No one would ever want to waste their hard-earned money. Apart from earning money, it is also equally important to know the ways to save money. There are many actions where we tend to lose money and does not pay close attention to it. There are various ways to save money. Here, by saving money, we do not mean/want to deteriorate your lifestyle. It is just to ignore the budget deficit situation ever and to live your life peacefully. Thus, by saving money, it will help you boost your income.
Below mentioned are 30 ways, how to save money. All these methods are very easy and can be done by anyone.
1. Home Tutoring:
Being a parent, you can help your child in their studies, especially when they are in school, and till the time they are not enrolled for higher studies. These days home tutors charge massive fees and they charge per hour. So you can save this money by taking out time for your own child and teaching them, whatever they need to learn, revise, and conducting occasional tests. This will save you quite a considerable amount of money.
The money spent on ironing can be saved by regularly or once a week, devoting some of your time to iron the clothes you wear. This may not help you save a lot, this can be a good way to start, because as they say, little drops makes an ocean.
3. Dispose of Junk:
This is one of the tactics which is often ignored by many of us. It won’t let you save money, but it will provide you an opportunity to earn money by disposing of unwanted things present in the house premises such as newspapers, old plastic bottles, cans, broken appliances, torn clothes, damaged furniture, etc. Not only for the money but to ensure the cleanliness and aesthetic looks of the house, it is an ideal thing to do.
4. Family Health Insurance:
We wish that your family enjoys great health, but even if they are, it is still imperative to go for health insurance. Instead of going for personal health insurance, there is always an option to go for family health insurance. Apart from saving money, it will secure your entire family’s health risk under one roof.
5. Avoid Food Wastage:
India is one of the suspected countries which is known for wasting food abundantly. There is an idea that more than 16% of the entire world population do not get adequate food, out of which millions remain undernourished. If you start cooking prudently and keep all the leftovers in the freezer. It will not only help you save your money but also for the ones who remain undernourished, may get an opportunity to have the food that was getting squandered.
6. Choose a Good Savings Account:
Instead of opting for the regular bank deposit or freezing your money for the long term in fixed deposits, you can always go for the savings account that will provide you a decent amount of interest on your principal. Some new banks have started paying up to 5.5% interest on your amount deposited in the savings account. Students’ savings account are way too better than a no-frill account as they get the zero-bank facility and regular freebies.
7. Save Electricity:
Saving electricity is equal to saving money. Try turning off the fans, lights etc when not in use. Do not turn on the ACs just to chill out the room. Stopping these shady practices will help you save money on electricity bill. You can also opt for LED bulb options as they are very cost-efficient as compared to the regular light bulbs.
8. Save Money on Vacation Expenses:
Travelling takes a lot of money. Starting from a hotel room, mode of transport, food expense, ticket booking, etc. every step requires a lot of money. You can always choose a lowly budgeted hotel, public transport for travelling and book your package after checking the price on multiple websites or with various travel agents, which will help you save a lot on expenses.
9. Make Monthly Budget:
It is always good to track your expenses and maintain a monthly budget to create a balance between your monthly income and expenditures. It will make you understand where you spend more and where you can cut your expenses.
10. Shop Online:
Nowadays, shopping online is one of the best things you could do for your pocket. You can always check the option for additional cashback as many products and websites such as Amazon, Flipkart, Snapdeal, etc. Sites like these are offering additional cashback discounts on specific bank’s credit cards. Compare the prices of the product you have chosen to buy on multiple websites. Use payment wallets like Freecharge, Paytm, Mobikwik, and PayU to get an additional cashback or instant discount options.
11. Prepare A List Whenever You Shop:
It may happen to you that while you are going for shopping, you might come over with a heavy bag of clothes and emptying your pocket. However, preparing a list before you go shopping will never let this situation come and is one of the most impulsive ways of saving money. The sole reason is that you would know what product in how much quantity you need.
12. Save Money On Your Vehicle Fuel:
If you are doing carpooling or using public transport like bus, metro, or shuttles, you are doing the perfect job to save your environment as well as your money. This could stabilize not only the fuel price but also one of the best ways to lessen the traffic.
13. Save Money on Income Tax:
The right thing to do is to invest in those areas where you can save taxes and utilize your income in a better way. For this, you need to check sections like HRA, 80C, 80D, 80E section. For example- investing your money on Life Insurances and Top Ups could help you save money on paying huge taxes.
14. Eat Home Cooked Food:
It is not only best to save your money but also to keep you fit and healthy. Even for the people going to the office regularly, they should take lunch from home to their office. Although eating outside food once in a blue moon is not a bad habit but eating it now and then might be not good for your health and pocket.
15. Avoid Debts:
Always prefer using a debit card instead of a credit card. You may go over-limit and make unnecessary expenditures while you are using a credit card. Maintaining your financial discipline is feasible when you are not using a credit card as you will know what your spending out of what you are having.
16. Use free ATM’s:
After the first five ATM transactions in a month, you are charged Rs.20, excluding GST per transaction. To avoid those charges, you need to be assured that you are operating your ATM card in the same bank’s ATM branch.
17. Buying Unnecessary Insurance Policies:
Considering many students who are not earning anything, there is no need to buy any insurance cover for themselves. It is never advisable for them to go for any kind of policy unless they have a loan to repay.
18. Choose Cosmetics Wisely:
Usually, all cosmetics companies target youths for beauty and skincare products. It is always advisable to buy smaller packs for any cosmetic you buy as you may experience rapid hormonal changes that might impact your skin.
19. Personal Hygiene:
Poor body hygiene is one of the leading causes for teenagers who suffer from acne, pimple, or other skin problems. Hence, you should maintain high-level personal health to avoid spending your money on doctor’s fees or buying useless creams, and lotions
20. Know How to Bargain:
Bargaining is a skill that you should know where, when, and how to be used. If you know how to bargain, you may get the stuff at an ideal price and it will save you a considerable amount of money.
The cashback is available on a selected debit or credit card through which you will get instant discounts or cashback in your account after some days. These are good deals to save money.
22. DTH Plan:
Instead of opting for a plan that includes all the channels, always select the channels you are going to see by your family members or you, and chose your package accordingly. If you have kids in your family, you cannot avoid cartoon channels. Similarly, customize your entire package, and you will see the difference in the plan you are already on and the dropping of price in the DTH plan once you customize it.
23. Minimize Your Rent:
Doing valuable savings for the future is an ideal thing rather than paying high rents. There is no point in spending a hefty amount on your rental abode that only burdens you up. It is better to find a cheaper place and save some money from the rent you were paying prior. It will help you to accumulate money to buy your dream home.
24. Head Outdoor:
Instead of going outside inexpensive hotels, malls, or any other human-made place, you can head outdoor for situations where you do not need to spend anything but relax in peace. You can plan for a picnic, go camping by taking all your stuff with you and enjoy doing bonfire. You would be able to cut down a high cost.
This option is only for the students who are still in school or college. If you excel and score an excellent ranking among all the other students, then you may be even offered a scholarship by your school/college or some external source. This will help you and your parents to save bountiful money in getting your further studies done without incurring any expenses.
26. Delegate Chores:
Instead of hiring domestic helpers for doing your household chores such as washing utensils, washing clothes, cleaning the home, ironing, etc. You can save the money given to domestic helpers and utilize that money in your personal or family well being by delegating household tasks among all the family members. This will also develop team spirit and bring unity among the family.
Be aware of the deals and special discount offers through which you would be able to buy the same stuff at a discounted price and save the money. You can look for other special offers like buy 1 get 1 offer or any other newly launched company product which you may avail at heavy discounts as compared to the products of the established companies.
28. Home Maintenance:
You can save some money if you pay off attention to the plumbing, electrical, and structural condition of your home. Seeing a minor defect can be fixed by yourself if you keep track of household situations regularly. Not checking off these conditions will let the problem become worse, which will lead to high-cost repairs.
29. Vehicle Maintenance:
Ample money could be spent on your vehicle maintenance if any major fault comes up or there is a need to change any engine related part. Ensuring your vehicle’s engine oil, air, and oil filters once in a month would lessen the possibility of making these type of situations jump up.
30. Avail Senior Citizen Perks:
Are you cognizant of the Indian Government benefits of granting Rs.2000 to every senior Indian citizen for above 60 years (for male) and 58 years (for female) as a monthly pension? The only condition is that you should be registered as a senior citizen. You may also get an additional discount on railway and airline tickets, medical expenses at selected government hospitals, etc.