In this article is we will share 51 simple ways to save money in India Saving money is really important in today’s world.
The cost of living is going up, so it is crucial to find ways to spend less and save money. We Indians are known for being efficient in our projects, just like our ISRO.
Remember, there’s no age limit for save money, so no matter how old you are, you can start saving. But before we go into the ways to save money, first let’s discuss about why saving money is so important.
51 WAYS TO SAVE MONEY IN INDIA
Saving money is a really good habit, and it comes with many benefits. When you save money part of your income, you’re building a financial cushion that can be super useful for reaching your goals and handling unexpected expenses.
One big reason to save money is to create an emergency fund. This fund is like a safety net for unexpected things that might happen, such as losing your job, unexpected medical bills, or car repairs.
Having an emergency fund not only gives you peace of mind but also helps you avoid tough situations like bankruptcy.
1. SET GOALS
Financial goals give your money-saving efforts purpose. Whether it’s saving for a down payment on a house, creating an emergency fund, or planning a vacation, having clear goals motivates you to stick to your budget and make mindful financial decisions.Â
2. MAKE A BUDGET
Creating a monthly budget involves listing your income and expenses. It helps you understand where your money is going and allows you to allocate specific amounts to different categories.
This clarity enables you to identify areas where you can cut back on unnecessary spending.
3. SHOPPING LIST
Before heading to the store, make a list of the items you need. This simple step can curb impulsive purchases, ensuring you only buy what’s necessary. This not only save money but also prevents clutter at home.
4. BUY IN BULK
Purchasing non-perishable items in bulk can lead to significant savings. Look for deals on items you use regularly, such as toiletries and canned goods. The lower cost per unit makes bulk buying a cost-effective strategy in the long run.
5. USE COUPONS AND CASHBACKS
Keep an eye out for coupons in newspapers or online. Many stores and online platforms offer cashback programs. Utilizing these discounts can result in substantial savings over time.
6. MAINTAIN YOUR VEHICLE
Regular maintenance not only extends the life of your vehicle but also improves fuel efficiency. Simple tasks like timely oil changes and keeping your tires properly inflated contribute to significant savings on fuel costs.
7. COMPARE PRICES
With various stores and online platforms available, comparing prices before making a purchase ensures you get the best deal. Price comparison websites or apps make this process quick and easy, helping you save money on your purchases.
8. PUBLIC TRANSPORTATION OR CARPOOL
Transportation costs can be a significant part of your budget. Opting for public transportation or carpooling with others can dramatically reduce these expenses. It’s an eco-friendly and economical choice.
9. CONSIDER ELECTRIC VEHICLES
While the initial cost of an electric vehicle may be high, the long-term savings on fuel make it a financially savvy choice. Explore options from reputable companies offering electric scooters and cars.
10. NEGOTIATE RENT IF YOU ARE RENTING SPACE
If you are renting a place, don’t hesitate to talk to your landlord about the rent. Many landlords are open to negotiation, especially if you’ve been a good tenant. Your history of timely payments and reliability can work in your favor. Negotiating the rent can be a smart move, saving you money in the long term.
11. CHOOSE ENERGY-EFFICIENT ELECTRONIC APPLIANCES
When buying electronic appliances, look for ones labelled as energy-efficient. These appliances can save money on your electricity bills over time.
The BEE Star Rating label helps you understand how energy-efficient an appliance is. Opting for energy-efficient appliances is a wise choice to cut down on long-term expenses.
12. COOK YOUR FOOD AT HOME
Cooking your meals at home is a fantastic way to save money compared to dining out. Plan your meals ahead and cook at home to cut costs.
This not only puts you in control of what you eat but is also a healthier option. Cooking at home is a smart strategy for both saving money and maintaining a healthy diet.
13. SAY NO TO BAD ADDICTIONS
Habits like smoking or chewing pan masala can be expensive and harmful to your health. Quitting these habits not only save money but also improves your overall well-being.
This decision can have long-term benefits for both your finances and your health. Saying no to bad habits is a wise choice.
14. TAKE LUNCH FOR WORK
Bringing your lunch to work can save money as compared to buying lunch daily. Plan and pack healthy, satisfying meals that keep you full throughout the day.
This not only save money but also tends to be a healthier option than eating out. Packing lunch for work is a savvy way to cut expenses.
15. CANCEL UNUSED OTT AND ENTERTAINMENT SUBSCRIPTIONS
If you have subscriptions to entertainment services you’re not using, consider cancelling them before they auto-renew.
This prevents unnecessary spending on services you don’t use. Keep only the subscriptions you regularly enjoy.
16. EXPLORE FREE/LOCAL EVENTS FOR ENTERTAINMENT
 Instead of spending on expensive entertainment, look for free or low-cost events in your community. Many cities offer free concerts, festivals, and events. These can be enjoyable ways to spend time without breaking the bank.
17. CONSERVE ELECTRICITY
Conserving electricity is another way to save money on monthly bills. Turn off lights when not needed, unplug electronics not in use, and use energy-efficient light bulbs.
These small actions can significantly impact your monthly expenses over time.
18. USE NATURAL LIGHT
Instead of relying on artificial lighting, make the most of natural light. During the day, open blinds and curtains to let sunlight into your home.
This not only brightens your space but also reduces the need for artificial lighting. Using natural light is a clever way to save on electricity costs and be environmentally friendly.
19. USE NATURAL VENTILATION INSTEAD OF AIR CONDITIONING
Opting for natural ventilation over air conditioning can cut down on your electricity expenses. Keep windows and doors open to allow fresh air into your home rather than relying on air conditioning.
This not only improves air quality but also decreases your energy consumption.
20. LOWER WATER HEATER TEMPERATURE
Adjusting the temperature of your water heater can contribute to savings on electricity bills. Most heaters are set to a default of 60°C, but lowering it to 48°C still provides ample hot water while saving you money.
This small adjustment can reduce energy usage and lower your monthly bills.
21. EXERCISE ECONOMICALLY TO MAINTAIN YOUR HEALTH AND WELLNESS
Prioritize your health with economical exercise options. You don’t need an expensive gym membership. Consider activities like walking, running, home workouts, or joining community fitness classes. Staying active and healthy doesn’t have to strain your budget.
22. OPT FOR GENERIC MEDICATIONS
Save on prescription costs by opting for generic medications. They are often significantly cheaper than brand-name counterparts but contain the same active ingredients.
Consult your doctor about the availability of generic versions of your medications to cut down on healthcare expenses.
23. USE FREE MESSAGING APPS FOR COMMUNICATION
Cut communication costs by using free messaging apps like WhatsApp or Telegram. These apps allow you to send messages, make calls, and share files for free using an internet connection.
This reduces your reliance on traditional phone services, saving you money.
24. TRAVEL DURING OFF-PEAK TIMES
Save Money on transportation and accommodation by traveling during off-peak times. Look for deals during the off-season or shoulder season when prices are lower.
This makes travel more affordable, allowing you to make the most of your budget.
25. OPT FOR INTERNET AND MOBILE BANKING SERVICES
Save money and time by utilizing internet and mobile banking services. Manage your bank account, transfer money, and perform other transactions online without the need to visit a branch.
These services are often free, providing a convenient and cost-effective way to handle your finances.
26. COMPARE CREDIT CARD TERMS BEFORE YOU GET ONE
Before you decide on a credit card, take the time to compare the terms and conditions of different cards. Look for cards with low-interest rates, no annual fees, and rewards programs that match your spending habits.
This smart comparison can help you save money on credit card interest charges and fees, like renewal charges.
27. USE YOUR BANK’S ATM TO SAVE DEBIT CARD CHARGES
Save money on debit card charges by using your own bank’s ATM. Banks often charge fees when you use other bank ATMs beyond a certain limit.
Stick to your bank’s ATMs whenever possible to avoid these charges and keep more money in your pocket.
28. USE UPI FOR PAYMENTS
Opt for UPI (Unified Payments Interface) for your payments to save on transaction fees. UPI is a real-time payment system allowing you to transfer money between bank accounts using UPI-enabled apps without any charges.
This reduces your transaction costs, making payments more convenient and cost-effective.
29. PAY CREDIT CARD BILLS ON TIME AND MAINTAIN A GOOD CREDIT SCORE
Ensure you pay your credit card bills before the due date to maintain a good credit score. A good credit score can benefit you in the future by securing loans at lower interest rates, saving you money.
Timely bill payments also help you avoid late fees and other charges.
30. UTILIZE TAX-SAVING INVESTMENTS
Explore tax-saving investments to reduce your taxable income and lower your tax payable amount in India. This strategic move helps you save money on taxes, increasing your overall savings.
31. PAY OFF HIGH-INTEREST DEBTS
Prioritize paying off high-interest debts like credit card dues and personal loans. These debts can accumulate significant interest charges. Focusing on debt repayment helps you reduce your overall debt burden and save money in the long run.
32. INVEST IN A FAMILY HEALTH INSURANCE PLAN
Invest in a family health insurance plan to save on healthcare costs.
Health insurance covers unexpected medical expenses such as doctor visits, hospital stays, and prescription medications. With a family health insurance plan, you safeguard both your family’s health and financial well-being.
33. EXPLORE ONLINE COURSES TO SAVE ON LEARNING NEW SKILLS
Consider online courses as a cost-effective alternative to traditional classroom courses. Online courses are often more affordable, allowing you to learn new skills at your own pace. Look for courses in subjects that interest you or can advance your career.
This approach offers an affordable way to acquire new skills, enhance job prospects, and save money.
34. LEARN BASIC REPAIRS YOURSELF
Knowing how to do basic repairs can save you money on maintenance. If you can fix simple things like a leaky faucet or a flat tire on your vehicle, you won’t need to hire someone to do it for you.
It’s not just about saving money; it’s also about feeling accomplished and being able to rely on yourself.
35. GET AN ECONOMICAL BROADBAND OR FIBER INTERNET CONNECTION
To save money on internet costs, consider an economical broadband or fiber internet connection. Compare prices from different providers in your area to find the best deal. This way, you can stay connected without spending too much on your internet connection.
36. TRY TO BUY UN BRANDED CLOTHES
Saving on clothing costs is easy when you consider buying Un branded clothes. Look for gently used clothing at local stores or online marketplaces for great deals. It’s not just a money-saving option; it’s also a more sustainable choice than always buying Branded clothes.
37. EDUCATE YOURSELF ABOUT INVESTMENTS
Learning about investments is crucial for saving money. Knowing how to wisely invest your money helps it grow, bringing you closer to your financial goals.
This knowledge allows you to make informed decisions about your finances and plan for the future.
38. GROW HERBS AND VEGETABLES AT HOME
Growing your own herbs and vegetables at home is a money-saving and healthy option.
It is cheaper than buying these items from a store, and it is a more sustainable choice. Plus, it can be a fun and rewarding hobby.
39. FIX LEAKS, USE WATER-SAVING DEVICES
Save on your water bill by fixing leaks and using water-saving devices. Regularly check faucets and pipes for leaks, and install low-flow showerheads to reduce water usage. This can significantly lower your monthly bills over time.
40. CONSIDER INVESTMENT IN SOLAR ENERGY TO SAVE MONEY ON ELECTRICITY IN LONG TERM
Investing in solar energy might have an initial cost, but it can save you money on electricity bills in the long term.
The savings on your electricity bill over time make it a worthwhile investment. Additionally, it reduces your environmental impact and promotes sustainable living.
41. UTILIZE CASHBACK PROGRAMS EFFECTIVELY
Maximize your savings by effectively using cashback programs. Sign up for these programs and make sure to use them when you make eligible transactions. Over time, these cashback rewards can add up, helping you save more money.
42. REPURPOSE AND RECYCLE YOUR THINGS
Save money on new purchases by giving old items new life through repurposing and recycling.
Instead of throwing away usable items, find creative ways to use them or recycle them properly. This not only saves money but is also an eco-friendly practice.
43. FIX BROKEN ITEMS BEFORE REPLACING
Extend the life of your belongings and save on new purchases by fixing broken items instead of replacing them.
Before buying something new, try repairing it if possible. It’s a practical way to make the most out of what you already have.
44. OPT FOR RAINWATER HARVESTING
Save on water costs with rainwater harvesting, a sustainable practice of collecting and storing rainwater for use in your home or garden in India.
By doing this, you reduce reliance on municipal water supplies, leading to long-term savings.
45. USE PUBLIC SERVICES AND FACILITIES
Save money on transportation, entertainment, health, and more by utilizing public services and facilities like public transportation, health services, libraries, and parks.
Take advantage of these government-provided amenities instead of opting for more expensive alternatives.
46. INSULATE YOUR HOME PROPERLY FOR ENERGY EFFICIENCY
Lower your heating and cooling costs by properly insulating your home.
This ensures efficient energy usage, keeping your home warm in the winter and cool in the summer. It’s an upfront investment that pays off through long-term savings.
47. LEARN NEGOTIATION SKILLS
Save money on purchases by acquiring negotiation skills. Whether negotiating a better deal when buying a car, discussing rent, or making other significant purchases, effective communication techniques can lead to better outcomes and cost savings.
48. OPT FOR ONLINE SHOPPING
In India, online shopping can often be more cost-effective than in-store purchases due to lower overhead costs for online retailers. Before making any purchase, explore the internet for the best deals and discounts.
49. DO PROPER NEED ASSESSMENT BEFORE YOU BUY
Assess the need for any product or service before making a purchase. Avoid buying unnecessary items by understanding if you genuinely need them. This mindful approach prevents impulsive spending and saves money.
50. CHOOSE AFFORDABLE BEAUTY CARE AND TREATMENTS
Save on personal care costs by opting for affordable beauty treatments instead of splurging on expensive salon services.
Look for economical options that still meet your beauty care needs without breaking the bank.
51. AVOID BUYING EXPENSIVE ITEMS WHENEVER POSSIBLE
Save in the long run by avoiding expensive purchases whenever possible.
Instead of going for the latest gadgets or designer clothes, consider more affordable alternatives that serve the same purpose.
This practice helps control spending and encourages financial prudence.
BONUS WAYS TO SAVE MONEY IN INDIA
BOOK YOUR TRAVEL AND ACCOMMODATION IN ADVANCE
Secure lower prices by booking your travel and accommodation in advance.
Planning ahead and making early bookings can help you grab the best deals on flights, hotels, and other travel expenses, preventing last-minute price increases.
USE ZERO BALANCE SAVINGS ACCOUNTS
Explore zero-balance savings accounts to save without maintaining a minimum balance. Find banks offering these accounts to avoid monthly average balance penalties.
This ensures you save more by sidestepping unnecessary fees.
REDUCE MEAT CONSUMPTION IN FOOD
Cutting back on meat consumption can save you money on your grocery bills. Meat is often one of the more expensive items, so reducing your intake can make a significant difference.
It is a smart move to save money while also embracing a more sustainable lifestyle.
BORROW BOOKS AND MOVIES
Rather than buying, consider borrowing books and movies from the library or friends and family.
It is a money-saving approach that still allows you to enjoy these forms of entertainment. Libraries often have a diverse collection available for borrowing.
CONTRIBUTE TO PROVIDENT FUND AS PART OF YOUR RETIREMENT PLANNING
Contribute to a provident fund for your retirement planning. Provident funds, government-run savings schemes, offer tax benefits and a guaranteed rate of return.
This helps you save for retirement while reducing your tax liability.
COOK APPROPRIATE PORTIONS, DON’T WASTE FOOD
Save on groceries by cooking appropriate portions and avoiding food waste.
Plan your meals ahead and only cook what you need to prevent throwing away uneaten food.
This not only reduces food waste but also helps you make the most of your grocery budget.
TRY TO BUY ELECTRONICS SECOND-HAND
For electronics, consider buying them second-hand to save money. Look for gently used electronics at second-hand stores or online platforms for good deals.
This way, you can get the gadgets you need without breaking the bank.
SEEK SCHOLARSHIPS AND GRANTS FOR YOUR EDUCATION
If you are pursuing higher education, actively seek scholarships and grants to help cover the costs. Numerous scholarships and grants are available for students in India.
Research and apply early to increase your chances of securing funding and ease the financial burden of education.
ROOMMATES OR FLAT-SHARING
If you are single, sharing accommodation with roommates can significantly lower your monthly expenses. Splitting rent and utility costs makes housing more affordable, allowing you to save money while still enjoying a comfortable living space.
Video Credit: CA Rachana Ranade
CONCLUSION ON WAYS TO SAVE MONEY IN INDIA
Saving money in India is essential, and there are simple steps you can take to achieve financial goals. Begin by creating a monthly budget, a tool that helps you track your earnings and expenses throughout the month. This enables you to identify areas where you can cut costs effectively.
Setting financial goals is another crucial step. Having clear objectives, such as saving for a house down payment or building an emergency fund, keeps you motivated and on track.
It provides direction for better financial decision-making and ensures you’re working towards a brighter financial future.
Making a shopping list before heading to the store is a practical strategy. This helps you avoid impulse purchases and ensures you stick to your budget by only buying what you need.
Buying in bulk, when feasible, is another money-saving approach, particularly for regularly used non-perishable items.
Utilizing coupons and cashback programs during shopping is a smart way to save money. Look for online and offline deals to earn cashback on your purchases, which can accumulate over time, increasing your savings.
Comparing prices before making a purchase ensures you get the best deal available. Whether shopping for groceries or other items, price comparison websites or apps can guide you to the most cost-effective options.
Public transportation or carpooling is a practical way to cut transportation costs. It is especially beneficial if you live in an area with good public transportation options. Keeping your vehicle well-maintained for fuel efficiency also contributes to long-term savings.
Remember, every small effort counts, and initiating these save money practices today can make a significant impact on your financial well-being. Take control of your finances and start building a more secure and prosperous future.