Money-Saving Tips 101: The Best Practical Ways to Save Money (2024)

A lot of people prefer to live a life of luxury. They are always on vacation and travelling to other countries. It seems like working hard, saving money and basically everything today revolves around the idea of luxury and comfort. The truth is that living a luxurious life can be expensive if you don’t have some form of savings. To have easy time-saving money in this modern world, it is important to have a saving mindset as well as learn how to plan your finances(a lot of people forget this), so we have gathered some money-saving tips to help you out.

It’s no secret that spending more than you earn can be detrimental to your finances. It’s also well-established that putting money away for a rainy day is one of the best ways to make sure you have something in reserve. But what’s less known is that having a saving mindset is also helpful in the long run because it makes you less likely to act impulsively and more likely to be satisfied with what you have.

Every aspect of your life serves you ample opportunity to save.

Money-Saving Tips

Finance-Related Money-Saving Tips

1. Do not Keep too Much Debt, as it Diminishes Your Savings: If you have more debt than you can pay off, it will make it hard for you to save.
2. Start Saving & Investing: It is important to start saving a part of your earnings. You can look into the best savings plans in India and choose the one which fulfills your needs the best.
   Investing is the best way to grow your money, and it can also help you with your savings. However, investing in a volatile market like stocks and crypto requires a lot of time, knowledge and patience, making it hard for people to get started.
   A good way to save & invest is by opening a digital savings account with Freo Savings, where you can earn up to an impressive 7%* interest on your money while keeping it completely safe. It requires minimal documentation, so getting started with it won’t be an issue.
3. Track Your Spending: It’s easy to throw money away on impulse purchases, so we recommend keeping a record of everything you spend each month. Tracking your spending is also a great way to see where you can cut back.
4. Plan Your Retirement: Check the retirement schemes right from the beginning of your career.

Lifestyle-Related Money-Saving Tips

1. Cancel Automatic and Unnecessary Subscriptions: Automatic renewals are bad for your wallet. It’s easy to fall into the trap of automatically renewing subscriptions without thinking about whether you actually need the service or not. Hence, if you don’t have the time to deal with a subscription on a daily basis, you must cancel its automatic renewal. This will save you money in the long run.
2. Minimise Spending in Restaurants: While eating your favourite food outside sounds excellent, you must always maintain a budget. Try not to spend on things like alcohol, mocktails or any other beverages that you can find cheap outside the restaurant or at your home to save up some money.
3. Plan Before you Shop: Plan your meals in advance and stick to a list while grocery and food shopping. Doing this will help you to make sure that you aren’t overspending and you are only buying the things that you actually need.
4. Cut Down on Alcohol Spending: Alcohol is expensive, and if you’re like most people, you’re probably drinking more than you need to. You would be surprised at how much you could save by cutting down on alcohol spending

   An average person spends around ₹1,20,000 on alcohol every year. That’s enough to buy a bike, pay off your credit card debt, or put a down payment on a house. So it’s no wonder that many people don’t save any money at all for emergencies.

5. Keep Checking your Online Shopping Spending: Try to restrict online shopping. If you are shopping online, always wait for a sale or a discount on the products which you are trying to buy. Use a coupon or card offers to save some money.
6. Delay Purchases with a 30-day Rule: Avoid overspending, don’t buy things altogether, give yourself a cooling period, rethink about the purchase, and plan it properly until and unless there is an emergency.
7. Reduce Your Energy Usage: For example, turn off lights when you’re not in the room and unplug electronics when not in use. Don’t leave them on standby. Try to use smart energy-saving electronic appliances.
8. Plan Your Travel Trips: Make a note of the estimated budget. Try to book your tickets and hotels in advance because you can get better deals when you do that.
9. Cut Down on Cable Connections if not Needed: Many companies now allow users to pay only for the channels they watch. If you are someone who has switched to OTT platforms or streaming apps, try to cut down your cable connection or modify your pack and pay only for the channels you watch.
10. Say Goodbye to Shopping Emails: Unsubscribe from unnecessary fancy emails if they tempt you to buy products or services which you don’t need.
11. Lower your Cell Phone Bills: Switch to apps like WhatsApp and Facebook Messenger that don’t charge you for calls. Communicate more via Social media and stop paying for services like caller tunes.
12. Switch to Pre-Loved Books: Try looking out for books in libraries rather than always shopping them first-handed or before adding them to the cart.
13. Use Cashback Apps or Coupons that Give You Discount: When you are shopping online, use apps that give you a cashback when you shop through their platform. Watch out for coupons that can help you to save some extra bucks.

Health-Related Money-Saving Tips

1. Switch to Brand Store Medicines: Purchase brand store medicines rather than over-the-counter medicines. Store brand medications often cost 20-40% less than nationally advertised brands, but are the exact same formula.
2. Never Skip your Regular Checkups or Dental Checkups: This needs to be taken care of because if you don’t, you might end up spending more in the long run due to issues with your health and teeth.
3. Compare the Prices for Your Meds: Many websites and pharmacies offer you medicines at a discount, so make sure you compare the prices before making a purchase.

Social Events Related Money-Saving Tips

1. Plan on Gifts in Advance:It’s always a good idea to plan on gifts in advance if you have any upcoming family or friend occasions. This will help you save money and time.
   Planning ahead will also help you avoid buying something that is unnecessary or could get lost or broken before the occasion arrives.
   Shopping around for the best deals is also good practice, especially if you’re planning on buying something for a big occasion.
2. Celebrate a No Spend Day:Dedicate a day where all of the family members stay home and cook food. Name it as “No Spend Day.”

Home Money-Saving Tips

1. Switch to Cotton Materials: Lessen your paper napkins or paper towel usage. Use cloth instead, which can be reused.
2. Keep a Check on Your Gas or Electricity Audit: It might help recognise small expenses and solve them on time.
3. Use Less Water: Install low-flow shower heads and faucet aerators to reduce water usage and costs.
4. Get Involved in Decluttering: Declutter your home timely and unnecessary furniture. You can keep the things you love, but if you don’t use them every day, it’s better to get rid of them. If you have a lot of unused furniture in your home, you should consider selling it to families in need.

Transportation-related Money-Saving Tips

1. Compare Prices for Your Transportation Modes: If using public transport or cabs, always check for the fares on different apps or sites. Go with the provider which offers you the cheapest fares.
2. Compare Vehicle Insurance Plans: It is important to compare vehicle insurance plans as they often differ in coverage and price. A comparison can help you find the best deal for your needs, but it is also important to know what your rights are when it comes to insurance.

How to Save Money From Salary Every Month in India

An excellent way to save money from your salary is to avoid unnecessary spending. This is called “financial discipline”, and it means that you have to set up a system in which you can afford to buy what you need, when you need it. Other ways to save money from your salary every month include:

• You can save money on your rent by searching for a cheaper apartment or house in the same area.
• You can save money on your utility bills by switching to energy-efficient appliances and taking advantage of any discounts your utility providers offer.
• Use cash instead of credit whenever possible because most purchases that require a credit card have fees and interest charges added to them automatically.
• Shop around for coupons before you buy anything to know exactly how much money you’ll save when you get home with your purchase.
• If you’re planning a big purchase like a new car or home, get quotes from several dealerships before making an appointment so that you don’t end up paying more than necessary for financing or other costs associated with purchasing the vehicle or home.

Want more tips to help you save from your salary? Refer to our detailed blog post – How to Save Money from salary?

There are many money-saving tips that you can begin to implement today while those will be immediately useful, some of the other strategies might take a bit more time. Remember that the journey to financial independence is an ongoing one, and it will take patience, hard work, and perseverance.