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Savings Account

5 simple ways to start saving money

Key Takeaways

  • Budgeting helps you control your expenses, plan for essentials, and still enjoy discretionary spending without going overboard.
  • By prioritizing needs over wants and avoiding high-interest purchases, you can save more and reduce unnecessary debt.
  • Investing wisely and pooling resources with others can multiply your savings and generate long-term financial growth.
23 Jun 2025 by Team FinFIRST
Simple Ways to Start Saving Money
Open an Account

How to start saving money?
 

Simple actions that can put you on the path to financial freedom

The all-important budget allocation
 

"Budgeting isn't about limiting yourself - it's about making the things that excite you possible"

Budgeting is the most important financial activity you will undertake. Even major economies and corporations function on budget allocation – your personal finances should not be any different. Once you factor in what you will need for the basics such as food, rent, utilities etc, look for saving and investment opportunities. Budgeting does not restrict you from undertaking fun activities, it only lets you know how much you can spend on these without going overboard.

Needs Vs. Wants – Prioritise, Prioritise, Prioritise

 

"Don't tell me what your priorities are. Show me where you spend your money and I'll tell you what they are." - James W Frick

Prioritising your needs over wants helps you spend prudently. If you plan to buy the latest QLED TV on an EMI that requires you to pay a 14% interest, you may want to ask yourself if you can put off purchasing by a few months. Depositing the EMI amount in a bank will help accrue a savings account interest rate. Not only will you be able to purchase the TV debt free, you will also gain the interest that the bank pays you. Prudent spending is always the key to saving.

READ MORE

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Invest – Make your money work for you

"Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” - Albert Einstein

One of the best ways to save more is to develop multiple sources of income. And the easiest way to do that is by investing wisely. IDFC FIRST Bank, one of the top banks for savings accounts in India, offers a variety of savings and investment options depending on your risk appetite. The Bank offers high interest rates with monthly payouts for faster savings growth, digital and mobile banking platforms featuring tailored investment advice, spend tracking, and mutual fund monitoring.

While it is desirable to listen to an advisor, it is imperative to do your own research, understand where and how your money is being invested for the best ROI, and make the right choice. Click here to get started.

Spend to save – Long term or short term?


"The easiest way to save money is to waste less energy." - Barack Obama

One of the best ways to save a lot of money long term is by investing in energy saving devices in your household. Getting an energy audit or investing in high energy star rated devices may cost more, the savings in energy over the long term can be substantial. Add to this the environmental benefits and the choice is clear.

The power of pooling
 

"Alone we can do so little; together we can do so much." – Helen Keller

Just like compounding, there is great power in cooperatives. Investing in units with proportionate equity can bring in great returns in the long run. This could be property, equity or stock, ETF or even something as simple as a shared automobile for common use. The savings in loan interest by itself can come a big opportunity to bolster savings when you buy a pooled asset.

Saving money, investing prudently, finding financial freedom and becoming wealthy – these are a result of relentless discipline and healthy habits. Resolve to live a life of financial hygiene and planning. Learn how to start saving money and connect with an IDFC FIRST Bank investment adviser to know more about the various investment options available to you.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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