Economist and great scholar Chanakya said that those who spend more than their income or who do not save at all are fools. They spend their lives risking their lives. No matter how low the income is, it is inevitable for a person to save. Otherwise, no one knows what trouble may be faced at what moment. But the big problem is that this saving art is not available to everyone. Many people have enough money but they do not save. Today we will tell you some tricks by which you will be able to save money.



Some people think that they should start saving a large amount of money at once. Thinking like this, Sina kept walking but could not save her. Start saving immediately, even if it's just a small amount. That little amount will one day become more and encourage you.


Many people set a specific date for saving. They do not save until that month of the month comes. By doing so, many times our spare money is wasted. No need to save a date.


Most of the times it happens that after buying something in the market, if the shopkeeper asks us to pay a rough number, then we round it up to 100, 500, 1000, etc. and buy unnecessary things. But doing so increases the costs. This affects savings.


Don't forget to save something daily, weekly, monthly or yearly. Instead of thinking about saving money, it is wise to think about spending the money left over after saving


Every year on October 31st, World Sustainability Day is celebrated all over the world, while in our country India it is celebrated on October 30th every year.


Saving money is a lesson that we learned from our parents from our childhood. Of course, it becomes more important in the later stages of our lives. Because on a personal level there is a need for saving money for every person. Saving money is also important for the economic growth of the country in the development of the country.


World Savings Day was established on October 30, 1924 in Milan, Italy during the First International Savings Bank (World Society of Savings Banks). Professor Filippo Ravizza of Italy announced the 'International Savings Day' on the last day of the Congress.


This day is observed to promote saving across the world. Initially, people were made aware of the importance of saving money by supporting schools, offices, women's associations, sports, etc. Since then, people's interest in saving has increased.

Importance of saving money:-

“Do not save what is left after spending; "Spend what's left after saving" is the advice given by Warren Buffett, the world's most successful investor.


Saving is an excellent habit that you must engage in early in life to ensure your financial security


Life always throws up new challenges While you can't predict them, you can always prepare for them

Learning how to save money for any future situation is one of the best things you can do to ensure that you are able to handle life's many challenges. Your savings can give you a sense of strength and security that can help you navigate obstacles and emergencies and enjoy your life to the fullest.

Key reasons to save money include:

Get an emergency fund for unexpected expenses such as a medical emergency or an unexpectedly expensive repair to your home or vehicle.


Having a retirement fund to take care of your daily expenses after you retire


Investing in capital that can generate an income that beats inflation


To make a down payment for your home or other big purchase


To pay for your children's education and marriage


In addition to the above, you can also find reasons to save, but you have to save!

Best ways to save money:-

Here are some ways to save money:


Don't take on too much debt


Debt reduces your savings While you may be able to finance a lump sum through a loan or credit card, high interest rates will destroy your savings in the long run. Therefore, it is very important to limit your debt to save money

Buy the actual product:-

A fake or low quality product may be cheaper but will not last as long as the original product You may save money in the short term but spend more on repairs, maintenance or purchases in the long run So, choose genuine products

Create a budget and not spend regularly

Expenses are a part of life Some costs are fixed and some are variable Tracking your monthly expenses will give you an idea of ​​where to spend your money Once you've done that, creating a budget is a simple way to get your finances in order This way, you can use your money efficiently, plan for financial milestones and have something for emergencies.


Prioritize repayment of interest:-

Interest is paid on any loan you may have The higher the interest rate, the higher your financial outflow Paying off all debts and loans as soon as possible to save money on interest charges pays off financially This is especially true in the case of loans that have high interest rates

Build an emergency fund:

Any time an emergency occurs, your regular expenses don't stop This is why most financial planners will recommend that individuals build an emergency fund An emergency fund should generally be 3 to 6 times your regular and non-essential monthly expenses. It can help you in your time of need without depending on any loan

Use Credit Cards Wisely:-

Credit cards offer immense convenience and are a great choice when it comes to payments and emergencies However, not making credit card payments on time can lead to multiple problems Being mindful of your spending habits, using the card for emergencies or specific financial purchases, and paying late on your payments can avoid late fees.

Smart shopping for major purchases:-

Sometimes, we all tend to make a major purchase An appliance, a new vehicle or that odd piece of furniture that needs replacing At this point, it makes sense to look for the best deals or offers available in the market to get the best value for your new purchase Often these savings seem small but can add up significantly over time


Make good use of any extra or unexpected income


Apart from your salary/business income you can earn money from various sources Some examples include, cash gifts from loved ones, interest income from investments, bonuses earned at work, cash prizes from credit cards, lotteries and more. Instead of spending this money, it helps to prioritize saving it for your future needs

Deactivate any auto-subscriptions or subscriptions

Auto-subscriptions can make your life easier, but they can also add to your costs You often don't realize the amount of your expenses because they are automatically deducted from your account This can help you go through them once and disable any subscriptions you no longer need or use

Reduce your energy costs

By being aware of your usage, you can reduce your electricity bill Turn off all electronic devices when not in use and switch to solar power, smart technology and more green options. It can also help to rely on natural light

Lower your cell phone bill

With so many network providers in the market, you can easily browse through the plans and choose something affordable For example, consider using a family plan or couple plan to lower your cell phone bill


Avoid spending money on outside food or entertainment


When you go out to eat or socialize, it's important to be mindful of your expenses Many people lose track of their money when they go out However, being aware of your spending can help curb your spending


Discounts, Coupon Codes, and Cash Back

Finding discounts, coupon codes, or cash back can be a great way to reduce your spending Many brands offer rewards and discounts from time to time You can plan your purchase while the seller offers a festive discount and reduce your expenses considerably

Do it yourself

You can follow online tutorials and do-it-yourself videos to do small repairs and do-it-yourself instead of hiring help and reducing your monthly expenses.

Sell ​​everything you don't need

You can sell your old clothes, gadgets, shoes, watches and other things that you no longer use. This can help you in two ways - you can earn money from sales and you can save money on maintaining these things.

Make saving a habit

Try to save a part of your life Once it becomes a habit, you will never have to go out to save money again You will automatically think about your financial future and the welfare of your family

Learn how to save money

Here are tips to save money not only for your short-term goals but also for your long-term goals:

  • Tip #1 - Keep track of your expenses
    • You can track your expenses in a mobile app or document your expenses in a notepad This can help you identify things to maximize your savings
  • Tip #2 - Prioritize savings in your budget
    • Savings must be included as part of your monthly budget It is also very important to set a savings rate regardless of expenses and stick to it every month
  • Tip #3 - Establish your financial priorities
    • Instead of mindlessly saving or spending, set specific short-, medium-, and long-term financial goals. It can provide you with a road map and help you achieve your goals in a structured manner
  • Tip #4 - Allocate a budget
    • The most important thing when saving money is to exercise a strong will not to touch the money given for saving.
    • It is possible that you may give up your resolve to save and use the funds for some unwanted expenses Beware of this Stay on budget and don't go over it Instead, make every effort to try and save even on a tight budget
  • Tip #5 - Evaluate your spending habits
    • Constantly evaluate your shopping and spending habits to take advantage of any additional savings You might consider looking at your bank account statement or credit card history for the past few months to get an idea of ​​what, where and how you've been spending. Based on your research, you can try to avoid certain expenses Make a conscious decision to set aside the savings This will help you increase your savings
  • Tip #6 - Get your family involved
    • Another good strategy is to involve your family members in your saving habits You can even create a competition among your family members to see who can save the most each month
  • Tip #7 - Find ways to cut costs
    • Try to identify things you can do to reduce your expenses, such as unwanted subscriptions, not tracking your weekly and monthly expenses. Being aware of your spending habits can help you curb spending sprees


  • Tip #8 – Set a savings goal
    • When it comes to saving money, setting goals can help you save in a systematic way Goals can be short-term or long-term:
    • Short-term goals are events that you expect to happen in the near future For example, buying a car or going on vacation On the other hand, long-term goals are events that have a long-term horizon Buying a home or planning for your retirement is usually considered a long-term goal

    • Knowing your goals in advance will help you identify the right plan to invest in For example, if you are saving for a long-term goal like your child's marriage, you can consider investing in a scheme like ICICI Pro Guaranteed Income for tomorrow. This plan offers guaranteed* returns that help you achieve your long-term goals It also offers a life cover that can protect your loved ones financially in case of an unfortunate event
  • Tip #9 - Open a Savings Account
    • One of the best ways to bring discipline to your savings habits is to open a separate account for your savings, apart from your regular salary or business account. Transfer the separate amount to this separate account for saving You can then invest in various savings instruments directly from this account
  • Tip #10 - Invest in a savings plan
    • Life insurance savings plans can help you save to take care of your needs and the needs of your family They help in developing regular saving habits and can give good returns It keeps you financially prepared for any emergency
  • Tip #11 - Automate your savings and investments
    • Instead of automating your payments, consider automating your choice of savings and investment plans that will definitely prioritize your future financial security.

(How to save money: Tips to save money)




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