No matter how much you earn, the money earned would lose its value if you don’t know how to save it. Money saved is money gained. This post highlights some of the key areas where we can save money and it suits particularly with the Indian context.

EMI & BILLS

If you have a zero cost EMI option, then utilize it. For major expenses, use a credit card instead of a debit card as you get more time for payment. Pay all your bills on the last day or a day before the due date. Just keep a recurring reminder on your due dates. That should be enough. The same principle works for house rent also. A caveat – this method is suitable only for disciplined people. If you don’t think that you can the keep money till the due date, you would be better off paying your bills as soon as you receive the salary. Remember, as long as the money stays in the bank account, it earns you interest. Let it be 3% or 4% only. Valuing that 3% or 4% interest is actually more important than the saving itself.

TRAVEL TICKETS

For bus tickets, don’t look beyond Redbus and Paytm. They provide frequent offers and discounts, especially during the festive seasons. If you have two equal options (in terms of payment), choose the one with the free cancellation. In the worst case, it helps you save some money. If you have to choose between a bus and a train, choose the train. But, it also depends on your comfort, the distance between the railway station and your location and the costs associated with it. For flight tickets, book early to avoid high prices at the last moment.

MOVIE TICKETS

It’s none other than BookMyShow. If you are so much obsessed with Balcony or the last few rows, go for it. Else, choose the seat with the low-cost option. I have tried different options. Trust me, there is not much difference between the seats unless you opt for a recliner one.

WALLETS

It’s beneficial to use Google Pay, Paytm, Amazon Pay, Freecharge, and PhonePe. In case of Paytm, keep your money in Paytm bank and transfer it to the Paytm wallet only when required as you earn interest on Paytm bank but not on Paytm wallet. If you are a regular buyer in Amazon, load your Amazon Pay wallet during the offers season; they have some nice cashback offers.

CABS

It’s neither Uber nor Ola. Use Quick Ride. Period. It’s more convenient and economical than Uber Pool and Ola Share. However, availability is quite an issue. If it is not available, then it is better to book Uber/Ola. If time is not a constraint, go for Uber Pool or Ola Share. Else, you would be better off booking a private cab.

MOBILE & DTH RECHARGES

Calculate the cost per day and then choose the option. In general, the higher the duration, the lesser the cost. So, go for the one with a longer duration, provided you are happy with the network/service provider.

INVESTMENTS

Choose the tax-saving investment options that work best for you. Some of them are tax saver fixed deposits, PPF, ELSS (Equity Linked Savings Scheme), and NPS. In case of equity, choose a discount broker instead of a full-service broker. I learned it the hard way. Over a period of time, brokerage charges eat up a significant portion of your profit. So, choose a discount broker unless IPO is a concern for you.

ONLINE SHOPPING

If the purchase is not urgent, wait for the festival offers from E-Commerce sites such as Amazon or Flipkart. This is a no-brainer. Of course, you should have the specific card for which the offer is provided. The primary ones are HDFC, ICICI, SBI, and Citi.

Happy Saving!!