9 Simple Money Saving Ideas

Simple money-saving ideas can help you build a corpus for your loved ones. Money9 gives you 9 easy hacks to save money from your monthly expenses that you can invest for your family’s future.

No, you are not Akash Ambani or Shloka Mehta. That’s why you are reading this. If you have recently been blessed with a child, you’ve got your task cut out. The child needs financial security as much as the love and care you will provide in abundance.

If you often fret that there isn’t enough left at the end of the month to invest, you better read on. Money saving ideas are sitting right under your nose, if you have the nose to sniff them out.

Basis your lifestyle, you could save a decent amount of surplus every month and start investing. Let’s look at a few ideas that could help an urban salaried Indian save as much as Rs 5,000 rupees a month in 9 easy hacks. But first, some easy number crunching to understand the real value of that Rs 5,000 saved every month.

Power of Compounding

A simple monthly deposit of Rs 5,000 rupees in a recurring deposit account at State Bank of India will fetch you over 20 lakh rupees when your child turns 18. RD rates hover between 6.25% and 6.75% at present. Average your calculation at 6.5% and do the math using Money9’s Compound Interest calculator and see the magic.

Money9’s 9 Money Saving Ideas

Ultra high-speed internet? Think again

If you are not a torrent freak and your smart TV is not far from your internet modem, a 40 mbps unlimited internet connection will work just fine for your #WorkFromHome and basic entertainment requirements. Save that additional Rs 500 a month on a crazy internet speed you may not need.

Downgrade your mobile plan. Use the free landline

The internet connection mentioned above should come with a free unlimited landline usage scheme. If not, find a service provider that gives you this feature. Now opt for an entry level mobile service pack and make use of that landline. Save Rs 250 a month, if not more, and make those calls with a lesser chance of calls dropping as well.

OTT or DTH? Choose one

If you are addicted to a multi-season series on an OTT platform, chances are that you are not watching your regular TV soap operas for some time. Then why pay for the DTH subscription? Let your cable connection hibernate and save that monthly commitment of Rs 750.

One Series, One OTT

Don’t get lured by annual subscriptions for ALL platforms. A multi-season series will keep you engaged for a few months. Cancel all other OTT subscriptions you could be paying for, while binge watching your present series. That’s another Rs 250 a month saved.

Online shopping empties the wallet

The ease that comes with mobile-based browsing on online shopping destinations comes with a significant temptation of impulse buying. Look at your ‘recently purchased’ tab and analyse what items were bought purely on impulse. Chances are you may be able to save yourself a grand a month. Perhaps more. Delete apps that tempt you to buy without need.

Shop online, compare prices

There’s no denying the convenience of online shopping, so when you want to purchase, do so on the browser-based website (don’t install the app again). Make it a habit to compare prices across two three sites before paying for your cart. Small differences in prices (including shipping charges) will make big numbers at the end of the month. We give you an extra Rs 500 a month on that front.

Off-season Shopping

If you are looking at buying an air conditioner or a water heater – don’t buy it in a season when it is most in demand. Try the inverse. ACs will tend to be cheaper in the winters and geysers in summers. Plan in advance and save yourself some money. Similarly, cars are available a great discounts at year-end. Go for it. Save an average of Rs 10,000-12,000 a year on capital expenses. That’s another grand in your pocket.

Sale… sale… sale

If you are a shop-o-holic, try to become a sale-o-holic. Buy the best brands in off-season sales. Shop in bulk and save big money at the same time. Your annual expense of 20 thousand rupees on quality clothing and accessories for a family of three (remember your new born child will also need clothes next year) will be cut down to Rs 10,000 on the 50% off deals. That’s another Rs 800 in your pocket every month.

Order ingredients, not food

Spend time with your family cooking in your kitchen instead of ordering food every weekend. Add the flavour of love in your cooking and show some love to that wallet of yours too. Not only will be eat healthier, you’ll end up saving a good amount of money without compromising on the quality of food or taste.

Money9 Mantra

Neither are all individuals alike, nor all spending patterns similar. Look at the above money saving ideas only as ‘ideas’ to save money by reducing unwanted expenses as per your lifestyle. As you save money, look at investment options to suit your financial goals.