Today you’re going to see my best tips to save money in India if you are on a budget.
The tips which I’m going to share with you are perfectly tested out and are taken from a lot of recommendable sources present out there. These include other bloggers and YouTuber’s in the same niche.
Saving money becomes very difficult as there is no one who can guide you on such things.
I made many mistakes regarding money management in my early days. Unfortunately, I was not having any mentor who can guide me on this.
But over years, these mistakes have made me learn on how to save money when on a tight budget (as I was then).
If you want a way that along with saving money, you can earn money, then read: 17 Passive income Ideas in India making you Money when you Sleep
With so many tips present online, we have combined and provided you with the best tips you can implement right away.
#1. Save Money on Books (for students)
I know you must have read this tip a lot of times before also. But this money saving tip is HIGHLY EFFECTIVE.
But for those who are new to this way, then follow my advice which can save you a ton of money. Just buy old textbooks for your next curriculum semester.
Ok, I will give you a practical example:
Suppose I go to a bookshop, which is prescribed by my educational authority, and look for the books which I want to buy for my next class.
I find out that these books have a very high-cost label printed on them and are out of my budget. I return to home and feel very upset 🙁
Suddenly a local authority messaged me regarding the same for buying old books. I go to that place and find out that these people are selling the same books, which are of previous years, and at very low prices.
I buy those, I feel very happy and return home. This made my day and saved a lot of money.
The books which were going to cost me more than $500, cost me around $150 when I thought of buying old books in good condition.
This is a very basic point even if you’re starting out.
#2. Shop Online
You must have seen a lot of difference when you buy your essential products online and offline, by visiting local stores.
And the same way, I recommend you to make your purchases online, not offline.
You get the same variety, you get even much more variety when you go and look for your products online…
…and at the cheaper prices.
I wanted to purchase a laptop for my son which costed me around Rs 60,000 when I went to the Lenovo store. But when I checked the same laptop online, with the same specifications, it costed me exactly Rs 38,000.
That’s a lot of difference, a marginal difference of Rs 22,000.
And the same thing you can do, buy products online instead of buying products offline.
And along with that…
…you get much more benefits:
- Products on EMI: A large variety of products are provided on EMI.
- Additional Cashback: You get a lot of opportunities to purchase the products with seasonal cashback. I recommend you to purchase the products on occasions or any other events for heavy discounts.
- Discounts on Credit & Debit Cards: You will also see a lot of products being provided on discounts when you purchase those using your credit or debit cards. This discount can be as high as 20% on the original amount.
#3. Use Public Transportation
In India for saving money, you have to get your car sold or provide it on rent in order to get any effective results.
You should not even think of purchasing a new car or a new bike, rather you should use public transport available in the city.
Like using metros, local buses, monorails, pooling cabs, etc. (I prefer you to walk.)
In general, you can get a pass for public transportation which mentions how much rides are available for a particular period of time (at very low prices).
I prefer using this because of two reasons:
Number one, it saves me money and number two, it has less effect on the environment.
Even our government tells people to use public transport rather than using personal vehicles for going from one place to another.
#4. Don’t Use Expensive Mobile Plans
Earlier I was using a mobile plan which cost me a lot when compared to other plans. It was actually a Postpaid plan.
In a direct comparison, I saw that Prepaid plans were cheap and more affordable. I was a fool using a Postpaid plan. I was paying an extra amount to the company.
The benefits which I was getting in Postpaid plans were similar to those in Prepaid plans.
My Vodafone Postpaid bill was around Rs 1600 per month. Now I’m a user of Airtel Prepaid which is costing me Rs 350 per month.
Also, there were any problems when I was on a Postpaid plan:
- They added up Additional Services even without my request
- No control over the upper limit
- It costed me around Rs 4000 when I was out of station for 1 month (Roaming Charges)
And if you are on an expensive prepaid mobile plan and if you are not utilizing that plan fully, then I would recommend shifting your plan to a cheaper one.
This will make a lot of difference!
#5. Limit the Number of Times you hang out Every Month (for students and elders)
Don’t unnecessarily hang and eat out with your friends when you are on a budget.
This causes a lot of problems in your monthly picket expense. It is ok if you go one or two times a month, but if you are hanging out every third day, then how you would be able to save money in India.
Don’t try to show off in front of your friends. They know that you are a student. And if you are getting paid for the things you do monthly, then don’t spend it without any cause.
Those fancy dinners and those parties will turn out to be very expensive for you. The money you had to spend in a month, you end up spending in a day or so.
This makes no sense.
Along with that, I prefer not to go to those parties, as I know students don’t require those. Spend that important time in studying for a better result.
#6. Live with Others (for students)
If you find that your friend is also going to study in the same place where you are going to study, then I would recommend you to talk to him regarding the place where you will live.
Ask him for sharing a room in that place which will split your rent costs and other essential utilities. This way you will end up spending a much less amount and have more savings.
Suppose you get to know that room will cost you for Rs 20000 a month. You can ask your friend to join you and split up the costs. This way you will end up paying only Rs 10000 a month.
This way college students can live more happily and on a less amount.
SImple and Straight-forward.
#7. Build a Definite Shopping List
If you go on buying products in a supermarket without any shopping list, you end up buying a lot of extra items which were not required.
And this costs you a lot of money indeed.
Do you know a fact: supermarkets always place those products on the shelves which attract the consumers so that they can buy extra products.
Even at the checkout section, or the billing section, I have seen that staff members put up racks in which they put extra items so that people can buy them. This continues to expand your billing list making them good profit.
If you are on a budget, this needs to be stopped. That’s why I have brought you a great idea to build a definite shopping list.
You have to prepare this list according to the items for which you are in need. NO EXTRA ITEMS.
This way, when you will go to the supermarket for buying products, you will follow that list.
Also Read: How to Save Money in SuperMarket
#8. Always Pay Your Bills on Time
Do you receive a lot of bills every month and you are delayed in paying them?
Then you must fix a particular date on which you will pay your bills. I know paying bills after the due date charges extra amount, which can be as high as a good Prepaid plan.
So to avoid these staggering amount touch you, make sure you pay bills on time.
Paying bills on time have a lot of benefits:
- Regular paying of bills can make provide you with a lot of opportunities from the company
- Extra Benefits
- Heavy Discounts
I recommend you to pay your bills online through their site. This way you can have access to additional discounts on cards.
#9. Sell the Things You Don’t Require
Selling things which are useless for me gives me some extra income.
Why filling your space with extra items? Just sell them. I get a good amount in my hand as and when I sell those products which are useless for me.
I often sell these products on OLX, the biggest platform where you can sell 2nd hand items. Selling your items will make you extra money, which you can afterward save.
Try to get the best out of the opportunity. Try to sell the product at possible high rates. Try to sell your products not only on one platform but also on another.
Tips for Selling your worthless products:
- Feature your products in listings to get more customers.
- Sell your products in a legitimate way, this means that you have to sell the product at a reasonable price.
- Your product must be of good condition to attract a lot of customers.
- Try to make a business out of it.
#10. Don’t go out on Trips (for students)
I love going on trips and having a fun time with my friends.
But it comes difficult for you to go when you are on a budget. So you have to simply skip these trips.
In your schools or colleges, they may ask you for very hefty amounts regarding the trip. It becomes difficult to pay such a huge amount.
For even a trip from Chandigarh to Mumbai, they charge as high as Rs 30,000. That’s a huge amount of money. As I’m a Budget Savvy, I don’t like to send my child on these trips.
Neither he wants to go on these trips.
Again I’m saying, don’t go on these trips. You will have to pay an amount equivalent to your monthly expenses. Just follow this article on earning money online, so that you can get enough money to go on such kind of vacations.
#11. Try to Invest from Your Monthly Savings
Who doesn’t want to invest money for better paybacks?
That’s why recommend you to invest money from the very beginning. Today most of the people like to invest their savings in Mutual Funds. As the company’s share price rises, many benefits for you.
As seen of Tesla, it’s share price has drastically changed over the years.
Actually, you can earn and save a lot of money in India in the long run by investing in multiple investment plans.
Do you know, my friend’s father is earning more than Rs 3 lakhs per month by just investing Rs 30,000 per month in right investment plans.
And he is 65 years old. Even after retirement, you can earn lots and lots of money.
But one thing from which many people fear is the risk of losing money. If a company has an impact on its revenue and it’s share prices dips, you will also have an effect.
But nonetheless, you have to take risks in life for a better outcome.
#12. Give Scholarship Tests (for students)
A major part of your money is spent, as a student, in paying tuition fees for your college or school.
If your institution is holding a scholarship test for students, then you must give it. At least, you will get a free scholarship of 10%.
This makes a major difference.
I always prefer students to sit down one day and look on the internet about the institutions which are giving scholarships.
And if you want the maximum scholarships, then you have to give the best performance in the test. Then, from my side, Best of Luck.
#13. Avoid the “Buy Two, Get One Free Deal”
You went to the mall keeping in mind that you have to purchase a T-Shirt. You liked one T-Shirt and decided to buy it. Then the staff shows you with the deal for that product. Buy 2, Get one Free Deal.
You thought that ‘Why should I not purchase 2 T-Shirts, instead of just 1. This way I will get one more T-Shirt’.
You end up purchasing 2 T-Shirt, along with a free one, and hurriedly you don’t realize that you had to spend double the amount which you were initially paying.
Instead, you would have asked for any other discount option on that T-Shirt, like on paying with a particular card. They just want to sell their stock, they will definitely not tell you of any other discount option.
#14. Use Library for Saving Money
If you want to buy books for a very short period of time, then don’t buy it.
Instead, consider using a library. You can find the same book in a library which you can read for free.
This is why Libraries are constructed and are open to the public.
You can find these libraries in your city. You have to take membership from the library considering that you are a regular reader. You will be provided with only one book at a time for a definite period. Usually, it is 7 days.
#15. Look for Cheap Air Fares Online
When you go abroad for studying, or in your country itself, you often don’t look for cheap airfares.
You go to the travel agent and book your flight journey, without even looking at the prices on your own online.
And that’s what I recommend you to just have a peek of seasonal discounts on air travel. You also visit back to your home, that time also you should look online for cheap airfares.
I traveled to Switzerland in the offseason, which saved me around Rs 30,000 compared if I would have traveled in season.
Skyscanner is one of the best sites where I get cheap and the best options for my air travel. You should also look for other discounts on your cards.
You must save every penny possible when you are traveling.
Also Read: 7 Ways to Earn Money while Travelling
#16. Monthly Budget is Necessary!!
This is not a money saving tip, rather this tip is for those who are not able to manage their monthly expenses and end up spending more money.
We are work-sky for making our monthly budget.
I want you to start making a monthly budget right now in this hour.
What are the needs of a student?
It’s not much. You are single and have a very less amount to spend. Don’t make your monthly budget very complex, simplicity is the best opportunity.
Just keep a track of your everyday expenses. As you will stick to it, your mind will not let you spend more.
#17. Start with Milyin
Similar to YouTube, but much higher pay. Start with Milyin.
It’s actually my site, an initiative, on which you can publish articles. And from these published articles you can earn money.
I say that ‘money earned is the money saved.’
You have to publish articles on our website, just like you publish videos on YouTube, and you will earn money. Earning money from Milyin will depend on many factors:
- Length of your articles.
- Views you receive on articles.
- How many people click on the ads on your articles.
- Kind of images you are using in your article.
I started with this site on 17 May 2018 and till date, there are more than 2000 articles published. I consider this a great start.
We have paid a lot of people. One thing to remember: you will get penalized if you publish copied articles.
The best part is that we don’t charge even a single penny for you to publish articles, which is great.
Time for Action
Now it’s your turn to take action. I have listed the best tips I could possibly provide you after my lot of research.
You have to start working on these things from the very first day so that you can get the result as soon as possible.
If you are a student or an adult and want to start a business which can make you a lot of profit, then read my post on 35 Business Ideas for Beginners.
I have covered many industries in which you might be interested.
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Either way, if you have any inquiry or suggestion, then let me know in the comments section below.