Money Saving Tips: How to Save Money in this New Year?

By Myilraj G 

Updated on Jul 13, 2022



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Best advice on Money Saving Ideas from this New Year.

Hello Reader, How are you? Thanks for visiting my literature about the topic “Money Saving Tips“. Saving money for the future is one of the biggest dreams of every people.

People save money for their future (or) for other expenses such as Spending on Vacations, purchasing Gold, purchasing hi-fi home equipment, and so on.

We are all looking for some ways to save a part of our income for future purpose but it seems impossible to do it.

No matter, what you planned for your future? But you need money to protect your future and for this, you have to earn more money to save from your monthly budget.

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How to save money? It was the biggest question even in this era as we can see most of the people are still going for an office job.

What they get as a monthly salary is not enough to save after spending on their monthly budgets.

How It Will be When you Have Surplus Money?

Tell me what you will do when you have some extra money in your pocket?

  1. Spend on a family vacation
  2. Save some money for emergencies
  3. Pay for debts and loans, so that you can lead a debt-free life.

You plan on it today because I am going to show you some sort of ways to keep your hard-earned money for your future needs.

In General, what most people will advise you is, that you need to carry out some additional jobs either an online job (or) offline job apart from your regular work.

The truth is, there are many money-saving tips available if you’re willing to invest some little time to learn how to make it possible?

Online Home Income’s suggestion was, “spend your money smartly” by understanding these following ideas.

1. How to Start Saving Money?

It all starts with you and yourself. You should first fix in your mind that you are going to save at least Rs.1000 INR [20$] this month for some blah blah reasons.

Your mind and your heart should stick to your vow. It’s not much difficult to save money (or) start saving, if you know the way to do it properly.

Saving money doesn’t mean that you should stop spending. Most people are saving money by spending money smartly.

We are going to discuss this in a further few minutes.

1.1. Daily Saving Habit

Making some small tweaks in your routine work can do a lot of wonders.

Yes, you can save money from your daily spendings such as Grocery shopping, dining, tea stalls, and coffee shops, buying baked items, etc.

Have you ever written your daily spending in a diary (or) a note?

Have you ever calculated your day-to-day spending?

If not so, you should start doing it now because a proper plan in your spending list will save you huge money.

1.1.1. Use an App

All people were using smartphones today and there are so many applications available for Android and iPhone.

The main application of these apps is to monitor your daily spending from your pocket (or) bank account.

Opt for a bank account that takes this work for you, which will calculate you’re every spend from your debit card (or) credit card.

Recommended Money Saving Apps: Clarity Money, Mint, MyTaxIndia, MySmartPrice.

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1.1.2. Manual Savings

If you have some 1000 Rupees today in your pocket, and spending everywhere such as Tea Stalls, Bakeries, Coffee Shops, restaurants, etc.

Ultimately, you won’t spend all the cash in your pocket at a single POS and sure you will get change (10rs, 20rs, etc).

Start collecting all the changes and the next day, put them in your bank account. Make this a habit and you can see your money grows.

1.1.3. Plan Before Spending

This is a very important task for every people. A little plan before your spending will save you huge money.

For example, if you are going to a grocery to purchase items, what do you do normally?

i.) Keep on purchasing all you see    (or)    ii.) purchase things only you want.

The second option is the best because preparing a list of your needed items and purchasing will save you money.

Shop only when you have the list, else you will end up purchasing unnecessary items that will cost you money.

Also, most departmental stores offer their regular customers Coupon (or) Points for every purchase they make.

Use those coupons and points to save a few bucks.

1.1.4. Use Discounts

You can get discounts everywhere anytime, even when you go out for a picnic (or) dine (or) a movie.

Apps such as Freecharge, PayTM, and BookMyShow offer a large range of discounts on Movie Tickets, Dine at restaurants, etc.

Stop paying cash at these POSs and start paying through Mobile Wallets such as PayTM, Freecharge, etc. to save some money.

Normally, you will get cashback deposited in your wallet itself.

CASHBACK is also a source to save money, which you can spend later for any other purpose.

Learn how I am saving Rs.1000 every month by using my Axis Bank Credit Card?

I almost save more than Rs.1000 INR every month from Movie Tickets, Weekend Dining out at Restaurants by paying through PayTM and using Apps.

1.1.5. Use Season Sale

When you plan for the large purchase of a home (or) office furniture, kitchen utensils and equipment, electronics, etc., wait for the festival season sales such as Diwali, Pongal, Black Friday deals, Amazon Great Indian Sale, etc.

When making a high-value purchase, wait for season sales such as Amazon Great Indian Sale.

Doing these kinds of major purchases at a particular season saves you a lot of money.

For example, A 55-Inch Smart TV will cost you approx. 1200USD [Rs. 80000] at normal periods, will cost you 800 – 900USD [Rs. 50000] during Diwali, Newyear sale, etc. — Rs.30000 Savings —

1.1.6. Purchase Regularly at One Shop

This will save you some more money, especially on routine purchases like Groceries, and Home needs.

Keeping on purchasing your groceries from one departmental store every month will save you money.

Because most consumer businesses were following a tactic of offering more discounts and points to their regular customers. Make use of this offer to favor saving money.

As I told you, Money Saving means is not quit spending, it’s about how you manage to spend smartly on your day-to-day expenses.

Also, one more point I want to notify us, Bulk purchasing always gets your money spent less.

We normally buy items in bulk when we use a lot and so next time, when you plan for any purchases, try to purchase enough to maintain its stock for future use to save money.

Money cannot be saved as money but this can be done in any form such as things, commodities, etc.

1.2. Monthly Saving Habit

Bills and dues are recurring for every individual because they needed to be paid to continue using any services (or) products. Prepare a checklist of your current services and the bills you are paying for them.

For example, some common monthly paid services are Cable, NewsPaper, Internet, EB Bill, Telephone Bill, Car Loan, Home Loan, Credit card loan, etc.

I know all people have these bills in their monthly budgets.

1. You can reduce your monthly expense on your Cable bill by looking for an alternative service provider (or) opt for a plan change.

2. The same idea will work for your Telephone Bill and Internet Bill.

  • Remove any unnecessary add-ons such as Caller Tunes, Missed Call alerts, and any subscriptions such as daily news, thoughts, etc., which you can get for free.

3. Making some changes in your home lighting and the use of other electrical types of equipment can save you a few hundred in your monthly budget.

  • Switch off your lights and fans when not in use and when you leave your home.
  • Open your windows during the daytime to use plenty of natural sunlight that helps to cut down your electricity bills and improve your health.

4. Search for Re-financing of your existing car loan (or) home loan because you can use the advantage of lower interest rates (or) extended EMI’s can reduce your burden.

  • A study says that a clean air filter in the car saves up to 7% of your fuel. This is also a kind of money-saving that saves you up to $1 – $5 every day.
  • Maintain Air pressure in your car tires, because every 2PSI under pressure leads to a loss of 1% of your fuel more in your mileage.

2. Other Money Saving Tips

2.1. Make Your Own Gift For Your Friends

On every occasion such as marriage, birthday parties, etc., Gifts play an important role. You can make your own gift instead of buying some stuff from stores.

Making gifts of your own will express your personal bond with your friend, which will not be shown when you buy from a store. At the same time, this idea will save you money.

2.2. Invite Friends

At the same time when you are about to give a treat (or) a party, inviting your friends to your home will help you save more money.

Going out of a town (or) pitching a hi-fi restaurant will cost you more money and you too spoil your food budget also.

2.3. Be Health Conscious

Concentrating on your health does save a lot of money on your hospital bills. Drink plenty of water every day that has great health benefits.

It helps you stay healthier and has more financial benefits too. Avoid eating junk foods (or) prepackaged foods at home and when you are out.

This habit will make you stay healthier and prevent medical bills and following these money saving tips will be a great utilization.

At times, when you have no option other than going out to dine, increase your savings with coupons and rewards credit card that gives a bonus for every payment.

2.4. Buy a Reward Credit Card

Most banks offer high-reward credit cards for their account holders. Make use of it and swipe at every POS to claim reward points and bonus cashback.

Remember that, you can make purchases (or) pay for services through your credit cards and never try to withdraw cash using your credit card.

If you do so, you will be burned with a higher percentage of interest in repayment, which costs you more.

Read More: How Credit Cards can Save Money for you?

2.5. Always Compare Prices

Make this a habit on every purchase and also as a routine before making any decision.

Because of the biggest competition in all the B2C businesses, you will get the best deal if you compare prices and negotiate with the merchant.

Stop shopping for things (or) accessories without comparing their price but at the same time never compromise quality.

Negotiate with the merchant every time to get the best price, as this is also worth saving you lots of money.

When you pick up an item for buying, before taking it into the cart, wait for 10 seconds and ask yourself, whether do you need it really (or) not?

2.6. Start a Garden

It’s a hobby for most people but on the other side, it saves money.

Transform empty space (or) area around your house, cultivate some plants like Tomato, Cabbage, Chillies, Brinjal, carrot, curry leaves, and the potato is easily cultivable on your house terrace.

You will get nutrient-rich hygienic vegetables for your own consumption, thus saving money, and also it creates a bond between you and nature.

When your yield is higher, you can even sell at your local market and make some extra income from home.

2.7. Avoid Accumulating New Debt

This is the last important thing I want to advise you all because accumulating new debt is really an over-burden for you.

Some debts are essential and unavoidable, such as Buying a Home Loan, Education Loan, etc.

In such cases, try to make the down payment as big as possible.

The more down payments, the lesser the monthly EMI saves you from the burden. Also, you can quickly pay off your loan which will save money spending on Interest.

All these valuable tips are organized and written orderly based on practical experience. This can be useful for every (or) all person.

The contents of this page were written to give some financial advice to our audience based on the current situation.

The ideas on this page when implementing may bring some changes in your financial goals and it may (or) may not be suitable for all people.

Hence, Online Home Income disclaims these ideas are just for informational purposes only.

Last Few Thoughts,

Thanks for reading this valuable information on Money Saving Tips. Every people, you and me, are working hard every day to make some money for a living.

But people like us were spending without monitoring it, this makes us borrow money (or) get a loan.

But, when you start saving money, you will become free from your financial stresses. The last few tips:

Last Few Tips
Don’t accumulate new debts
Pay off your existing debts
Deposit a smaller portion of your income every month
Keep track of all your daily, and monthly expenses
Give prior to Essentials
Always negotiate
Compare prices
Dine at home
Save Energy
Save Fuel

Once you started following all these ideas, you will find huge money saved every month and it starts growing. You will be happy morally when your money grows by itself.

Quit spending is not saving money, but you can save money by spending smartly.

Keep Saving for the Future.

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Myilraj G Author OnlineHomeIncome Blog

Hi, I am Myilraj.G!

Myilraj. G is a full-time Blogger, Content Writer, and Digital Marketer. A first-generation entrepreneur started his career as a blogger in 2013.

He helped 600+ individuals across India and a few outside India to start their blogging careers. He also helped SMEs to create their digital presence through his impeccable Digital marketing assistance.

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