55 Ways to Save Money in India – Simple but Most Effective

Pinterest LinkedIn Tumblr

In general, Indians are consumerists. Regardless of income and age, each Indian male and female purchases both lasting and durable consumer goods.

Data from various Indian or foreign sources showed the consumption of Indian consumers amounted to a staggering Rs.17.05 billion in the third quarter of 2017-2018’s financial year.

In a nation of 1.3 billion citizens, 21.9 percent live below the poverty threshold; this massive consumption is substantial.

Total number of casualties

Newspapers, TV commercials and radio, hoardings on the street and special deals in stores, discounts offered by restaurants, the explosion of online shopping have led to the growth of spending and a decrease in the saving habits of Indians.

Based on figures for the fiscal year 2015-2016 released through the Ministry of Statistics Programs and Information, households’ savings dropped to 31.6 percent from 32.3 percent they had in the year before.

This shows that saving money is the primary victim of India’s growing consumerism, and that’s why you must save money in India.

Reality Check

According to the above quote, We do not have to blame consumers for their habits of spending. Consumption is good for Indians as it assists them in enhancing their lifestyles. It helps keep companies operating and assists them in expanding, creating more jobs.

Also Read: 18 Ways to Earn Money Online in India

Some beautiful ways and methods can help you save cash in India. Below, we will take an overview of them:

55 Ways to Save Money in India


These 55 tips will show you how you can save savings by doing simple tasks. We’ve categorized these methods for teenagers, students, women, homemakers, working people retired, and general.

Ways to Save Money for Students

As a student, there’s nothing to be concerned about. Your expenses will be covered by your dad and mom or the guardianship of your parents. Additionally, as a student, I don’t have to look deeply into the family’s finances or investment and savings concerns. Here are some ways to make funds for the parents of your children.

1. Back-To-School sales

Usually, Back-To-School sales are held two times a year by big stores that sell essential items for children like schoolbags, stationery, and books. You can get discounts when purchasing the items at sales to save between 10 or 20 percent off the actual cost.

2. Cooperative stores

Cooperative stores in towns, villages, and cities sell notebooks and stationery at a lower cost in the early school terms. You could save between 5 and 10 percent of the price you might otherwise spend on purchasing elsewhere.

3. Free books and stationery

Ways to Save Money in India

Charitable organizations in India offer gratis notebooks, stationery, and occasionally bags for school to students. It is possible to avail these freebies to make savings.

4. Scholarships

Do your best to prepare for a bright future. Perform well in your classes and receive scholarships that are provided through your institution or any external source. They can help parents pay for costs and other costs.

5. Travel

Students can get discounted travel on government-operated buses, Indian Railways, state-owned and private airlines. You can purchase a train or bus pass for your commute every day to save up to 50 to 75 percent of the cost of transportation.

6. Textbooks used for reference

Opt for textbooks that are used offered by students who go on to a higher grade. But make sure they’re up-to-date and conform entirely to the curriculum. There is a chance to save between 50 and 70 percent of the costs that you’d incur with new textbooks.

7. Lunch and breakfast packed in a bag.

Take the ubiquitous “Tiffin” box to school or college that contains lunch and breakfast at home will help you avoid money by not having to eat in a restaurant or a canteen. The food you make at home is healthier than food from canteens or restaurants.

8. Make money by avoiding midday meals.

If you are enrolled at one of the schools that provide free lunch, make use of the opportunity. Whether you consume food in the facility or not, the state government charges the provider for your meals. Therefore, there’s no reason to give up the food your parents purchased via taxes.

9. Junior bank accounts for junior.

The majority of banks encourage saving for students through particular products for banking. It is possible to open an account to keep a portion of the money you earn. The report also aids in learning the fundamentals of banking.

10. Fitness and health

Maintain your fitness and health by participating in outdoor sports and other physical activities instead of becoming a couch potato in front of the television or glued to computers or smartphones. While enjoying a healthy lifestyle and fitness, you can also reduce the cost of medical treatments required to treat diseases caused by a lack of exercise.

Ideas to save money for teenagers

Teenage is indeed the best time in your life. It is time you are looking to have fun. There should be no financial limitation. There are still several strategies to help students save money, such as purchasing a travel pass, opening an account at a bank, fitness and health, and obtaining scholarships. However, here are additional ideas to assist you in saving money.

11. Make money shopping on the internet.

Remember that online stores provide everything you require, from clothes to cosmetics and smartphones and electronic gadgets. Usually, they are 10 to 25 percent less than shops. Also, look for sales on the internet to save even more money.

12. Save money on Group travel.

When you are a teenager, you’ll be attracted to travel with your friends and classmates. Booking bus, airline, and train tickets for students groups can save you up to 50% off the cost.

13. Youth hostels

As a teenager, you’re eligible to join several international organizations like Hostelling International, Young Men’s Christian Association (YMCA), and Young Women’s Christian Association (YWCA). These memberships will allow you to stay at a low cost when away from home, with a friend, or yourself. At present, YMCA and YWCA don’t have any religious institutions, which means your beliefs do not matter.

14. Share vehicles

One method of building a friendship is sharing rides with your buddies. You could ride your friend’s car or motorbike or just use them as your own. Sharing the cost of fuel is an excellent method for saving money.

15. No substance abuse

Studies across the globe show that teens are more likely to become addicted to alcohol, drugs, tobacco, films, social media, and gambling, as well as sexual. They will take a high cost on your pocket and make you want more. Refraining from these addictive behaviors is beneficial for your mental, physical and financial health.

16. Personal hygiene

One of the primary reasons behind acne, pimples, and other skin issues during the teenage years is poor body hygiene. Instead of spending a lot on costly creams and lotions that have a questionable effect, keep up a high standard of hygiene. It is recommended for women to utilize sanitary pads instead of suffering from an illness that needs costly treatment.

17. Select the right cosmetics

The majority of cosmetics, beauty, and skincare products manufacturers target teens as consumers. Select your products wisely by making sure they are suitable for the type of skin you have. Changes in hormones can hurt your skin as well.

Therefore, a lotion or cream that you like today could become useless a few weeks further. It is possible to purchase smaller packages. This way, you’ll reduce the amount of money you’d otherwise spent on unnecessary cosmetics.

18. Effective time management

As a teenager, you’ll want to complete several things within a couple of hours. Therefore, you’re likely to hurry between locations with cabs or Rickshaws. If you can manage your time effectively and follow the proper schedule, you can save money that you would otherwise be spending on taxis while taking public transportation.

19. Learn how to bargain

Bargaining is an essential skill that you must master as a teenager when buying everything you can from the market. Be aware that most sellers, particularly those who operate on sidewalks, will add the cost when they give the price. Bargaining can help you find the items at the best price while also saving you cash. It’s also crucial knowledge for life.

20. Plan your money for the pocket

Create a budget for the month about the way you’ll spend your money from your wallet. Many apps for mobile phones allow you to set limitations on the amount you spend and the places you spend it. These apps can also help you determine the areas where you can cut back on costs to save money.

How do women working in the home save money?

If you’re a full-time homemaker and working full-time, you have a variety of ways to make savings. Homemakers usually handle the most crucial activities like buying food and cooking and making the family budget. Here are some ideas to save money.

21. Special sales and discounts

The significant stores often have sales that offer regular food items 5 to 10 percent lower than the average price. It is possible to purchase discount items at several stores to save cash. Also, be sure to look out for deals and new products.

Special offers like Buy-1-Get-1-Free and similar offers can save you money if you are vigilant enough to verify the production and expiry dates for the product. The new products are at a lower cost than their established counterparts.

22. Make money using loyalty programs.

Join any loyalty program that is available by the shops where you shop, as well as the banks in which you have an account. Rewards are given when you shop at the shop. They can be exchanged for food items and other things.

Online shopping for groceries and other household necessities can be a great option to save money if free delivery within the home. The loyalty points you earn from banks can help to purchase items for your home. Cooperative stores also sell items with prices that are lower than other stores.

23. Save money on bulk purchases.

Invite your family, neighbors, and acquaintances to form groups and purchase your household necessities in bulk through wholesalers. You could save as much as 5 to 20 percent off your purchases.

In addition, you’ll reduce the cost of transportation since the wholesaler will bring the goods to your home.

24. Electricity charges

Check that all appliances, electronic devices, and lighting in your home are off when they are not being used. Make sure that you set the right temperature in your refrigerator, as they contribute to large amounts of electricity consumption. Also, make sure that the power-consuming electric bulbs are replaced with more miniature energy-consuming fluorescent bulbs and tubes.

25. Pay your bills on time.

All utility and service providers charge a fee for not paying bills by the deadline. The amount varies between Rs.10 to the amount of Rs. 250, based on the service and the provider. In the event of paying in advance, you reduce this penalty. It also improves your credit score with the service provider and prevents unnecessary disconnection and the cost of reconnection.

If there is a disagreement, you have a dispute, bring it to the company’s attention right away. It is a quick and effective way to save substantial money during times of need.

26. Transfer chores

Hiring a domestic helper to perform household chores like cleaning the house, washing the utensils, and doing laundry is acceptable. But, they can are priced between Rs. Three thousand to up to Rs. 5k each month to do an hour of working each day. Instead, you can delegate these chores to your kids and spouse. The money you save could be better used for the entire family. The task of household chores together builds team spirit.

27. Do not waste food.

India is the only country because it wastes much more food than the total people in the UK consume. And this is in a period when 13 % of the world’s population is suffering from hunger, while millions of people are still in poverty. Food waste is the main factor that makes families save less.

You can reduce the cost of thousands of Rupees every year by making a plan for every meal. Cook carefully, making sure that there is nothing left over. Refrigerate leftovers right away and eat them at the earliest chance.

28. Family travel

Make reservations for family travel well in advance. Airlines offer meager prices to those who are early in booking tickets on any route. The prices increase when the date for the trip is near. Trains for long distances get filled up quickly, and you might need to pay more for tickets as part of the “Tatkal” scheme of the Indian Railways. Bus operators use the same rules as airlines. When the family has finalized dates, pre-planning your purchases can help save thousands of Rupees on your vacation.

29. Be sure to keep pests out.

Rodents can cause damage to expensive electronics and furniture, while insects can transmit disease. Their presence can be disgusting and smacks of poor timekeeping skills to guests. Pest control services are accessible at a reasonable cost and are incredibly affordable if you subscribe to an annual maintenance contract. This will allow you to reduce the amount that could otherwise be spent to repair or replace appliances and furniture or treatment.

30. Subscription to savings schemes

A well-known axiom states that Savings minus Income equals expenses. Therefore, sign up for a savings plan that may require you to put funds aside. This can be applied to your earnings as well as those of the whole family. We don’t mean to suggest that you are a slender person or cut corners on minor expenses for the sake of saving.

A well-planned budget and control of expenses can help you create a savings strategy for your family. Pigmy banks, in which representatives visit home each day to collect daily amounts, are a good alternative, provided by a trusted, Public Sector Undertaking (PSU) bank.

Money-saving ideas for men who work

Men who are single and work in general tend to be reticent about financial matters. On the other hand, married men are considered to be the head of the family. Therefore they are bound by a variety of obligations that include financial obligations toward their spouse and children. Whatever your legal status, there are some guidelines to assist you in saving money or increase the value of your Rupee more.

31. Passes for travel/ carpool

If you do not own a car for your company or a fuel allowance from your employer that allows you to drive an automobile to work, reliance on public transportation is likely high. You can cut costs on public transport by purchasing rail and bus passes with longer durations, like three months. They provide savings of 20 percent to 25 percent over monthly tickets. The idea of pooling vehicles is another option to reduce the cost of transportation.

32. Lunches at the office

Additionally, very few people are fortunate to have canteens with subsidized lunches at work. But, workers in small and large cities can avail themselves of “Tiffin” meals from numerous providers to accommodate your preferences. The meals are pretty affordable when compared to dining in restaurants. This also eliminates the burden of carrying a lunchbox whose contents could be spoiled by the time you get to work, which can cause food waste.

33. Home maintenance

As the head of household as a household leader, you can save a significant amount of dollars by paying attention to your house’s plumbing, electrical, and structural issues each week. Making sure that any problems or defects are fixed immediately will help save money. Refraining from setting them could cause the problem to get worse, which can lead to costly repairs.

34. Mobile plans for families

Today, the majority of mobile service providers have unique family plans. That means everyone in your family can enjoy reduced or free calls as well as Internet services for mobiles at the cost of a monthly fixed fee. You could save money on your mobile and Internet costs by signing up for the family plan.

35. Family health insurance

The cost of medical care in India has increased by more than 30% in the last decade. While your family is in good health, it’s a good idea to invest in a health insurance policy. Several Public Sector Undertaking (PSU) banks provide health insurance plans for families and individuals at a bargain price. Take advantage of these insurance plans to protect yourself from unexpected expenses in the event of a medical emergency.

36. Minor credit

A small amount of credit is available from coffee and tea vendors at the workplace; tobacco and cigarette vendors can often result in you spending more than you planned to. In the first place, these companies do not maintain accurate accounts of your consumption, and they charge you based on their estimations. In addition, the lure of minor credit is to encourage us to consume more, regardless of its effect on our health. Refraining from the temptation of little credit is an excellent method to reduce your expenses in India.

37. Ironing

This is an area that can help all men save a lot of dollars. The cost of ironing your family’s clothes in the laundry can be a considerable expense. But, you can cut money by doing this task yourself at least once a week. The couple of 100 Rupees you save could be put to use elsewhere as investments.

38. Home tutoring

For couples with kids, home tutoring is an activity they can do easily. We are talking about children who are in school but not in higher education which requires special training. As a father, you can assist your kids in revising lessons and administer periodic tests. In this way, you will reduce the cost of expensive training classes that kids of parents who work have to attend nowadays.

39. Bill monitoring

Every household gets a multitude of bills each month. As the head of the family, you can examine these bills for errors or mistakes that could lead to you being paid more. It’s pretty typical for electric pipelined gas mobile services and landline companies to charge higher rates due to errors in their billing systems or inaccurate numbers. Reviewing your monthly bills before the payment date will help you reduce your expenses.

40. Clearing liability

Sometimes, we’re forced to take on one or more debts to the table, either in the form of credit and loans for vehicles, homes, or for other reasons. Eliminate these obligations as soon as possible by speeding up your installments if it is possible.

This will allow you to become debt-free faster and have an impressive credit score. Additionally, you could agree to lower interest rates with the lender in exchange for stepping up your payments, which will save you thousands of Rupees that you could have spent over the years.

The most effective strategies to help everyone save on costs

Here are some additional techniques that could help you save money. In addition, you could put this money you save to benefit you on the market for stocks, savings schemes, or any other hedged investment.

41. Do not use credit card debt.

A credit card is subject to what’s known as an annual membership fee, which could range between Rs.200 to Rs.2 12,000 per year. Certain banks will waive the first year’s membership for all members. Credit card purchases are acceptable, but you must pay for the entire amount. You can pay around 10 percent of your spent amount each month.

But, the amount that is not paid will be charged interest which can reach up to 28-30 percent annually. The interest paid from the credit card company this month can also result in more interest in the next month.

This means that you could be paying more in interest than what you paid for the credit. Credit cards are known for sending perfectly rational shoppers on shopping sprees.

42. Remove rubbish

Every household is littered with junk, including old clothing and newspapers, broken furniture, broken furniture, appliances that aren’t repairable, scrap metal, and more. Make sure you dispose of it frequently. It’s going to cost you a couple of Rupees. You can donate it at no cost or dispose of it in a garbage can. In the long run, keeping junk in your home could be costly.

It’s an excellent habitat for rodents, insects, and disease-causing microbes, all as well as removing the house of its neat and attractive appearance. It also helps to avoid expenses for accidental injuries and health problems caused by household waste.

43. Socialize responsibly

Choose the circle of people you and your family would like to spend time with. Becoming friendly with those who are wealthy could make you spend more money to be their comrades. However, poor people may attempt to borrow money from you, which they’ll never pay back. In both instances, you’ll are losing money. Be aware that adults and males are equally susceptible to falling victim to addictions, should you be unfortunate enough to be around the wrong people.

44. Discount vouchers/Cashback

Online stores and physical stores can offer discounts to spend a specific amount. These coupons are available and deal at CouponWaale. You can avail of these discount vouchers and cashback coupons to redeem to purchase future purchases. They could help you save as much as 50 % of the cost when you next shop.

45. Cash withdrawals

If you already have an account at a bank, Here are some suggestions to save money. Be familiar with the bank’s guidelines for using debit cards at Point-of-Sale machines, online transactions as well as ATMs at other banks.

It is best to know their general policy on cash withdrawal. Some banks only allow five withdrawals per month regardless of whether you shop at the POS, online, or ATMs in other banks or pay with a cheque.

Some banks allow five free withdrawals from different ATMs at banks, while subsequent withdrawals are subject to a fee. Certain banks will also charge over five transactions using their ATMs. The cost can range between the amount of Rs.18 to Rs.25, depending on the transaction.

46. Check for that you have a minimum balance.

These days, banks are pretty inflexible regarding the minimum balance to keep on your account. If your credit is lower than the minimum amount required for any reason, not including fees imposed by the bank – you’ll be charged the amount as a penalty.

Naturally, the bank will send you an email or SMS alert to sign up for the program. Be sure to keep your minimum balance and keep the money. If not, you could risk losing up to Rs.10 per day up to Rs.75 monthly, contingent on the bank, should your minimum balance fall.

47. Tax savings

The Indian government has a wide range of programs that help people reduce their income tax. They include the investment in post savings plans as well as insurance policies and many more.

Consult with a knowledgeable Chartered Accountant about which schemes you can take advantage of to reduce the amount you would usually be repaid in tax. Most tax-saving investments pay a decent rate of return.

48. List of items to buy

It’s a good idea to ask each member of your family if they require any specific items before shopping. Also, make a list of all the necessities and household needs you have and create a list of the expected usage. This will save you cash that could otherwise be used to buy random items based on your mind’s whims.

49. Maintenance of the vehicle

One area where you can save a lot of dollars is maintaining your four-wheeler, two-wheeler, or two-wheeler. Make sure you replace the engine oil and filter regularly as recommended by the maker.

Keep the tires in good shape and at the correct pressure. This will help save fuel. Make sure you maintain your brakes, gears, and steering as they will keep any accident from happening.

50. Restaurants and bars

Naturally, you must sometimes enjoy a night out with family or acquaintances at the bar or in a restaurant. However, most restaurants and bars don’t specify the taxes they will be charging on the invoice.

The situation has gotten worse since the introduction of the Goods and Services Tax (GST) by the Central government and localized versions administered by state governments. There are many problems related to GST taxes imposed on restaurants that remain unclear.

Before you dine out, be sure to know what taxes and costs the bar or restaurant is liable to. There have been instances where taxes and service fees were close to 30% of the total price of drinks and food.

Strategies to save money for retired or Senior Citizens

If you’re fortunate enough to receive pensions, saving for retirement or in senior years could sound strange. But, it is equally crucial for the elderly and retirees regardless of how much wealth they’ve accumulated or earned through pensions or other sources.

We have five easy tips for retired and seniors to save money while still having a good time living. To save money when you retire or become a senior citizen, use any rebates and discounts on current tax rates in India.

51. Health insurance is a must.

The best time to purchase health insurance is when you are working. In this way, you will have a plan that will cover any sudden illness typical of a disease. We suggest purchasing health or medical insurance before retirement because most insurers don’t offer insurance to those over.

Each insurer has a specific age limit, after which they do not offer health insurance policies. Your insurance policy should be in force for three years old or more to protect against more illnesses.

It’s a good thing that these days, many insurers offer medical insurance for older people. Health insurance with cashless protection protects you from spending hard-earned money or dipping into your savings for the rest of your life.

52. Never change your location.

Many people believe that moving to your hometown town or village will save them money and provide a more relaxed retirement lifestyle. It is not valid. First, moving away from the city or city that you’ve worked in involves purchasing a house.

Even if you have an ancestral home or house, the cost of moving can be costly. In addition, moving means saying goodbye to your old acquaintances, colleagues, and family.

Making new acquaintances and friends is a lengthy process that also comes with a cost. It also makes you vulnerable to crimes against older people in these places and could get ripped off of money or valuables.

53. Buy Holiday Savings Plan

As a retiree is an excellent opportunity to explore and travel to various locations in your free time. Traveling for holidays can cost quite a bit of dollars. In recent years, lots of travel agencies and banks have introduced holiday savings programs.

That means your investment into a vacation package and pay it over 6 to 12 months. When you have paid the final installment, you can use the box for travel and holiday.

The money you invest in these plans will attract interest. This means you’ll pay less for the dream vacation you’ve always wanted to take.

54. Post Office Saving Schemes

India Post offers two excellent savings plans for retirees: Senior Citizens Saving Scheme (SCSS) and Monthly Income Scheme (MIS). While SCSS offers a lock-in time that is five years long, the scheme also gives you a fantastic interest rate, which is 8.3 percent compounded annual interest.

This means that the money you earn in retirement funds from the company you work for is working for you. Another method to make your retirement savings or benefits your benefit is to consider making investments in India Post’s monthly Income Scheme (MIS), which has enormous benefits.

A single investor can put down a maximum amount of Rs.450,000 within the scheme or Rs.900,000 when you add your spouse or children to the same account.

At an average of 7.5 percent per year, that is a monthly salary from the postal office direct in your savings account. You can also invest the same amount in Recurring Deposit accounts via direct debit.

  1. Avail Senior Citizen benefits

The majority of Indian state provides a variety of benefits for seniors. These include discounts on public transport buses as well as those run by municipal organizations. In addition, you can enjoy great discounts on railway and airline tickets, medical costs in government hospitals, and lots more.

Certain states such as Goa offer a monthly retirement of Rs.2,000 for women over 58 and men aged 60 years or more. These benefits can only be availed if you are a senior citizen and you register at the appropriate department of the state government. You must also get the Senior Citizen card that is at no cost.

Our suggestion

As we mentioned earlier, the 50 suggestions for saving money in India are an excellent resource for anyone of any age. They are widespread across all. In all honesty, we all wish to live a peaceful and enjoyable life free of associated financial problems.

The ideas listed are designed to provide you with methods and ways to help you save your hard-earned money. The money you save could be used to fund an investment that is right for you.

In closing the discussion, let us not forget one other important aspect. Ensure to read the fine print on coupons, vouchers or bank accounts, insurance forms, terms and conditions, and other terms and conditions in detail. It is not uncommon for retailers and service providers in India to write negative information in the fine print. They then apply it to the consumer.

Indian government’s assistance

The good news is that government officials from the Indian government have created two websites for Indian citizens. These portals allow consumers can file grievances with any company or service provider. The first is for public grievances and the other for complaints from consumers. Be aware of the laws governing consumer protection to reduce the cost of your daily routine.

These were the 55 Ways to save money in India to get more money-saving strategies, be sure to check back regularly.


Write A Comment