The Best Ways To Save Money In India

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Making money is when you use your own time and energy and a bit of creativity once, and obtain paid over and over and once again. Making money puts you within the driver’s seat. It allows you to be independent, not contingent somebody else controlling your wealth potential on a regular basis.

Use credit card & save money

save money

Whatever could also be your monthly shopping budget, you’ll save in between Rs 100 – Rs 500 per month once you pay using credit cards.

You can save to five using cashback master-card s on grocery & decent amounts on fuel purchase with the fuel credit card. you’ll save to twenty on dining and movie ticket booking with credit cards.

Credit cards are the sole loan that permits you to earn interest, this happens once you pay your bills using the card and keep the cash into your checking account .

Use Coupons

When you shop or pay bills online on portals like Amazon or Tatasky, you get free coupons within the sort of “PROMO CODE”.

You can save 5% to 20 on your online purchase using coupons.

Use the Amazon coupon webpage where coupons collected can prevent up to twenty in specific categories, like groceries, care , electronics, and office supplies. If your purchase is of Rs. 5000 then you’ll save 5000 x 0.20 = Rs. 1000 on products that provide a 20% discount.

Shop On the first Day Of Sale

On the launch day, companies attempt to attract buyers with discounts and best offers for his or her new products. the thought is to check the market response for the new product, gain visibility and highlight the brand.

The discounts are often within the range of 20% to 40% on the new products. Meaning you’ll save Rs. 2000 to Rs. 4000 of purchase for Rs. 10000 and obtain quality products by shopping on the primary day of the sale.

Track Price Of Your Products

You can save a minimum of Rs. 1000 to Rs. 2000, especially on the electronics products once you track their prices for a few time rather than outright purchase.

There are websites like Price History where you’ll track the last 3-months prices of products sold on Amazon, Flipkart, Jabong, Myntra, Croma, Paytm and others.

Make a Budget

Saving money is all about keeping track of your expenses and controlling them. it’s good to make a monthly budget by dividing your expenses into major categories and sticking thereto . this is often an excellent thanks to avoid overspending, and you will never have an empty wallet at the top of the month.

Go Energy-Efficient

Switching off all electric appliances and fixtures when not in use helps save extra money than people often believe. benefit for the earth and yourself by switching all lights to LEDs and being cautious of electricity consumption when buying new gadgets.

Avoid Addictions

Habits like drinking and smoking eat up your health and energy and your wallet. Avoiding these as early as possible is perhaps the simplest thing you’ll do for yourself.

Keeping a track of your daily expenses and selecting to spend wisely can go an extended way in helping you save effectively and efficiently. Remember that each rupee you do not spend, you save.

Wait For Amazon/ Flipkart Grand Sales Period

Amazon runs “The Great Indian Sale”, likewise, Flipkart comes with “The Big Billion Sale” during the festival season.

Both Amazon and Flipkart offer discounts within the range of fifty to twenty and therefore the best product offers (like buy one get one free) during the sale period that you simply can cash in of.

If possible, you ought to postpone your shopping and await the sale period to save lots of money.

Utilize Your Bank’s Online Bill Payment Facility

Most of the banks have a tie-up with billers for online bill payment facilities.

Banks offer a 5% to 10% cashback and discount once you use their online bill payment or ECS (Electronic Clearing Service) facility. for instance , HDFC Bank has an HDFC Smart portal for bill payment, ticket booking and online purchase.

You can save money, get coupons by paying directly using your bank account.

Use Free Shipping

Shipping charges are different at different websites. Sometimes certain websites charge higher shipping charges. for instance , Paytm charges shipping on each product separately. If you order 5 products from Paytm then you’ve got to pay 5 times the shipping which is ridiculous.

You can economize by shopping on an enormous website like Amazon where shipping charges are free on total purchase of Rs. 499 and above.

Remember, while comparing the merchandise price, you furthermore may got to compare the shipping charges to save lots of money.

Saving Money From income tax

Everyone wants to earn more but the sad part is that nobody wants to pay income taxes.

You can economize by investing in ELSS, PPF, NPS, NSC, LIC premiums and 5 years FD with banks & post offices monthly so as to save lots of tax .

The above investments are counted as tax saving options under sec 80C and are exempted from tax up to the limit of Rs 1,50,000.

Don’t hear the investment agent from a bank who will attempt to sell you an policy on the name of tax saving. that’s because investment and insurance are different products with different goals.

The Best Ways To Save Money In India

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