15 Tips on How to save money

Studies show that impulse buying accounts one-third of what consumers spend every week. This is owing to unplanned decision by us, who retailers call compulsive buyers. When you buy something you see in the store on the fly, it may make you feel guilty. The feeling of regretting often follows impulse purchases, and you ask yourself, “What did I see in it to buy it by spending more?”  

You can avoid shopping or overspending, and stop feeling the urge to buy. Does it help you save money? You may not if you fail to plan your spending. Saving is not necessarily a number game. You can save if you don’t put it off to do it later; instead, you should make saving a priority daily to secure your future. Here are 15 useful tips to save money every day.

1. Plan your grocery shopping

You may think what difference it makes? Bad shopping habits have led to throwing away a lot of food or buying things you would not have otherwise bought. If you go to a store with a list, you can avoid buying things that you do not require. If you prepare a weekly meal plan and buy the required groceries in bulk after comparing the prices at a wholesale store, you can save money.

2. Reduce eating out

Eating out at a restaurant can add up to your expenses. You can reduce dining out by making it during weekends, and instead, cook at home. This can save a lot of money. When going out to eat, look for restaurants that offer special deals like happy hour, discounts on selected dishes, and complimentary meals for kids. 

3. Settle your debts or pay off your bills

This is one of the most important tips to save money, for you pay high percentage of interest on the outstanding amount. If possible, pay off your debts and settle the credit card bills on time.

4. Refinance your home loan

You can consider refinancing your home loan if you acquire it at a lower interest rate than the existing one. It also helps if you can shorten the term of your loan period. This can save money to a great extent.   

5. Do basic personal grooming

You spend money for personal grooming. There are a few basic things like keeping your skin clean and refreshed, manicuring the nails, etc., which you can do it at home. The little money you save every month can be a sizable one to use later.  

6. Choose your satellite TV package wisely

You need to be innovative to choose a satellite TV package that saves money, and give you the most entertainment.

7. Buy mobile phone data based on the plan and offers

Use a prepaid or post-paid mobile data plan based on the calls you make and the data you use every month. This will save you from opting a plan that is expensive.

8. Look for online deals

Before you decide to buy anything from the store, check online for the best deals.

9. Have a savings account

If you open a savings account, you can deposit all the money you save. For instance, an account with an IDFC First Bank can help you save decent interest and maximise your earnings.

10. Avoid impulse buying

You can keep yourself away from the places that urge you to buy. Ask yourself whether you really need it before buying.

11. Switch off the appliances that you are not using

Keeping appliances plugged in will result in drain of energy. Turn off the laptops or other appliances when you don’t want to use them.

12. Spend less on vacation

There are numerous travel websites that offer accommodation or rental places that cost less and with better facilities

13. Borrow things if possible

If you can borrow items for temporary use, it helps save money a lot. For instance, library books are available on rental basis.

14. Open a fixed deposit account

Any unused amount in your savings account can be invested in a fixed deposit account and availed higher interest rate, as well as insurance.

15. Maintain your car properly

You can avoid costly repairs by having timely car maintenance. With no routine service, the cost will add up to become exceedingly expensive.

The 15 ways to save money are worth enough to secure your life. You can start with a savings account from IDFC First Bank and track all your expenses and  banking needs with the IDFC FIRST Mobile Banking App

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.