Money Saving Tips in India

10 tips to save money that I personally follow and everyone should know

We all want to save money. Use these money saving tips to identify which suits best for you and save money in your day to day life.

1-Saving money using saving bank accounts

Do you know we can get interest upto 8% in our savings bank account if we use the below tip.


Using cash sweep method.

What is the cash sweep method?

 Bank’s Sweep-in Facility enables you to earn an interest rate that’s as high as a Fixed Deposit – in your Savings Account. Savings Accounts have higher liquidity, in that they can be withdrawn from at any time, but Fixed Deposits don’t have the benefit of such high liquidity. 

This feature gives you the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit. This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities.

I always keep some money in my saving account which I  can withdraw as and when required. This money gives me not more than 3.5 to 4% interest because this is what any bank offers for a saving account. But I use above cash sweep method to earn more than this.

I have seen most of the banks offer this facility for with no extra charge. You just need to open a Fixed deposit and link it to your savings account. That’s it!

Or You must talk to your bank to get it enabled.

2-Saving money while paying credit card bills

Using the CRED app.

CRED is a fantastic app I am using it from the very beginning.

The main feature that I like about this app:

  • I get a consolidated view of all my credit cards dues
  • Payment is just so simple
  • You save some real money after you made payments for credit card bills
  • Get Vouchers, discount coupons while you burn CRED points

3-Saving money using credit cards

How I saved 250 rs in a month without any investment?

 I use an American Express credit card. This card gives me 1000 bonus reward points every month. These 1000 reward point is worth of 250 Rs.

I can pay my credit bill using this reward point.

How I saved 5% by grocery shopping?

I use the Standard Charted bank’s Manhatten credit card. This card provides 5% credit card every time you spend on grocery store like BigBazar.

4-Saving money using cashback websites.

We love shopping online for many reasons of own. I love to save extra as much as possible with all the stuff I buy online.

I search coupon and deals online before buying online and then pat my back for saving extra.

After these coupons and discounts, I also use cashback websites who provide extra cashback for each order you make through them.

How to get cashback while shopping online

5-Saving money by claiming GST for business expense

If you are running a business you must claim all the bills of business expenses like a laptop, furniture, etc. it gets deducted against your income and you can save up to 30%.

6-Use prepaid mobiles plan

One of the best ways to save money is by looking into the things which cost you indirectly.

For the past five years, I have been a pre-paid user, and this has been an excellent change to my mobile expenditure. Now I can top-up my mobile phone whenever necessary, and I don’t pay for unnecessary monthly usage.

This tip may not be reasonable for those who have very high mobile usage, but for a person like myself, it can make a big difference.

Also, I personally avoid taking postpaid plans as this cost us 18% GST over and above our monthly rental.

Most of the service providers are having an unlimited plan for data and calling and adding top-up to your mobile phones becomes so easy with all the mobile wallets and bank accounts.

7-Saving money in taxes

In this section, we will see all the legitimate way of saving taxes as per the govt rules.

  • Using leave travel allowance
  • Using the National pension scheme a.k.a NPS
  • Mobile reimbursement bills
  • Petrol reimbursement bills
  • Internet reimbursement bills
  • Showing HRA- even you can pay rent to your father.

8-Pay Yourself First

Every month we get a payout and it gets distributed amoung EMI’s, repayments, household expenses and entertainment. In the end of the month we are left with nothing in our account.
This is one thing everyone faces in their life.
Set up an auto debit from your checking account to your savings account each day when you recieve your Pay. Don’t cheat yourself out of a healthy long-term savings plan.

9-Track your spendings

The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as EMI’s, groceries and Household expenses, and total each amount.
This way you can identify and kill the monster which is eating all your earnings and save that amount.

10-Let System do the Saving for you

Automate all your savings! 

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much to transfer money or even split your direct deposit so a portion of every pay goes directly into your savings account. Splitting your direct deposit and setting up automated transfers are simple ways to save money since you don’t have to think about it and rely on yourself, and it generally reduces the temptation to spend the money instead.

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