Whether you live from pay cheque to pay cheque or live life king-size, saving money is always on the checklist.
Here are a few practical money-saving hacks that help you save more.
#1: Carpool or use public transport
With ever increasing fuel prices and vehicles that give poor mileage, daily commute has become a problem for most people. Carpooling or using public transport is one of the most understated ways of saving money. It cuts down on conveyance cost to a great extent.
You also get to avoid driving in traffic jams. As an environment-friendly option, it will also give you a feel good factor.
Expert tip: Make use of radio cabs who offer huge discounts. Sometimes, they can work out to be cheaper than auto rickshaws.
#2: Research offline but shop online
Online shopping is a great way to save money. From booking movie tickets to purchasing grocery, you get great deals online for just about everything. To save money, you can check out the product in an offline store and then find the best deal online.
Expert tip: Not everything is cheaper online. While doing your research offline, make it a point to note the price of products and compare it to online prices.
#3: Buy from wholesale outlets
Wholesale stores are a great way to get a good bargain. Instead of buying from regular retail stores, look for the company outlets of the specific brand you are looking for.
Expert tip: Purchase non-perishable goods in bulk from wholesale outlets. You can get an even deeper discounts for bulk purchases.
#4: Buy and sell used goods
Buying and selling used items like furniture, books, electronics or appliances is a great way to reuse, recycle, and save money. You can use online websites and groups that allow you to sell and buy used goods online.
So don’t throw away that futon when shifting to a smaller space. Instead, sell it online. If you need a temporary replacement for your broken laptop, buy a second-hand model and save big.
Expert tip: Cross post your product for sale/purchase across various portals like OLX, Quickr, Sulekha etc. for maximum exposure. There are also groups like Second 2 none on Facebook that lets you buy/sell second-hand goods.
#5: Sign up for loyalty cards
Loyalty cards are a great way to save money. Whether you want to save on fuel purchases or want a discount on your next movie ticket purchase, loyalty cards can help you save money.
Expert tip: Before applying for a credit card with loyalty points, figure out what kind of discounts would you like based on your spending behavior and apply for a card that rewards you for the same.
#6: Get a cash back credit card
Get cash back and save by using your credit / debit card. This type of credit / debit card gives you a percentage of your purchases in cash. You can easily get 5 to 10% cash back on every transaction like purchasing movie tickets to paying phone and utility bills subject to a maximum limit per transaction.
Expert tip: Before taking up a credit card thinking you can save money, read the fine print. Understand how the cash backs are credited. Some cards give you real cash which can be set off against your credit card bill while some only give you cash back points which can be redeemed against the card company’s online store.
#7: A penny saved is a penny earned
Saving money is as important as earning it. Spending is necessary but only on those things that matter the most. Earning more will count only if you know how to control your spending. Whether it means turning off your car while waiting at the signal, switching off lights when not in use, or adding loose change to a piggy bank, every penny that you save will add up to money you have earned.
Expert tip: For investment goals above 5 years, invest in equity-linked instruments and for a;shorter time frame (less than 5 years), choose debt. Invest in assets that give you inflation beating returns after tax (inflation in India is roughly 8-9%).