Here are some easy strategies to save money daily, monthly, or annually:
1) Open a New savings account and Put a Fix amount of Money in it Every month
Instead of normal bank deposits or long-term fixed deposits, choose a savings account with a good interest rate. Some new banks like IDFC first Bank and Kotak provide upto 5.5% return on savings account deposits.
2) Save Resource like electricity and Fuel
Saving power saves money. Unnecessary fans and lights are often left on. Some folks switch on the AC before entering their room to chill it. Change these unscrupulous activities to save money.Unused lights and appliances should always be turned off. LED bulbs are more cost-effective than normal bulbs.
Similarly Save on Cars Fuel. If you carpool or take the bus, metro, or shuttle, you’re saving the environment and money. This could stabilise gasoline prices (which are rising owing to increased usage) and reduce traffic.
3) Cut vacation costs
Traveling is awesome. When travelling, we can save hundreds of rupees on hotel rooms, transportation, meals, tickets, etc by booking in Advance. Use public transportation instead of taxis when travelling and look for newly opened inexpensive motels. Book your package after comparing prices on multiple websites or with multiple travel agents to save money. The closer your vacation, the more expensive your flight and hotel tickets will be. Planning ahead can save you money. Plan ahead for holidays to get inexpensive quotes. In an emergency, you may have to book at the current price.
4) Budget monthly
Many avoid this work since it’s annoying. Track your costs and keep a monthly budget to balance your income and spending. Keep things simple and professional.You can only track your cash and bank transactions for one month. The next month, you’ll know how much you can spend and how much is saved. This helps you determine fixed and avoidable expenses.
5) Online shopping
Shop Online and Always search for Coupon codes on website like Couponalexa.com
On average our customers save 10-30% extra when they shop online using coupon codes. Online purchasing is good for your wallet. Why should you purchase online to save money?
Additionally you can Check Amazon, Flipkart, Myntra, Paytme Snapdeal, etc. for further cashback options. These sites offer cashback savings on bank credit cards. Compare the product’s pricing on multiple websites. This guarantees the greatest product pricing. Choose interest-free or zero-interest EMI, depending on the product you’re buying and the bank’s credit card. Freecharge, Paytm, Mobikwik, and PayU offer cashback and quick discounts.
6.Invest wisely
It’s a great way to boost income and savings. Fixed Deposits, Mutual Funds, ETF’s , Investment in Gold etc are some of the best way to start your Investment journey,
7. Buy health insurance
Health insurance is required. You’re not saving if you haven’t bought it for your family. You’re putting yourself and your family at risk if someone becomes sick. Buying a health policy can help you prevent escalating medical costs. PolicyBazaar, PaisaBazaar, etc. let you compare health insurance prices online.
8. Income Tax Savings
Invest in tax-saving and income-enhancing areas. Check HRA, 80C, 80D, and 80E. Investing in Life Insurance and Top-Ups could save you money on taxes.
9. Avoid debt
Always use debit over credit. Using a credit card can lead to overdrafts and wasteful purchases. You must also pay late fees, no-interest fees, and interest on useless EMI transactions. When you don’t use a credit card, you know exactly what you’re spending.
10. Sanitation
Poor body cleanliness is a primary cause of many diseases and skin problems like acne, pimples, and other skin disorders in teenagers. Maintaining good health will save you money on doctor’s bills and needless creams and lotions.
11. Negotiate whenever Possible
If you bargain well, most of the times you can receive great deals.
12. Low-cost activities to Socialize
Whether with family or friends, in a 5-star hotel or extravagant mall, lavish dinners and special events cost a lot of money. Instead of these activities, you might have house parties. These gatherings won’t break the bank, and it’s worth spending time with friends or family.
Also you can Socialize shrewdly. Too many rich buddies could force you to overspend and go over budget. Or, poor pals may borrow money from you and never repay it. Both are bad. Socialize wisely and find pals with similar incomes.
13. Scholarships
This option is for school or college students. If you thrive, your school/college or an external organisation may grant you a scholarship. This will help you and your parents save money on your education.
14. Paid bills Immediately – To Avoid Late fees
After-the-due-date payments for power, phone, or water may incur a penalty. Pay your bills on time to avoid penalties and save money. It helps you maintain your credit score and prevents unnecessary reconnection and disconnection demands.
15. Save Food
India is infamous for wasting food. Over 16% of the world’s population doesn’t get enough food, and millions are undernourished.We can address this problem by wasting nothing. Start cooking wisely and freeze leftovers. It will save you money and give undernourished people access to discarded food.
16.Avoid minor credit
Credits from office, tobacco, or cigarette sellers typically let you go beyond budget. As these purchases don’t track purchases and consumption. Minor credits urge you to eat more despite the health risks. You may have trouble paying these vendors’ bills.
17) keep the minimal balance in your bank account
If you don’t keep the minimal balance in your bank account, you’ll be charged a fee. Always activate SMS and add your cellphone number to your account to receive regular notifications. You’d know balance. It avoids bank fees.