Money is a matter of subject in everybody’s lives. Our focus is more on earning money. But, the fact is that earning money is no longer enough! It is of utmost importance to look for ways to save money.
Because money is so essential we need to understand Better spending habits and money saving ways reduce the amount of money you spend and increase your chances of savings each month. With a little change in our spending behaviors and mindset, you can reach your goals in no time.
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So, if you’re interested to know money saving ways or the best way to save money or ways to save money, read this article carefully till the end.
Best Ways To Save Money
Here are 15 money saving ways to help you save more money.
1. Choose A Cash-Back Program While Doing Online Shopping
Whenever you shop online, search for discount coupons so that you can save some money. There are many cash-back programs like CashKaro which not only provides discount coupons, but also gives cashback which is directly deposited to your bank account. Even a small saving matters a lot.
2. Save Money By Saving Electricity
One of the money saving ways is to save electricity. If you turn off lights, the television, exhaust fans or even the Wifi router when not using them or when leaving home you can save electricity as well as save money.
3. Use A Piggy Bank
Now, this might sound ridiculous, but if you keep a piggy bank you can collect change every day. Collected coins can actually amount to large savings in the long run. This simple money saving method can prove quite beneficial. There are also several to help you budget your money. These apps can help you track your income, analyze expenses, and set goals for savings.
4. Save Your Vehicle Fuel
You can save a lot of money if you do carpooling or use public transport like bus, metro, or shuttles. This serves a dual purpose of saving the environment as well as your money. If each one would take this step, it could not only stabilize the fuel price but also lessen the traffic.
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5. Switch to Prepaid Mobile Phones
It’s time for you to start using prepaid plans if you want to prevent receiving large, unnecessary bills. Most postpaid users overpay the provider because it is impossible to monitor consumption before receiving a bill and there is no cap. Additionally, you could occasionally be charged for turning on a paid feature that you didn’t even request.
6. Diversify Your Investments
One of the best ways to save money is to invest your savings. There are best investment alternatives available, for example fixed deposits, post office plans, LICs, mutual funds, etc. You’ll be able to save money by selecting many investing options rather than just one. Alternatively Public Provident Funds are also a great choice when it comes to a long-term investment scheme. They are flexible and afford good returns. PPF can be opened at banks as well as post offices.
Chit Funds are another great savings and investment option. It inculcates a habit of compulsory savings every month and the dual advantage of borrowing multiples of your savings during a financial emergency. The basic concept is that a pool of people invest equally and divide the returns.
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7.Prepare A List Whenever You Shop
Have you ever wondered how much money huge brands make by displaying their products on shelves? By showing their goods, it boosts sales and they make large profits. It may happen that you might come out with a hefty bag of things you probably don’t even require. Hence, in this case the best way to save money is to make a list before you go shopping. The only benefit is that you would be able to determine what product and how much of it you require.
8. Save Money on Income Tax
Is it possible to save money on the tax levied on our income? Yes, it is possible. The best course of action is to invest in areas where you can reduce your tax burden and make greater use of your income. Check sections like HRA, 80C, 80D, and 80E to see if you qualify for this. For instance, investing in life insurance could enable you to avoid paying significant taxes. You can talk to your CA when creating an investment tax savings plan.
9. Use free ATMs
You may be aware that after the first five ATM withdrawals in a month, you are charged Rs. 20, exclusive of GST, for each withdrawal. Make sure you use your ATM card in the ATM branch of the same bank if you want to avoid paying those fees. If you do so, you will not be charged anything at all, regardless of how many transactions you do in a month. This is one of the most doable ways to save money.
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10. DTH Plan
Another best way to save money is to choose the channels that you or your family will watch, not a plan that includes all the channels. Make your package selection based on your choices. Customize your entire package, and you’ll notice a difference in the plan you already have and a decrease in price for the DTH plan after you do. Another way of saving money on these TV channel packs is to go for packages like Hot star and Amazon Prime. Their yearly packages are comparatively low.
11. Booking in Advance
Whether you are booking your flight or hotel, the nearer your trip will be, the prices will be on the higher end. The best way to save money is by planning your trip 2-3 months prior. If you are planning a vacation, you can plan in advance and get quotes at the best prices.
12.Family Health Insurance
Even though we hope you and your family have excellent health, purchasing health insurance is still essential. Family health insurance is always a better alternative to purchasing personal health insurance. It will reduce your family’s health risk and save money as well.
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13. Home Maintenance
If you pay close attention to the plumbing, electrical, and structural condition of your home, you could save some money. If you routinely monitor your household, maybe weekly or once in 15 days, you may notice a tiny flaw that can be corrected by yourself. If these requirements are not met, the issue will only get worse and require expensive repairs.
14. Home Tutoring
As a parent, you can help your child in their academics, particularly while they are still in school and until they have begun enrolling in post-secondary programmes. Tuitions or for that matter home tutors are high on demand and charge very high rates per hour. You can save that money by teaching your child yourself.
15. Ensure Minimum Balance
If you are unable to maintain the required minimum amount in your bank account a bank service charge will be applicable. To receive regular notifications, you need to always make sure the SMS feature is turned on and that your cell number is connected to the account. In this way you will be aware of your available balance. As a result, you won’t have to pay the bank any extra charges.
So, these were the 15 best ways to save money. Make sure to follow the above mentioned money saving ways and tips and increase your savings account balance. Saving money is quite easy when you know the right way to achieve it. Even a little bit of money saved over time might grow to be a significant sum.