A rupee by rupee will eventually add up to good savings. Savings cannot be done overnight. It requires planning and sustained efforts. First and foremost important strategy is to commence it as soon as the thought strikes the mind without making any further delay. Different people save money for different reasons. Some do it for financial security and some save it for dealing with unexpected emergencies. Whereas others do it to fulfill their long set goals that can either be small and realistic or big plans. Most important thing is to prepare a plan that is real and achievable and save money according to it.


Here are certain tips that help to save money-


Figure out the expenditure

One cannot save money without knowing the total expenses. One has to calculate the total expenditure and count every rupee that is spent on various things such as household expenses, in office, and cash that is donated. Once an individual knows the transactions and expenditures, it gives him a gross idea of how much can he save on monthly basis.


Prepare the budget

Now an individual knows the expenditure. Next, he has to plan a budget that is realistic for him. His expenses cannot overdo his earnings. If spending is more or equal to his earning amount then he may never be able to save money. Thus, he needs to look into the areas where he overspends and limit it as much as possible.


Prepare a feasible money saving plan

Money saving plan is a budget that is prepared that helps an individual to save at least 10% or more of his earnings. If an individual is not able to save even a minimum 10% then it is mainly because he is spending too much. It is high time to limit overspending in certain areas. Prepare a list of essentials and non-essentials. Restrict spending on non-essentials. Soon an individual will realize how much he can cut down on his expenditure. Create a category known as savings in the budget plan. Regularly try to add money to this category to enjoy more and more savings.


Keep motivation alive

Humans usually perform well if they set a goal in front of them. Thus, if an individual is failing in saving money, it is better to set a goal. It can be anything from purchasing a car to getting a new tattoo and from vacationing to retirement savings. Analyze the amount that is required for the set goal and the time span within which money can be saved.


Prioritize list

It is important to save money but more important is to distribute savings properly keeping in mind short-term and long-term goals. Spending everything on fulfilling short-term goals is going to impact negatively on long-term ones. If the practice continues for a long period of time, it is very likely that the individual may not have any money after retirement. Allocate the money in a proper amount in different categories as per the priority list. For example, if one wishes to buy a home in the coming future, one has to start saving some money from now itself.


Seek the right help

If an individual is saving money for fulfilling short-term goals, he can open a savings account. Whereas if he is saving for long-term ones, he can opt for mutual funds or invest in stocks. One can choose to open many accounts. Need is to find the right option by considering various elements such as fees, minimum balance required to be maintained, interest rates and other things.


Review timely

It is important to review the progress at least every month. It also offers enthusiasm as an individual sees his hard-earned money grow. It will help him to continue doing what he has planned and also gives him a chance to see if there is any problem lying beneath. If any problem exists, he can immediately fix it.


Get rid of debt

If an individual is trying to save money but also has a large burden of debt on his shoulder then his savings are not going to do any good for him. First and foremost thing he needs to do is to get rid of his debt. The interest on debt adds up every month and an individual with every passing month is burdened more under the pressure of debt. The interest that he pays on his debt can be easily added to the savings account. Thus, it is important to eliminate debt from life to think about saving some money. 


Eliminate toxic habits

It may sound strange but yes one can save thousands of rupees if one can get rid of habits that are going to prove fatal in the coming future. Whether it is smoking or chewing tobacco, whether it is alcohol addiction or drug abuse, eliminate these habits from life. These habits cost life as well as a fortune as they are fancy and not free. If one can quit them, all the money can be easily added to savings.


Avoid eating outside

Only eat outside if you enjoy doing so. Most of us love to party once in a while with friends and family and that is perfectly okay. However, eating outside every now and then just because not having time to cook or not wanting to cook should not be an excuse. Plan ahead and prepare meals at home and carry them to the office along with you. Home cooked food is not only healthy but way cheaper than the food that is available from outside eateries. All that extra money that we spend every now and then while we eat outside easily adds up and can be put into a savings account.


Stick to the list

We all go shopping every now and then whether its for buying fruits and vegetables or for groceries, accessories, and clothes. Just prepare a list before going shopping and by all means, stick to it. It is the best method to avoid impulses as impulsive purchasing is an unplanned one and consequently we end up buying costlier and not so important things for ourselves.


Spend wisely to save money

Don't be stingy and end up purchasing something that is not reliable. For example, while purchasing an electric appliance make sure it is energy-efficient and durable. It may be costly. However, it is going to help us in saving our electricity charges. Moreover, it is going to last for a long duration and thus we need not have to buy another appliance for a long period of time. Thus, in the long run, we will be saving money. In this way plan ahead and don't just end up buying things just because they are available for a low price. Purchase after reading reviews of other customers and doing complete research on the product. Know its pros and cons and don't be in a haste to buy it.


Bid goodbye to luxuries

We often spend lots of money on non-essentials and it is the reason that we are not able to save money. These non-essentials are nothing but luxuries of life. If we plan ahead and stick to the plan then not only we will enjoy life as we are providing ourselves with all the basic amenities for living it but we also will be able to save some money for ourselves which we can use it for fulfilling our goals. The need of the hour is to bid goodbye to luxury bills in order to improve our financial condition. We need to look around and unsubscribe all the subscriptions which we never use or hardly use. We can even find certain things in our home along with electronic gadgets that are sitting unused. We can sell them and make some money for ourselves.


Don't lose your nerves

Sometimes it becomes difficult to save money and people start getting discouraged. Thus, they give up thinking that they can never save money in their lives and should live paycheck to paycheck. In such cases, one should start saving a little. It does not matter how little it is. Begin saving money as early as possible and do not care about the amount that is being saved. The money will soon sum up and one will have good savings after a few years.



There are lots of ways to save money. Savings are important whether it comes to fulfilling short-term goals or for looking out after retirement. Savings take care of emergencies. Thus, one need not have to take the help of others during a crisis. Every month try to save some money. Opening a savings account is the best thing to do. The other important thing to do is to eliminate debt and get freedom from interests on such debts. Moreover, do not burden life by taking new debts. Set short-term as well as long-term goals and let them be realistic. Prepare a budget and prioritize the things on the list. Make investments only after seeking thorough knowledge about them, Wherever cheap options are available, try to opt for them and save a little money here and there. Always prepare a list before going shopping and stick to it. Don't make impulsive purchases and end up spending money on non-essentials whether it is grocery or clothes.

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