power of Indians was greater than 17 billion rupees in the third quarter fiscal 2018-2019.
This is a country with a rapidly growing population. It is clear that Indians are a lot more consumerist than they realize. This means that saving money is the biggest problem with India’s growing consumerism. You should save money to increase your income.
Top 50 ways to save money in India 2022
We know that Indians have benefited from consumerism, which has allowed them to live better and also allowed many companies to grow and create more employment opportunities. We don’t want to ruin your lifestyle by saving money. To live a peaceful life, it is best to ignore any budget deficit.
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These are the easiest ways to save lots of rupees each day, every month, or every year.
1 Choose a Good Savings account
You can choose to opt for the regular bank deposit, or freeze your money for long-term in fixed deposits. Instead, you can opt for the savings account which will pay decent interest. New banks are now paying as high as 5.5% interest on the amount you deposit to your savings account. Student savings accounts are better than no-frills accounts because they offer regular freebies and a zero-bank facility.
2: Eliminate the Intermediaries
This is the best way of saving money. You may be surprised at the low prices offered by websites such as Snapdeal, Flipkart and Amazon. Ever wonder how property websites such as 99acres, RealEstateIndia, Magicbricks and Magicbricks have become so popular in the last few years? They have eliminated intermediaries. This has allowed online merchants to increase their sales, but it has also helped customers save money.
3) Save Electricity
Electricity saving is the same as money savings. People leave lights on and fans on when they are not needed. People have bad habits such as turning on the AC when they enter their rooms to keep it cool. If you are looking to save money, these are bad habits that should be stopped.
When it isn’t being used, make sure you turn off any electrical appliances or lights. LED bulbs are also an option, as they can be more cost-effective than regular light bulbs.
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4) Reduce Vacation Expenses
Traveling is a passion for many people. Traveling to another place can help you save thousands of rupees. You can save thousands of rupees on vacation, whether you choose to stay at a 5-star hotel or a luxury apartment.
Public transport should be used whenever possible. You can also save money by booking your package on multiple websites and with different travel agents.
5) Create a Monthly Budget
This job may not be for you, but many people do. It is still a good idea to keep track of your expenses and create a monthly budget in order to balance your monthly income with your expenditures. We don’t want to make things complicated or be too professional. Keep it simple.
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The bank transactions and cash you have in your account can be tracked for one month. From the next month you will see how much you can save and how much you can spend. This will allow you to determine which fixed expenses can be avoided and how many.
6) Switching to Prepaid Mobile Phones
Prepaid plans are a great way to save money on unwelcome bills. Most postpaid customers overpay because it is difficult to track usage once you receive the bill. You can also go over the limit. You could be charged for activating a paid service you didn’t request.
Prepaid plans allow you to stay within your upper limit and the overall costing of the plans is lower than the postpaid plans. Prepaid customers can save significant money on roaming charges.
7) Shop Online
Online shopping is now one of the most cost-effective ways to save money. There are many reasons to shop online. Here are some ways you can save money.
- Check out the option to get additional cashback on many products and websites like Amazon, Flipkart or Snapdeal. These sites offer additional cashback discounts for certain bank credit cards.
- Compare prices on different websites for the product that you are interested in purchasing. This will help you find the lowest price for that product
- You can choose between Interest-Free EMI or Zero InterestEMI depending on the product and bank credit card you use.
- Paytm, Paytm and Mobikwik payment wallets can be used to receive additional cashback and instant discounts.
8) Don’t be attracted to offer deals
These deals can be a great marketing tool. If you’re buying more than you need, it is best to not offer any deals. You might see a deal for one T-shirt and then suddenly you see another T-shirt on sale. The third T-shirt is yours free. These deals can cause you to go over your budget and end up buying something you don’t need right now.
9 Diversify Your Investments
This is a great way to increase your income, and thus save money. There are many investment options available, including Fixed Deposits and PO schemes, LIC’s and Mutual Funds. You don’t have to choose one investment option. Choosing multiple options will save you money. After you have invested, distribute your return in ElSS, Bonds, Fixed Deposits and Equity Market. There are many investment options that can increase the chance of getting substantial returns.
10) Buy Health Policies
It is now a requirement to purchase a health insurance policy. You aren’t saving money if you don’t buy it for yourself and your family. In the event that any family member becomes ill, you are placing undue stress on yourself and your family.
A health policy will help you avoid situations where medical costs are rising. Online comparisons of prices on sites like PolicyBazaar and PaisaBazaar allow you to choose any type of health policy.
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11: Prepare a List Every Time You Shop
Did you know that Big Bazaar and other big retailers make a lot of money by displaying their products on their shelves? This is how they encourage consumers to buy more of their products. As it increases sales, they make a lot of revenue.
You might find yourself carrying a large bag of clothes with you while shopping. This is a great way to save money and avoid impulse buying. This is because you will know exactly what product you need and how many.
12: Save Money on Your Vehicle Fuel
You are helping to save the environment and money by carpooling, using public transport such as bus, metro, and shuttles. This will help stabilize the fuel price, which is rising every day due to increased consumption. It also helps reduce traffic.
13: Save Money on Income Tax
You may be asking yourself how you can save money on tax on your income. It is best to invest in areas that can reduce taxes and make your income more efficient. You can check sections such as house-rent-allowance-exemption-rules/”>HRA and 80C,80D, and 80E. You could save big on taxes by investing in Life Insurances or Top Ups. Your CA should always be involved in the preparation of an investment tax savings plan.
14). Home-cooked food
Not only is it a way to save money, but it also helps you stay healthy and fit. Even for people who go to work every day, it is a good idea to bring lunch to work. While eating outside food is okay every once in a while can be a problem, it might not be a good idea to eat it often enough to cause damage to your health or pocketbook.
15) Avoid Debts
A debit card is always better than a credit card. While using a credit card, you may exceed your credit limit and make unneeded expenditures. There will be a late payment fee, no-interest cost, making futile EMI payments and interest. It is possible to maintain financial discipline if you don’t use a credit card. You will be able to see what you have spent and how much interest you paid.
16: Use free ATMs
You may be aware that after five ATM transactions per month, Rs.20 is charged, excluding GST for each transaction. You can avoid these charges by ensuring that your ATM card is used in the same branch of your bank. If you have an SBI ATM Card, for example, you won’t be charged any transaction fees, regardless of how many you make each month.
17 Buying Unnecessary Policies
There are many students without any income so it is not necessary to purchase insurance. In the event of a medical emergency, students usually have their dependent card. They should never take out any type of policy unless there is a loan to repay.
18: Say No to Drugs and Addiction
You should never become addicted to any substance, whether it is smoking, drinking or gambling. Some people will go to great lengths to get their addiction drug.
These types of addictions can lead to nothing but a lot of financial trouble and make you want more. It will keep you from your physical, mental and financial well-being if you continue to use any unauthentic dependency.
19) Choose your cosmetics carefully
Most cosmetic companies target young people for their beauty and skincare products. As you might experience hormonal changes, it is a good idea to purchase smaller cosmetics. You should also ensure that the product is suitable for your skin type. You can avoid unnecessary expenditures by choosing the best product that suits your needs and is suitable for you.
20 Personal Hygiene
Teenagers with skin conditions such as acne, pimples, and other problems like pimples are most likely to have poor body hygiene. To avoid unnecessary creams and lotions or spending money on doctors’ fees, it is important to maintain a high level of personal health.
21: How to Get a Deal
You need to know the basics of bargaining. You cannot bargain in high-end brands like Gucci and Prada. Street-side vendors will often give you a price quote after adding a lot more premium. You may be able to get the item at a great price if you are able to bargain.
22. Cashback
Cashback offers can be found online for any item purchased from travel, clothing, furniture or home-decor websites. There are conditions that you must meet before you can check if you qualify for cashback. Cashback can be obtained on a select debit or credit card. You will receive instant discounts or cashback in the account within a few days.
23 DTH Plan
Do not choose a plan that covers all channels. Instead, select only the channels you will be able to see with your family members. Then, pick the package that best suits your needs. Cartoon channels are not recommended for families with children. You can also customize your whole package to show the differences in the plan that you have and the drop in price for DTH plans.
Hot star and Amazon Prime packages are another way to save money on these TV channel bundles. Their yearly packages are much more affordable than DTH plans.
24: Free Facilities to Keep Your Mind Active
Many activities are free and available in your area, including dance classes, Internet cafes or gyms, music performances, artistic performances, film festivals, theatre productions and dance recitals.
You can save a lot of money by choosing to stay in your own home. It will also prevent you from being distracted and spending money on unproductive activities. This will keep you busy and increase your productivity.
25 – Minimize your Rent
Savings for the future are better than high rents. It is not worth spending large amounts on a rental property that will only make you miserable. It’s better to save money on rent than find a more expensive place. This will allow you to save money and build up the funds to purchase your dream home.
26 Personal Finance Management
A variety of books are available that will help you understand the concept of Personal Finance Management. These books will help you keep track of assets, liabilities, income, and expenses.
27: Try low-cost activities while you socialize
You would have to spend a lot of money to enjoy lavish dinners and exclusive parties, regardless of whether you are going out with your friends or family. You could also consider grand house parties instead of spending so much money on such activities. These parties won’t cost you a lot and it’s worth spending quality time with your friends or family.
28: Book Travel Tickets in Advance
The tickets will be more expensive the closer you travel, regardless of whether they are for your hotel or flight bookings. Planning your trip at least two months in advance can help you save money. You can save money by planning your holiday well in advance to get reasonable quotes. If you have an emergency or need to book quickly, you might need to pay the highest price.
29. Funds for Emergencies and Opportunities
You should always have a savings account, like a piggybank. This will allow you to save for an emergency and to take advantage of any future opportunities. It is essential to have some cash on hand in case of an emergency. It is possible to save money by cutting back on extravagant spending such as dining out, watching movies, and clubbing.
30) Head Outdoor
You don’t have to stay in expensive hotels, malls or other man-made places. Instead, go outside and enjoy the peace and quiet outdoors. You can take your camping gear with you to a picnic or campfire. This would allow you to reduce the cost of high-end travel.
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31) Scholarships
This scholarship is available only to students currently enrolled in college or school. You may be offered a scholarship by your school/college, or another source if you are a top student. This will allow you and your family to save a lot of money on your future studies without having to incur any costs.
32) Get your bills paid immediately
Penalty fees may be charged if you pay your electricity, phone, and water bills past the due date. You can avoid this penalty and save money by paying your bills on time. This will help you maintain your credit score and avoid any unwanted reconnection or disconnection requests.
33 Loyalty Programs
You can save money by signing up for loyalty programs. These loyalty programs are offered by shops and banks that have accounts. Based on how much you shop, you get loyalty points. The loyalty points will increase with the higher amount of shopping. Redeem your loyalty points for more shopping.
34) Delegate Chores
You can save money by hiring domestic helpers to do household chores like washing dishes, laundry, and ironing. Delegating household chores among family members can help you save money on domestic helpers. This will foster team spirit and unity within the family.
35) Sales
You should not buy more than you have on your list. You should also be aware of any special discounts and deals that may be available to you so you can save money and get the exact same product at a lower price. Look out for special offers such as buy 1 get 1 or other products from new companies that may be available at substantial discounts compared to those of established companies.
36 Avoid Food Wastage
India is one of those countries that is suspected to be wasting food a lot. It is believed that over 16% of the world’s population does not have adequate food and millions of people are still hungry.
This problem can be solved collectively by making sure nothing is left over or wasted. It is possible to cook more efficiently and store all leftovers in the freezer. This will save you money and allow your family to eat the food you have saved.
37) Pest Control
Termites and other pests are the main cause of damage to your home furniture and electronics. A good pest control yearly contract doesn’t cost much. Even if it costs, it is well worth it. This will protect your furniture and electronics from damage so you don’t have to replace them. It will also improve your house’s overall appearance and hygiene.
38 Family Health Insurance
Although we wish your family great health, it is important to get health insurance. There are always options to get family health insurance instead of personal health insurance. It will save you money and protect your family’s health.
39 Home Maintenance
It is possible to save money by paying attention to the structural, electrical and plumbing conditions of your house. If you pay attention to your household situation regularly (every other week), minor defects can be easily fixed. This will prevent the problem from getting worse and will cost you a lot of money in repairs.
40) Avoid Minor credit
Credits that you take from vendors (either at your office or tobacco vendors) can often lead to you going over budget. These purchases don’t keep track of your actual consumption and purchases. Minor credits have another disadvantage: they encourage you to consume more, regardless of the negative impact on your health. You might have to pay the vendors’ bills at some point.
41) Home Tutoring
As a parent you can support your child’s education, particularly when they are at school and until they are not enrolled in higher education. Home tutors can charge a lot of money, so you can teach your child, help them revise and conduct occasional tests.
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42: Paying off Liabilities
It is easy to take out credit. It is very easy to take out credit. If possible, pay your debts in monthly installments. You will be able get rid of the loan and no interest will be charged.
43: Dispose of Junk
Many people overlook this tactic. This will not save you money but it will allow you to make money by getting rid of any unwanted items in your house. It is a great way to save money and improve the aesthetics of your house.
44) Bill Monitoring
You might find your house flooded with bills. If you’re being charged incorrectly, as a responsible member of the family, you can review your bills and check the monthly readings. Also, you should keep track of your usage so that you don’t exceed your monthly budget.
45) Ironing
You can save money on ironing by ironing clothes regularly, or even once per week depending on your schedule. Even though you may not be making a significant savings, it could save you a lot. A steam press machine can help you cut down on costs.
46 – Socialize Smartly
Being too rich can lead to financial problems. You may be forced to spend more and exceed your budget. Making friends with poor friends can be risky because they might borrow money from yours, which they might not be able to repay. Both of these situations can be problematic. It is important to network intelligently with people from similar financial backgrounds.
47) Ensure Minimum Balance
You may be aware that the bank service fee is charged if your account does not have the minimum balance. To receive regular notifications, you should ensure that your account has an SMS facility activated and that your mobile number is linked to it. This would allow you to see your balance. This will stop you from having to pay any additional charges to the bank.
48 Vehicle Maintenance
If you have a major problem with your vehicle or need to replace any engine-related part, it is worth spending a lot of money on maintenance. It is better to check your vehicle’s oil, air, or oil filters once a month.
49) Avail Senior Citizen Perks
Is it possible to be aware of the Indian Government’s benefits of giving Rs.2000 every month to senior citizens who have lived above 60 years for males and 58 years for females? Only one condition: you must be a senior citizen. Additional discounts may be available on selected railway and air tickets as well as medical expenses at certain government hospitals.
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50) Avoid Relocation
You should only make the decision to move your home village or town until you have no other options. The relocation process is expensive and can be very stressful. You may also have to say goodbye to old friends or neighbors, which could cause you to feel upset for a few days.
It can also be difficult to get to know new people. Although you may get to know them, it can be a tedious process. If you don’t know your neighbors or other members of the society, you could end up being defrauded. It is not possible for seniors to move.
Final Verdict
These are the 50 best ways to maximize your money. Use it wisely and in the most efficient way possible. These strategies will help you create a great savings plan. Saving money is easy when you know how to do it.
These tips can help you save money. Please share your experiences in the comments section below.