101 Easy & Smart Ways to Save Money in India 2020

What is the first thing that happens when you get your salary?

Buzzzzz.. You get an SMS that your salary has been credited into your account. And what is the next thing that happens?

Buzzzz Buzzz Buzzz.. A couple of more SMSs for the pending payments of credit card bill, mobile bill, electricity bill, Home loan EMI, Car loan EMI – and your salary disappears in a few days.

I understand, we can not avoid the essential expenses but we can optimize the way we spend our money.

You may be smarter than me. You might have figured out ways to save money on every transaction that you make on your shopping.

I can share my own hacks that I have been applying to save money in my life without compromising the lifestyle that I wanted to live. I am not going to give you advice on cutting your expenses to kill your desires. Why do we earn if we can’t live a decent life? We must spend our money on our lives.

Sharing with you the money-saving tips that I follow in my regular life.

Best Ways To Save Money Online In India 2020

#1. Use Credit Card & Save Money

Whatever may be your monthly shopping budget, you can save in between Rs 100 – Rs 500 per month when you pay using credit cards.

You can save up to 5% using cashback credit cards on grocery & decent amounts on fuel purchase with the best credit card for fuel. You can save up to 20% on dining and movie ticket booking with credit cards.

Credit cards are the only loan that allows you to earn interest, this happens when you pay your bills using the card and keep the cash into your bank account.

#2. Use Coupons

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

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

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

#3. Shop On The First Day Of Sale

On the launch day, companies try to attract buyers with discounts and best offers for their new products. The idea is to test the market response for the new product, gain visibility and highlight the brand.

The discounts can be in the range of 20% to 40% on the new products. Meaning you can save Rs. 2000 to Rs. 4000 of purchase for Rs. 10000 and get quality products by shopping on the first day of the sale.

#4. Track Price Of Your Products

You can save at least Rs. 1000 to Rs. 2000, especially on the electronics products when you track their prices for some time instead of outright purchase.  

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

For example, you can check the 3-month price of LG 1.5 Ton AC on Price History. 

You can also use Chrome extensions like Buyhatke, which helps you compare prices, create a watchlist and set price drop alerts. 

#5. 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 in the range of 5% to 20% and the best product offers (like buy one get one free) during the sale period that you can take advantage of.

If possible, you should postpone your shopping and wait for the sale period to save money. 

#6. Ask For Annual Fees Waiver

Credit card companies charge an annual fee that can be waived off for loyal customers that have a certain amount of card spend.

The annual charges range from Rs. 500 to Rs. 5000 depending on your credit card type. A normal credit card will have a lower annual fee whereas the premium credit cards have annual fees in thousands of rupees.

A simple request to your credit card company or using reward points can help you save the annual fees levied on your credit card.

If you need then here is a list of ZERO annual fee credit cards in India.

#7. 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 when you use their online bill payment or ECS (Electronic Clearing Service) facility. For example, 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. 

How To Save Money On Shopping Online In India 

#8. Use Credit Cards With Shopping Benefits

Online shopping credit cards offer higher rewards, discounts, cashback and better deals for shopping on specific e-commerce sites like Amazon, Flipkart and Myntra.

For example, you can use SBI Simply Click Credit Card that offers 10X rewards points for online shopping on Amazon, Cleartrip, Food Panda, BookMyShow, UrbanClap and Lenskart.  

#9. Compare Prices 

You can compare prices, to know about the lowest price on a piece of particular home equipment before you buy on all the top shopping sites in India. 

You can use tools like Makkhi Choose that automatically show the price of the same product on all websites at the same time. Makkhi Choose also alerts when the price drops and applies coupons automatically.

#10. Shop At Cashback Websites

You get additional benefits like vouchers, coupons, discounts and cashback when you shop at cashback websites. You can use the vouchers and coupons for further shopping. 

The cashback websites help you save Rs. 100 to Rs. 300 in additional benefits when you shop through their links. Examples of cashback websites are CashKaro, Magic Pin and Gopaisa.

#11. Use Payment Wallets

While shopping online you can use payment wallets like Paytm, Mobikwik, PhonePe, Freecharge, PayU to get additional discounts and cashback. 

You can get a flat cashback of Rs. 50 or discount up to 10% on wallet use.

Payment wallets offer effortless, quick bill payment and online purchase solutions. The wallets have options to manage & apply coupons, discounts and cashback. 

#12. Use Interest-Free EMI

Instead of taking a costly consumer goods loan, you can use the interest-free EMI offered by credit cards to save money.

Almost all the best shopping credit cards come with an interest-free EMI scheme that helps you save on interest costs. 

A 12% simple interest on a consumer loan for six months on Rs. 10,000 comes to Rs. 600 that you can save when you opt for interest-free EMI. 

For example, SBI Simply Save credit card offers an interest-free EMI option. You just need to shop online and then use the option to convert the purchase amount into EMIs. 

#13. Use Free Shipping

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

You can save money by shopping on a big website like Amazon where shipping charges are free on total purchase of Rs. 499 and above.

Remember, while comparing the product price, you also need to compare the shipping charges to save money.

#14. Use Site Cards

Big e-commerce sites offer their own cards that help you get more savings and a quick checkout process.

For example, Amazon in association with ICICI Bank offers Amazon Pay Credit Card that offers Amazon Prime members earn 5% back while shopping on Amazon. While non-prime members earn 3% back.

Additional benefits include – unlimited earnings with no expiry date and no joining or annual fees charged on the card. 

How To Save Money Each Month From Salary In India

#15. Saving Money From Income Tax

Everyone wants to earn more but the sad part is that no one wants to pay income taxes.

You can save money by investing in ELSS, PPF, NPS, NSC, LIC premiums and 5 years FD with banks & post offices monthly in order to save income tax. 

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

Don’t listen to the investment agent from a bank who will try to sell you an insurance policy on the name of income tax saving. That is because investment and insurance are different products with different goals. 

You can use my list of 33 ways to save income tax in a legitimate way.

#16. Save On Fuel Cost By Using Public Transport

You need to pay for petrol charges (Rs. 74 per liter), interest charges around 9% (if you bought a car on EMI), Insurance (17,000+ depending on the car model and cubic capacity). 

Suppose, if you are traveling 20 km to the office every day using your own car then the petrol cost comes to 20 kms x 2 (going and coming back) x Rs. 74 (petrol price) x 25 (days) / 20 km per litre mileage = Rs. 3,700 per month.

Apart from that, you need to pay service and maintenance charges, car wear & tear and also account for depreciation.  

The overall cost of keeping a car is very high. Instead of owning a car, you can use public transport like metro or AC bus.

For example, if you use an AC bus to travel which costs around Rs.50 per ticket then the monthly cost will be Rs. 50 (ticket price) x 2 (going and coming back) x 25 (days) = Rs. 2500 per month. This way you can save Rs. 1200 per month. 

If you have an office colleague then you can save fuel cost by using his car and yours on alternate days to travel to the office. This will reduce your petrol bill to half.   

#17. Plan For Gifts On Birthdays & Anniversaries 

Birthdays and anniversaries of spouses, children and family members are events where you are bound to give gifts and spend on small parties.

Instead of waiting for the occasion, you can plan ahead for the gift and expenses and keep an amount (like Rs. 5000 to Rs. 8000) separately in a bank account. 

You can buy a gift when the price is down or in a discount sale during the festival season instead of doing last-minute gift shopping. 

Till the time your money is in the bank account, it will earn you a small interest.

#18. Prepay Outstanding Loans

Whenever you get an increment, bonus, or a pay hike, use the additional money to pay off your existing housing loan, car loan, personal, or other existing loans, if any. 

Paying off the loan will save you from paying the interest and help you close the debt early. 

The debt-free status gives you the opportunity to invest and grow your money by using long term money growing options like mutual funds and share market investments. 

#19. Check Your Company Benefits

You may be surprised to know that your company may provide for expenses like meal coupons, examination fees for higher education and membership fees for professional bodies like CA & CS.

Some companies even pay for your newspaper bills, club membership, monthly gym fees, sporting event passes, and for community events. 

The amount of benefits range from Rs. 2,000 and above depending on the company and the HR policies.

You need to check all the benefits that your company provides but you are not using it. You can save money when you avail of those benefits from the company rather than paying from your own pocket. 

How To Save Money On Travel in 2020

#20. Avoid Frequent Fare Searching

Online travel portals track your search data using cookies and increase the fares accordingly.  This is the reason you should avoid multiple searches while booking air ticket price as prices jump when you check multiple times.

To avoid such a situation you can use the incognito mode in Google while searching for air tickets. Activate incognito mode by pressing Ctrl + Shift +N. 

When you use incognito mode, your travel search data is not visible to the online travel website. They do not know about your travel plans and they do not increase the fares. You save money when you book the ticket at a lower price.

#21. Make Online Booking For Travel & Accommodation 

We all know that travel ticket & hotel booking using travel credit cards earns you higher rewards points. 

But, you might not be aware that you can combine credit cards, payment wallets and discount codes to get double or triple the discount.

I hacked my foreign travel to Thailand by booking accommodation on Airbnb and tickets through Cleartrip + discount code + 1% wallet discount + 1% rewards on the credit card.

Effectively reducing the overall cost of a 50 days family vacation in Thailand to rupees 1,42,800 only.

#22. Redeem Air Miles To Book Tickets

If you fly frequently then do not forget to collect air miles or reward points for your air travel. You also get bonus air miles when you sign-up for new airline co-branded credit cards. 

Other places from where you can collect air miles are 

• While flying on partner/ member airlines
• Dining at specific hotels
• Airline sponsored online shopping portals

The air miles collected over a period of time can be redeemed to book free air tickets instead of paying money. This way you can save Rs. 3000 and above depending on the cost of the ticket. 

#23. Book Tickets 3-months In Advance To Skip Dynamic Pricing

If you have a confirmed plan to travel, then you should book air/ train tickets as early as possible to avoid rising dynamic pricing and take advantage of promotion tickets.

Ticket prices tend to rise sharply a few weeks before your travel date. Generally, you may find a reasonably priced ticket when you book three months in advance. 

You can get a Delhi – Mumbai flight for Rs. 2500 when you book three months in advance as compared to Rs. 6500+ fare in the last week of travel. 

If it is not urgent then try to avoid weekend flights that tend to be more expensive than the midweek airfares. 

#24. Use Airbnb Instead Of A Costly Hotel

Decent accommodation worldwide can be found on Airbnb at a fraction of the price that you might pay at a high-end hotel. Airbnb accommodation can cost you Rs. 900 for a single room whereas a single day’s stay at a 3-star hotel will cost you around Rs. 2200.

If you are staying for less than a day or for longer periods then you should check out Airbnb prices near your visiting place.

#25. Check Multiple Apps For Cab Booking

While booking a cab within a city or nearby places check ride fares on multiple apps (like Uber and Ola). 

If you are traveling abroad, then search for 2 – 3 cab websites and apps to check the fares. 

You may be surprised to find that sometimes the one app shows a lower price for the same route than the other app. This is because the demand for the cab is lower at that point of time for the given route.

Book the cab that offers a better price for your route.

#26. Keep Basic Cooking Ingredients 

The hack is for people on vacation and traveling for more than a week. 

You can carry a few basic cooking ingredients like salt, sugar, turmeric & coriander powder, tea bags, condensed milk, square butter and spices that help you prepare tea and simple meals.  

You can save Rs. 500 to Rs. 1000 for one time if you can prepare a day’s meals instead of ordering from the nearby restaurant.  

How To Save Money On Wedding 

#27. Hire A Wedding Planner

Hiring a wedding planner may seem like adding to the marriage cost against saving money. 

But, let me tell you that an experienced wedding planner knows places where you can shop for gold, jewelry, sweets, food materials and clothes at cheap prices.

So, if you are paying Rs. 50,000 to the wedding planner, then they would help you save more than Rs. 1 Lakh with their Jugads.

They will also help you find an affordable venue and other things like DJ, decorators, catering, cars and bus for ferrying baratis.  

#28. Save On DJ 

Ear blasting DJ music in marriage is a madness which costs Rs. 25,000 and above (depending on the city). Rather you can opt for soft music.    

If you really want to keep DJ then one thing that you can do is to get your friends to play the music instead of hiring a themed DJ that costs you more than Rs. 50,000.

#29. Narrow Down The Guest List

I would love to have a marriage ceremony only with close relatives rather than showing off to a large audience. This will help you spend less and enjoy more.

If you do not believe in showing off, then you can invite a few guests and enjoy great hospitality instead of having a broad audience with average hospitality.

For example, if the per plate cost is Rs. 2000 then even reducing 40 to 50 persons from both sides will help you save Rs. 80,000 to 1 Lakh on the wedding.

#30. Alternate Marriage Venue

Dedicated marriage gardens and palaces are very costly because you have to buy everything in venue packages that includes lighting, sound, stage decoration and even the catering. 

People waste a lot of money on such marriage venues. You can save at least Rs. 50,000 to Rs. 1 Lakh on the venue if you can find a decent 

• Community hall
• Farm-house 
• Nearby playground 

#31. Cut Cost Of Photography

Nowadays clicking photos and videos on smartphones is a rage. Traditional photographs and video albums are hardly viewed after a year of marriage. They lay in some corner of the cupboard- collecting dust.

Instead of hiring a photographer, who will charge you Rs. 20,000 to Rs. 30,000, (this goes higher if you hire a professional photographer), you can look for photographers from your relatives & friend circle.

You can even hire a few photography students who will do a better job at less price.

#32. Avoid Weekends

Demand for marriage venues on weekends is more because most of the people (friends) do not have to take leave for attending the marriage. This increases the prices of marriage venue, sound and lighting systems.

But, this is not good advice for the job going people. However, if you are yet to start a job or do not have a friend circle of job-doing friends then you should plan your marriage on any day except Saturday and Sundays.

#33. Get Sweets Prepared At Home

Sweets are an integral part of Indian marriage, you need them at every event (rasam). You can save the sweet cost by hiring a sweet maker and providing him the essential raw materials to get the sweets prepared at home. 

If you are saving Rs. 300 to Rs. 400 per box and your requirement is for 100 boxes then getting sweets prepared at home can save you Rs. 30,000 to Rs. 40,000 on sweets only.

#34. Get All The Events Done At Single Venue

Trust me, you can save at least Rs. 50,000 and the trouble of moving to different venues, if you celebrate all events at a single venue.

For example, instead of booking a banquet hall for Mehandi (cost Rs. 70,000 and above) and marriage garden for the wedding (Rs. 2 – 4 Lakhs), you can book a single venue that provides all the facilities.  

You do not have to move people and materials all the time from one venue to another when you choose a single location. This will help you enjoy marriage rather than worrying about arrangements at different venues.

Best Investment Money Saving Tips in India 2020

#35. Use Discount Brokerage House

If you like to do your own research then you should use a discount brokerage house for your stock trading needs. 

Discount brokers charge a flat Rs. 20 or less (irrespective of the trading volume) for every executed trade. This is a fraction of the percentage-based brokerage fees charged by full-service stockbrokers. 

Zerodha, Upstox and 5paisa are top discount brokers where you can open a trading account. 

#36. Diversify Your Investment Portfolio

Government employees obsessively invest in LIC or bank fixed deposits only. Whereas, corporate employees working in IT companies invest most of their money into mutual funds.

Actually, you can save money by investing in multiple investment plans, in other words diversifying your portfolio by distributing your money in Fixed Deposits, PPF, Bonds, ELSS, Mutual Funds and Equity Market investment.

Diversifying reduces the risk and saves you in case of lower returns from a single asset.

#37. Use Sweep In Account

Rather than keeping money in a normal savings bank account that gives you 3.5% interest, you can use a sweep-in-account to earn additional money. 

The excess money lying in your savings account over a specified level gets invested automatically into a fixed deposit with a higher rate of interest.  

Overall, you get to earn 2% to 2.5% higher interest on your sweep-in-accounts.

#38. Cash Gifts On Marriage Are Non-taxable Income

The good news for Indian newly wedded couples is that Income tax rules exempt taxes on gifts received on your marriage.

You are not liable to pay any tax on gifts received in any form like Cash, Cheque or Materials on the occasion of your marriage whatever be the amount. 

Check out – Best demat account in India 2020

#39. Open HUF Account

A HUF account is a hidden benefit that helps you save a lot of tax. Most of the people either do not know or ignore this. 

As per Indian Tax & Marriage laws – any Hindu, Sikh, and Jain families can open a Hindu Undivided Family account that is treated as a separate entity. 

You just have to apply for a PAN card and open a separate bank account in the name of HUF. 

Any income other than your regular salary can be deposited into the HUF account, and you will get the same tax benefits as an individual account. 

For example,  if you have an income of Rs. 10 Lakhs from salary and Rs. 5 Lakhs from freelancing, consulting, or rents, then you can deposit Rs. 5 lakhs in your HUF account.

In this manner, you will not pay tax on total income of Rs. 15 Lakhs but you will get tax benefits of two separate persons – 

• A HUF with an income of Rs. 5 Lakhs and 
• Individuals with an income of Rs. 10 Lakhs.

#40. Cancel Unused Club Memberships

If you are not using membership benefits of your association with a local club, gym, or professional bodies then you can save money by canceling such membership. You can save Rs. 1000 to Rs. 1500 on canceling your club membership.

Remember, you can always renew the membership at a later date if you find that you are actually missing it.

#41. Ask For Waiver Of Processing Fees

Banks and financial institutions levy Rs. 500 to 1% of the loan amount as processing fees when you make any loans and investment applications.

If you are an old customer with a good financial relationship then you can ask for a waiver of processing fees. This way you will be able to lower your overall borrowing or investment costs.

#42. Pay All Your Outstanding Dues On Time

Be it a housing loan EMI or credit card dues, set up a reminder in your calendar to make sure you pay all the outstanding dues on time. 

Do not pay any late fees or penal interest from your pocket on your loan accounts. 

#43. File You Own IT Returns Online 

Calculation of income tax to be paid is not that complicated if you are a salaried person or have rent receipts and investment income at the most.

You can keep a record of all your investments & rental income. This will help you prepare your IT returns and then you can file on your own online without the help of a tax consultant or CA. 

CA’s charge from Rs. 800 to Rs. 2000 for filing online IT returns depending on the complexity and income sources. You can save that amount of money by filing IT returns online on the Income Tax portal. 

#44. Maintain Good Credit History

Keeping other factors the same, the rate of interest on your personal loan is directly dependent on your credit score. Higher the credit score lower will be your interest cost. 

To maintain a good credit history, make sure that you pay your outstanding dues and EMIs well before the due date. Keep on checking your credit record on a regular basis to be sure that all the information reflected on the credit score is accurate.

How To Save Money On Insurance in India 2020

#45. Buy New Insurance Policy Online

When you buy insurance online you avoid paying your agent the fees (that range from Rs. 500 to Rs. 1000) for suggesting and helping with buying an insurance policy.

Apart from that, online wallets like Paytm and websites like Coupon Dunia give you a discount, cashback and promo codes on the payment of premium amount through their portal.  

Thus buying insurance online will save you more than Rs. 1000 when compared to physical application. 

#46. Buy A Health Insurance Policy

You need to pay the insurance premium every year. But in case of emergency hospitalization, the insurance policy comes to rescue and saves you from paying huge hospital and medical bills.

My dear friend, it’s better to spend Rs. 10,000 per year on the premium of a health insurance plan rather than paying a big money on medical treatment.

Diseases and accidents come without an invitation. You may save a couple of lakh of rupees on hospital expenses in case of an emergency. If you want, then here is the list of Top Health Insurance Companies In India.

#47. Renew And Pay Insurance Premium Online

Use your credit card and online payment apps to save higher reward points and cashback.  

For example, when you use ICICI Bank credit card you will earn 3X Payback points on Rs. 100 spent on insurance premium payments. But you need to register with the ICICI credit card to avail the offer.

#48. Switch To Term Life Insurance

Term life insurance provides a higher amount of sum insured with the least amount of premium when compared to the endowment plans for the same policy period. On average, your endowment policy gives you a 3% – 4% return.   

If you’re stuck in an expensive endowment policy, then you can switch to a cheaper term insurance policy. 

When you switch you save money by paying a lesser premium amount, or you can invest the premium difference (premium of endowment plan – the premium of term insurance) in mutual funds and stocks that will yield you higher returns.

However, in case of term insurance, if you outlive the policy period then you are not covered after the term gets over. 

#49. Compare Before Your Select Car Insurance

Use websites like Policybazaar and Coverfox to compare available car insurance policies so that you get a better deal. 

Do your own due diligence to find out the cheap car insurance policy suitable for your vehicle. 

#50. Buy Multi-year Motor Policy

Opt for a multi-year (3-year) comprehensive car or bike insurance policy instead of a single year car insurance policy and save 20% to 40% on the premiums.

When you opt for a multi-year motor policy you are protected from any insurance price hike and keep away from the hassle of renewing the policy each year.

How To Save Money As Teenager in India 2020

#51. Avoid The Buy 2 Get 1 Free Offer

If your favorite pair of  jeans originally costs you Rs. 1000 then you buy 3 pairs of jeans for Rs. 2000, which means Rs. 667 for each pair of jeans.

You just got a 33% discount, but you bought more number of jeans than what you need. I would rather pick a pair of jeans with less discount and buy only one pair of jeans if that is my requirement.

The buy 2 get 1 free offer is tempting. You do not realize that you are spending double the amount than you are supposed to spend before going to purchase.

#52. Make Your Own Gifts

Handmade personalized gift items cost you a minimum of Rs. 1000 when you purchase from the gift shops. 

You can save money if you buy raw materials and create your own handmade gift. Your personal touch will make your gift invaluable.

You can make pen holders, candles, fresh-baked bread or cookies, handbags and several other things using materials at home.

#53. Declutter To Earn Some Cash

In good times we usually buy things which we don’t need on a priority basis. You can check things you have bought in the last six months and not used, like guitar, showpiece, calculator, blazers, video games and music DVDs.

Ask yourself whether you really need that item? Or is it just a showpiece.

You can sell some of your things which you are sure that you will not need in the near future. You can sell such stuff on OLX or eBay and declutter your room to look clean and minimalistic.

#54. Try Generic Local Brands

For your regular use, you can try out the locally produced generic branded products and save Rs. 500 to Rs. 1000, instead of buying a premium brand. 

For example, shoes, clothes, sweets and groceries. You can purchase a local namkeen which is freshly made instead of branded Haldiram products which will cost you more. 

Most of the time, the only difference between both of them is the marketing of products. The premium products have an attached marketing cost making them dearer than the local products. 

#55. Cancel Magazine Subscriptions

If you find too many books lying unread on your table or Kindle App, then it is time to think about your magazine/ bookstore/ library subscription.

You are simply paying the subscription amount without using it. You can save Rs. 200 to Rs. 500 by canceling such subscriptions.

#56. Travel In Group To Save Money

The hack is applicable when you are moving out with friends for a trip or a vacation. Booking travel tickets, doing hotel reservations in the group helps you save money as compared to individual bookings.

You can bargain for a 20% to 25% discount while booking hotel rooms and also when you are looking for a cab for sightseeing. This way you can easily save Rs. 3000 to Rs. 7000 on your trip.

You can also use your student pass and avail 50% discount for train travels tickets.

#57. Stay In Hostel Than PG Accommodation

Teenagers can save money by staying in hostels than opting for a PG (Paying Guest) accommodation. 

PG accommodation in metro cities costs you Rs. 10,000 and above depending on the locality and the nearby amenities like school, hospitals, ATMs and railway station. Whereas, a hostel room would cost you just Rs. 2500 per person.  

#58. Learn To Bargain

Teenagers have a limited amount of money in their pockets. That makes it important that you learn to bargain while buying anything from the market.

Bargaining will help you get the products at the right price while saving money. Bargaining is also an essential life skill that helps you save money.

#59. Budget Your Pocket Money

Making a budget gives control over the money you have. It helps you prioritize and enjoy life even with a lesser amount of pocket money.

Creating a budget will curb you from making unnecessary buying and help you understand the value of money.

How To Save Money As a Student in India 2020

#60. Use Old Books 

In colleges and universities, you are not bound to use a particular subject book, there are many books on a single subject. 

Instead of buying new books, you can save Rs. 1500 to Rs. 2000 by borrowing old books, drawing instruments and unused materials from friends and seniors that they may not need anymore.

#61. Swap Music & Games DVDs 

You can swap games and music CDs, and DVDs that you’ve used and got bored at your local DVD rental shop or with friends. 

This will help you to get the new DVD’s and save Rs. 100 to Rs. 300 money instead of purchasing a new game or music from the shop. 

#62. Back-To-School Sales

Back-to-school sales are a special sale duration offering discounts on products used by students. The back-to-school sale offers a 10% to 50% discount on stationery items, laptops, PC’s, school bags, lunch boxes and water bottles. 

Amazon, D’Mart, Lenovo, Dell and Big Bazaar organize back to school sales a week prior to school re-opening.  

#63. Scholarships

Scholarships help your parents save on fees and other expenses when you excel in your academics. 

This way you can support your studies and reduce the overall cost of education.

#64. Travel

Students get discounts on state bus transport services, Indian Railways and airlines. 

Whenever you travel you can buy a bus or train pass for your daily commute and save as much as 50% concession on travel tickets.

#65. Carry Breakfast And Lunch

Students can save at least Rs. 20 to Rs. 50 per day if you do not use the school canteen or restaurant for lunch and snacks. 

Carry healthy homemade food every day in your lunch boxes that are 100% more fresh, cheap and healthy than the outside food. 

#66. Use Library To The Fullest

Nowadays the library has gone hi-tech. You can use the internet, check out CDs, newspapers and even learn foreign languages. Using the library will save you Rs. 300 to Rs. 500 every month depending on what activity you pursue. 

All the facilities are included in your library fees which is a lot lower than what you will get outside. 

#67. Get A Roommate To Share Rent

If you are living in a rental room outside of the hostel then you can look for a roommate and share your room rent.

Having a roommate will give you a company and reduce your rent by 50% if you have one roommate. If it is a 3-BHK flat then you can have 3-4 roommates and share the rent equally. 

You can also look for PG (paying guest) accommodation to lower your accommodation cost instead of staying alone in a whole apartment. 

#68. Take Online Tutions

If you have spare time, then you can utilize the time by taking online tuition. Online tuitions will support your expenses and also help you understand the subject better. 

This way you can get Rs. 1000 to Rs. 2000 every month.

How To Save Money At Home Tips in India 2020

#69. Switch To Prepaid Mobile Plans

In postpaid plans, you do not know the usage until you get the bill. Sometimes you unknowingly activate unwanted paid services that you come to know at the time of billing.

The above situation can be avoided by switching over to a prepaid plan. 

Prepaid plans are better because

• There is no service tax on prepaid recharge and you get full talk time.
• There are better deals on prepaid mobile
• You can keep multiple prepaid sims to avoid roaming charges if you travel in different states.

#70. Make A Monthly Budget

You can save a good amount of money if you know where your money is going (expenses you are making). That is possible only when you have a monthly budget. 

So, plan ahead with a budget and stay as simple as possible while tracking.

Just keep the note of your cash and credit card transactions for one month. Your next month’s budget will be prepared automatically.

Try it. Record the following expenses for the current month.

• Cash
  • Travel
  • Rent
  • Child’s Education
  • Daily Consumables (Dairy+Vegetable)
• Credit Card
  • Online Shopping (Grocery & Fuel)
  • Dining (Restaurants)
  • Utility Bills (Mobile, Internet, TV)
  • Insurance (Car, Health, Life)
  • Travel (Cabs, Train, Flight)

#71. Select A Better Savings Account

People keep their excess cash in a savings account where they get a 3.5% rate of interest. If you keep your money in a fixed deposit then you can earn a slightly better rate on interest in the range of 5.5% to 6%.

There are some banks like IndusInd Bank, RBL Bank, IDFC Bank and Kotak Mahindra Bank that offer higher interest rates (up to 7%) on savings accounts.

I figured out one hack to earn more than 7% interest on a saving account with any bank.

#72. Repair Clothing 

You can re-use your shirt or a pair of jeans after a small patchwork or putting on buttons. A simple stitch or repair can save you Rs. 500 to Rs. 1000. 

Learn basic sewing and use a sewing machine. This will give extended usage of your favorite clothes.

#73. DIY Instead Of Getting Services

Getting an electrician or plumber even for small repairs can be a hassle. We all have learned a few basic electrical repairs and wall repairs in our school to college days. 

Put that DIY into use and save Rs. 200 to Rs. 300 on every occasion when you do small home repairings like replacing bulbs, fuse, placing a mirror, replacing tap and others. 

#74. Use Local Shops Instead Of Mall

When you go to malls, chances are that you will end up buying more than what you may need. This is because the stores in malls are packed with temptation. 

For daily supplies or common household items, you can use your local shop where your shopping is restricted to items on your list.

Go to malls only when you want to purchase some specific things that may not be available in a local shop or for entertainment only. 

#75. Rent Out Your Unused Space 

If you have an extra terrace room or a service room that is empty and you are not using it, then you can rent the unused space and earn rental income.

You can use Airbnb to rent out space or list it on Magicbricks or 99Acres to get Rs. 1000 and above depending on your unused space.

#76. Your DTH Plan

It was time when I got my Airtel DTH installed and I wanted to have all HD channels irrespective of whether I see them or not. So, straight forward I took a plan that was costing Rs. 650 per month. 

You too might be doing the same thing. But, let me tell you that you can select only those channels that you or my family prefers to watch. 

This way my monthly DTH expenditure came down to 50% to Rs. 350 per month. 

If you occasionally watch TV or movies, then instead of DTH you can use Netflix and Amazon Prime. Both of them cost you less than any DTH service could provide. 

#77. Pay For Gas Using Paytm Wallet Or App 

Gas companies offer incentives (cashback of Rs. 15 to Rs. 50) for prompt online payment every time when you book a refill. 

You can also use apps or Paytm wallet that offers you a discount for utility payments, which also includes payment for cooking gas. 

#78. Start A Kitchen Garden

You can build a small kitchen garden if you have space beside your house or on the balcony or an open terrace. 

You can save Rs. 100 every month by planting commonly used herbs like coriander, mint and vegetables like tomatoes, brinjal and chilies. The kitchen garden will provide you fresh organic green vegetables and also the joy of planting. 

How To Save Money On Groceries in India 2020

#79. Always Go On Shopping With A List

You end up buying one or two unnecessary items or things that you already have when you do not have a shopping list. 

I figure out an excellent way to control impulsive buying is to make a list before heading towards the market. I always buy what I need. This way my bills and the monthly budget stay in my control.

#80. Leave Your Cart With Things For Some Days

A nice trick to get a special discount is to fill up your cart on marketplaces like Amazon and Flipkart and leave it there without paying. 

E-commerce websites reach out to you with discounts (up to 20%) and offers (like buy one get one free) or flat Rs. 50 cash back on the items that you have left in your cart so that you can complete the purchase.

#81. Use Amazon Subscribe And Save Subscription

You get an additional 5% discount while shopping on Amazon subscribe and save. The discount increases to 10% if you order 3 or more times in a month. 

You can purchase groceries, household supplies, stationery, pet care, baby care and over 20,000 products from Amazon subscribe and save store.  

Using Amazon subscribe and save option you can easily save Rs. 500 to Rs. 1000 per month on a monthly grocery and household budget of Rs. 10,000. 

However, you can pay only using Amazon Pay Balance when you purchase through “Amazon Subscribe and Save”. 

#82. Credit Card Offers

Certain credit card companies offer a 1% to 10% additional discount when you use their credit card while shopping online for groceries. For example, Standard Chartered Manhattan credit card offers 5% cashback on groceries. You can save Rs. 500 on grocery purchase of Rs. 10,000. 

Or SBI Simply Save credit card that offers 10X rewards points per Rs. 100 spent on groceries when compared to 1 reward point for other spend. 

One reward point equals to 25 paise. If you spend Rs. 10,000 on grocery then you get a 10,000 / 100 x 10 x 0.25 = Rs. 250 worth of savings.

#83. Shop From Home And Pick Up At Store

E-tailers like D’Mart give you the option to purchase online and then you have two options

1. Pay Rs. 49 as delivery charges and get the grocery delivered at home

2. Pick your grocery items from the nearest D’Mart store without any charges. 

You can save delivery costs and shopping time if you can go and collect groceries yourself. The delivery cost you save is around Rs. 49 on each shopping. But if you shop four times in a month then the savings in a year will be 4 x 12 x 50 = Rs. 2400.  

Apart from saving money you also save time. 

Best Ways to Save Money On Electric Bill in India 2020

#84. Use App Or Wallet To Pay The Electricity Bill

You can use apps like HDFC Payzapp or wallets like Paytm and Mobikwik that offer up to 5% discount on electricity bill payments. 

On an electricity bill of Rs. 2000, you will save Rs. 2000 x 0.05 = Rs. 100 when you pay using an app instead of paying in cash.   

An app like Phone Pe offers Rs. 50 cashback on the first three electricity bill payments. 

#85. Switch On Lights When Not In Use

The per-unit cost of electricity for domestic household supply is Rs. 5 to Rs. 8 depending on the state and consumption slab.

If you switch off lights, TV, coolers, water heater, iron and fans when you do not need them then you can save money.

If you can save 1000 watts for 10 hours in a month then you have saved 10 units of electricity of Rs. 50 to Rs. 80 on your electricity bill. 

#86. Pay Online And Before Time To Avail Discounts

Few state electricity boards and companies offer discounts of Rs. 20 to Rs. 50 (depending on the bill amount) for prompt payment and also for digital payments. You can pay online before time to avail of both the discounts. 

The discounts are not big but if you have to pay for years then you save a substantial amount of money. The saved money can be invested in mutual funds and shares to grow in the long term. 

#87. Set AC Temperature To Save On Power Consumption

The best temperature for AC to save money in India is 24 degrees to 26 degrees. In this setting, the load on the AC compressor will be optimum and there will be lesser electricity consumption.

Annually you can save up to Rs. 4000 on electricity bills if you set your AC temperature to 24 degrees. 

#88. Use CFL/ LED Instead Of Tubelights

Compact Fluorescent Lamps (CFL) and Light Emitting Diodes (LED) consume lesser amounts of electricity when compared to the tube light or old bulbs.

CFL and LED consume 10 to 15 watts of electricity per hour in comparison to 36 watts consumed by tube lights and 60 watts per hour consumed by bulbs.

Apart from that lifespan in hours of LED (50,000 hrs) is much higher than that of a tube light that has a lifespan of 15,000 hrs. Whereas CFL has a lifespan of 10,000 hours.

CFL and LED may cost you more initially, but in the long run, they are most electricity efficient and save you money. 

#89. Make Your Computer Sleep 

If you are not using your PC or Laptop continuously then you can press the sleep mode before you leave your desk. 

This will allow minimal power usage and your computer/ laptop hibernate for the sleep period. The system is saved in its current state in RAM. You are not required to reboot your computer when you resume your work.

#90. Buy Energy Efficient Appliances 

In India BEE (Bureau of Energy Efficiency) rates household electrical and electronic appliances based on its energy efficiency.

BEE awards 1 to 5 stars for every appliance. The higher stars indicate the more energy-efficient the appliance is. Buy electrical and electronic appliances that have higher BEE star ratings that will help you save on power bills. 

Money-Saving Tips On Dining And Movies

#91. Specialized Dining & Movies Credit Cards

If you frequently enjoy watching movies and dining out then you can use a dedicated movie credit card like Kotak PVR Gold credit card.

Kotak PVR Gold credit card gives you 24 free PVR movie tickets worth Rs. 9600. However, the free movie tickets are restricted to a maximum of 2 tickets per month and are based on a minimum monthly spend of Rs. 15,000.

#92. Order On The Right Day

If you love pizza parties then ordering pizza on Wednesday will cost you a lot less when compared to other weekdays. This is because most pizza chains like Dominos and Pizza Hut offer discounts, buy one get one free and other schemes. 

You can enjoy two large size pizzas at the price of a single pizza.  

#93. Use Reward Points And Coupon To Buy Movie Tickets

The reward points, vouchers and coupons that you collected on your credit cards can be used to buy movie tickets instead of paying in cash or using a credit card. This way you can shave Rs. 150 to Rs. 300 depending on the movie ticket price.  

#94. Invite Friends At Home 

Instead of going out to eat, you can invite your friends and relatives to dine at home. This will save you Rs. 500 to Rs. 2000 on both the transport costs and food costs too. 

No doubt you will need some time to prepare food but you will get fresh food and can spend quality time enjoying yourself with your friends. You can sit down, play games and move around on the terrace which is not possible while dining out. 

#95. Save Money By Watching The Movie Later

We all know that even the latest movies are broadcasted on TV after a month or two of release. 

So, if it is not that urgent, you can wait for some time, save Rs. 200 to Rs. 300 and watch the movie on your LED screen at the comfort of your home for free. 

#96. Rent Movies And Games Instead Of Buying

I hardly watch a movie again because I have other productive things to do. If this is also the case with you, then instead of buying movies and games that you are going to watch only once, you can rent them.

You can use Netflix, Amazon Prime, Google and Apple stores to rent movies at Rs. 50 to Rs. 100 rather than outrightly purchasing them for around Rs. 250. 

Money-Saving Tips On Fuel In India 2020

#97. Use Fuel Credit Cards To Get Cashback On Fuel

Oil companies in collaboration with banks and credit card companies offer dedicated fuel cards that give you rewards points that can be used to buy fuel.

Dedicated co-branded fuel cards that you can use to get higher rewards on fuel purchase or free fuel are

• SBI BPCL Credit Card (13X rewards points equivalent to 3.25% savings)
• ICICI HPCL Credit Card (2.5% cashback on fuel)
• HDFC Bharat Credit Card (5% cashback on fuel expenses)

#98. Regular Maintenance

Regular maintenance prolongs your vehicle life. Your car gets an overhaul after a long or rough drive. You can improve mileage and vehicle upkeep by following a regular maintenance schedule. The details of which are provided in your vehicle’s manual.

Make sure you get the air filters cleaned and engine oil replaced at regular intervals. 

#99. Buy Fuel-efficient Cars/Bikes

In the long run, you can save a lot of money by selecting a vehicle that gives you more mileage (higher distance traveled per liter of fuel).

So, if you are buying a car for daily office commuting, then go for a petrol version that will give you a higher mileage when compared to a diesel model.

#100. Inflate Tires To Correct PSI

PSI or Pound per Square Inch is a measure of air pressure exerted on per square inch of area.

Different passenger vehicles have different PSI requirements that you can find at the petrol refueling station.

Inflating tires to correct PSI (which is available for free) reduces friction and improves mileage by about 5% which helps you travel more and save on fuel cost.

#101. Drive At Constant Speed & Switch Off Engine At Signals

When you drive at a constant speed in the range of 50 kmph to 60 kmph you get better fuel efficiency in comparison to driving at a variable or high speed where fuel consumption is more.

You can also save fuel by switching off the engine at the red signal with a waiting time of over 1 minute. 

Conclusion 

That was my list of 101 hacks for you to save money in day to day routine life. I hope that you have found a new way that can help you save money. 

In case you feel that I have missed any important money-saving hack then you can mention in the comments. I will update the list accordingly.