Executive Summary: We all know that a rupee saved is equal to rupee earned. In our day to day life, there can be many opportunities to spend our money differently and possibly save a decent sum. Be it your groceries, mall visits, online purchases or dining out, see if you can get better value for money.
Below suggestions will be helpful to save money.
- Always make a budget and go with your shopping list.
- Understand the difference between needs and wants. As an example, food is a need but eating in restaurant is a want or wish. Prioritize your needs and make a plan to fulfill.
- Negotiate on quantity if not on price.
- See videos on You tube 'How to Save Money' and 'America's cheapest family'
- Read the books like 'Perfect Money Saving' by Smita Talati and implement the ideas you can start with.
- Look around for offers in Newspaper, T.V. commercial and online offer update.
- Every mall has different ways to give discount. Some malls give direct cash discount throughout the year like D mart and Metro. Some malls give reward point like Hypercity. Some have offers on beginning of the month
- like Big Bazaar. We need to check which way is convenient to us.
- We can use Bye One Get One (Bogo) free offer from malls. We can store our
- required items like Sauces, Biscuits and Deos etc.
- Look for mall`s own brand items which will be cheaper than other brands.
- For example you can buy Fresh n Pure brand`s oil, ghee, tea or DJ&C`s
- clothes from Big Bazaar. Croma and Reliance Digital (R-Connect) have a
- brand for electronics.
Credit Card: If you are regular in paying credit card bill, then you can look at below benefits.
- Credit cards give reward points for using them. Just check which card is giving you best value for money.
- You can use points to buy useful thing for you from their website or use points and pay lesser Credit Card bill.
- Some Credit Card gives BOGO for movie tickets like Citi Gold World Debit card.
- Some Credit Card gives good cash back offers.
- Use air mileage to buy flight tickets for your vacation. As an example,
- American Express Platinum Travel Card gives Indigo flight voucher worth Rs. 7700/- for using card for Rs. 1.9 Lakhs in a year and Rs. 11,800 indigo flight voucher and Rs. 10,000/- Taj voucher for using card for Rs. 4 Lakhs in a year.
Online Shopping: E-commerce is good. The online shopping can not only save
money but also our time and energy.
- For Deals & Offers and you can check CouponDuniya, Couponzguru, and Groupon. For free samples, check Getfreedealz, indiafreestuff, freekamaal or savemyrupee. For cash back use cashkaro.
- You can use Freechrge for mobile recharge and get BOGO offer from CCD, Costa Coffee, PVR, Dominos, Barista, McDonalds etc.
- Use online festival offer for gifting to your near & dear ones like Amazon, Flipkart Diwali sale.
- If you are a working woman, then portals like Local Baniya or Big Basket can be very helpful to efficiently manage the inventory of house hold items.
Newspaper + T.V. + Mobile:
- Read newspaper online but if you want physical copy then take yearly
- subscription. This can save ~ 30% compared to monthly subscription.
- You can take 12 month T.V. subscription and get one month free
- Take additional connections under your corporate plan and reduce mobile
- charges and get extra benefit like (CUG).
- If you have the hobby of reading then buy e- books and If you want physical copy only then In July August crossword sale comes and can use reward card also.
- Go for Book's Fair and be the member of library in your area like Pai`s friends library.
- Buy books from online portal. Prefer eBooks. They are not only cheaper but save physical space and are easily mobile.
- Use those extra, non-confidential papers in your house, get a spiral binding and use it as your note pad for rough work.
- Check your fridge once in a day then you know what to use first.
- Take extended warranty for electronics and kitchen appliances in house.
- You can keep ready to cook packets at home which can be used in case of emergency like “Guests without Notice’. These packets are cheaper than hotel food and don’t take much time to cook.
Medicine + MTNL: If you are buying medicines regularly then become a member of a medical shop where you can get 5% to 10% discount.
If you are using MTNL land line then shift it on your parent’s name. Above 65 years of age, they will get 25% off on the basic rental plan.
Clothing: Buy during flat 50% sale time like near 26th January and 15th August. July- August sale is a good time to buy clothes from big stores like Pantaloons, FBB etc.
Stock Clearing Sale: Look around for ‘Renovation’ or ‘Stock clearing Sale’ and then use that sale and buy your required items in stock like stationary, cloths etc. they may give 20% to 30% discount on MRP.
Piggy Bank: This is what our Granny always said, `save for rainy days` We don’t give any importance to change like coins but if we buy one attractive piggy bank and collect coins and use for buying needed things then we will have fun and satisfaction. This way kids can also learn to save money.
Cafe coffee Day: If you regularly visit cafe coffee day then you can buy their Cafe moments card to get discount and free coffee.
Taxi Offers: If you visit different cities and use cab service frequently then check the portal like Taxiclues for all cab offers in major cities.
When you use these ideas and save money you will feel good and slowly it will become your habit.