10 Easy & Reliable Money Saving Tips [India]

10 Money saving tips [India]: We all want to save some money every month based on our income. 

Every month we set a goal to save but at the end of the month, we are only left with only a few pennies. The main reason for this may be our poor control over expenses.

Most of us are not aware of the easy and reliable money saving tips and techniques in India. As a result, we spend a lot on unnecessary expenses and bills every time.

So, I decided to sort-out some easy and fun money saving tips and share this with you along the way.  Relying upon, you would be able to save thousands- if not lacks-of money every year.

Let’s get started!

10 Easy and Reliable Money Saving Tips [ India ]

Here are some of the money-saving tips/methods to be followed in India:

1. Keep Your Change in the Piggy Bank

Piggy Bank..?

Yes, you heard me right!

I know it feels more like a child.

But by employing two to three piggy banks, you can save thousands of money.

You can put your loose cash in the piggy bank. Such regular contribution will not only save you a lot of money but will also develop the habit of saving in you.

2. Get a Roommate

This is another way to save a good sum of money over the year. You can share a room with your roommate if it is a single room. This will reduce your house rent to half and will keep you away from loneliness.

You can even go for more than one room partners if it is a 2 or 3 BHK Flat and divide the rent accordingly.

3. Prefer Quality Over Quantity

Many a times we buy ordinary things instead of getting a branded item at the same price.

Doing so can sometimes be a burden on us.

Eager to know how?

Being unbranded, such an item quickly breaks down and has to be repaired again and again. In addition to this, many such common brands do not even have a service centre. As a result, over time, we end up spending more money and having more difficulties with these things.

Long story short, always go for branded products as it will save you more money in the long run.

4. Make Library Your “Second Home”

We know that the library is a great place for offering free books.

Nowadays, in addition to the Free Books, libraries provide other modern facilities too.

You can now have access to high-speed internet, CDs, DVDs, e-Books, newspapers, etc. under one roof.

So, are you a member of any Library? Have you applied for the membership?

If not, then what are you waiting for?

Become a library enthusiast and save money by making the most of such resources.

5. Grow a Vegetable Garden

Vegetables are the essential part of our meal and we need it day in and day out.

With the rising inflation, the prices of vegetables have also increased a lot and due to its need, we spend a lot of money on it every month.

I know they’re tasty and it’s not easy to avoid them!

What if you can eat them and that too at an affordable price?  It would be a fair deal for most of us, Right?

The simple way is to grow your own vegetables at home. Check that you have enough space for the garden.

Growing it will give you a variety of fresh green vegetables (fresh oxygen among other benefits).  This garden will also enhance the beauty of your home.

You can lock in these benefits along with saving your money.

Isn’t it amazing?

6. Use Prepaid Mobile Plans

You can use prepaid mobile plans to save your money. They come with a wide range of offers and you can choose one from them.

The main benefit of Prepaid Plans is that you are aware of the offers and use services of it as per the limit.  

For example- If the plan is offering 1.5GB/day Data and unlimited calls for 28 Days; it would remind you of the limit you’ve got and you would be able to use in that manner.

In Post-paid or pay later plans, we are unaware of the bill to be come. We have no control over the use as there is no such daily cap on the services they offer.

As a result, the bill may sometimes surprise you!

Prepaid Plans, on the other side, keeps you away from overspending and helps you save more money.

7. Use Energy Efficient Devices

You can buy energy-efficient devices to save on your power bill.

In India, Bureau of Energy Efficiency (BEE) gives rating to the electric gadgets and appliances based on their efficiency. This rating ranges from 1 to 5 Star.

You can look for whether the particular device has got energy star label on it. This label indicates that the appliance is more energy efficient than that of the average model.

The more rating simply means the appliance would need less energy to operate and thus you have to spend less money running it.

8. Wait For The “Black Friday Sale

The Black Friday sale is a shopping season/event in the US. It starts on the Friday after Thanksgiving Day every year and lasts until the following Monday.

During this period, you can grab great deals on a variety of items such as Laptops, TVs, Smartphone, Home and Kitchen appliances, clothing, beauty products, toys and more.

However, the craze for Black Friday is not seen much in India. This is because festive season arrives much before in India and people tend to buy more during these days.

Amazon’s “Great Indian Festival” and Flipkart’s “The Big Billion Days” are similar events that attract a lot of Indian customers because of the discounts they offer.

You can save your money by shopping during these events and getting great discounts on your purchases.

9. Compare Prices of Same Products

You must have doubted how the rates of the same product differ on different e-commerce sites. Know the reason from here.

This is a common mindset that we don’t compare the prices of same product on different store. As a result, we often end up buying at a higher price!

I understand that it’s not an easy task to visit every e-commerce platforms and check the price.

So, the easy remedy is to use Online Price Comparison tools like Pricee where you can find the best online prices for any item you’re buying. 

Thus, you can also save money while shopping.

10. Saving Money From Income Tax

You can save a lot of money on taxes by investing in tax-advantaged funds.

Equity-linked Savings Scheme (ELSS), PPF, National Pension Scheme (NPS), Life and Health Insurance Premiums, etc. are some of them.

This type of investment options gives you the benefit of Section 80C wherein you can get a tax deduction of up to Rs 1.5 Lakhs.

Final Words🗣️…

This was all about the money-saving tips and tricks that I found most easy and reliable to be followed in India or anywhere else.

You can follow these tips to save your hard-earned money from getting into unnecessary expenses.

Moreover, if you are able to save money on a regular basis, you can fulfil any of your financial goals. This is because saving is the first step and you would be able to invest only if you can save from your income.

In the meantime, if you have any query or suggestions for this post, feel free to comment below!

See you soon!

Happy Investing!!