How to save money: 23 practical tips

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I’m sure saving money is the first thing that comes to your mind every day in the morning! 

It doesn’t? Of course, it doesn’t! 

I’m pretty sure it hardly crosses your mind, maybe only when a blog like this teaches you practical ways you can save money.

The only time you will actually start taking the act of saving money seriously is when your future Needs are more important to you than your current Wants. Read that again and this time Understand every word of it.

All this might sound overwhelming, but take a deep breath in and relax. Anyone can learn to save money, it isn’t that difficult, you just need to follow a few simple rules and you’re ready to step into the world of saving!

23 Practical and Easy Ways To Save Money

1. Stick to the two best credit cards 

Use two credit cards 23 tips to save money

I see a lot of people with four to five credit cards. Their explanation – every credit card company provides various offers for us to save money. While that seems correct, the problem lies with paying the credit. 

Forgetting to pay your credit cards is usually the problem. If you don’t pay till the due date, you will be charged with additional interest on the remaining amount which is totally against our principles of Saving. 

Keep the card that provides maximum benefits and has minimum late due fees and stop using the other cards.

2. Go cash Go cash

Isn’t carrying cash dangerous? Yes, it is if you carry it and show everyone you are carrying a lot of cash with you. But otherwise, it’s safe to carry cash. But not carrying cash will save money and keep you away from impulsive spending.  How exactly?

When you shop and have a lot of items in the cart, which is more than the cash you have at hand, you’ll keep a few unnecessary items aside and thus not spend aimlessly. 

By using cash we reduce our spending as it tricks our mind into saving more money as we cannot use cards in case our cash at hand is over. A simple but brilliant strategy to avoid overspending. Do give it a try.

3. Go to One-stop Shops

Instead of going to various shops to buy groceries, clothes, and daily necessities, pick a place where you get everything ranging from foods to all sorts of things. This is by far the easiest way to save money.

I always prefer going to a Mall rather than my local supermarket for groceries because I might need something like a toothbrush or a water bottle or maybe I want to buy clothes or a book to read

Always prefer a one-stop-shop to buy everything under one roof.

4. Pay off your credit card

Credit card companies charge 3-4% per month if the outstanding amount is not paid until the last date given by the credit card companies.

Surely credit cards are a comfort as they let us spend money we don’t have but excessive use of money could lead us into crazy debt problems. While on the road to savings, debt is something we Have to keep our distance with. Remember, your goal is not to spend money, it’s to save money.

I suggest not using credit cards at all but if you’re using one, make sure you pay it as soon as you possibly can.

5. Use public transportation at all times

public transportation practical ways to save money

your own private car surely makes you look rich, but in reality, it makes you poor day by day. Using a private vehicle is expensive and unnecessary. Maintenance cost, fuel cost, insurance cost are a few costs involved if you buy your own private vehicle. Are you sure your goal is to Save Money?

20 years ago, if you used your own car I would agree with you as public transportation was bad at that time. 

But now public transportation has become efficient and not only way cheaper, but it’s also convenient and frequent. Using public transportation is an easy way to not waste your money. 

Sage Tip: Almost all public transportations come with monthly or annual plans where if you are ready to pay in advance, they will offer their services at a discount. Use this to your advantage and buy a prepaid annual public transportation pass. 

6. Try Work from home 

More than ever, many companies will likely shift to full-time work from home but till then try to work from home a few days a week. 

This way you will save on transportation, food expenses, and other common expenses you may incur on your way to the office. Plus you’ll feel much better and refreshed for the next day. 

You’ll also break the monotony and research says that working from home a few days in a week increases productivity.

7. Repair your old Vehicle

A car is quite expensive so is a bike. If you already have either of them, try to repair it and use it till it completely stops functioning. 

Purchasing a new vehicle not only includes the cost of the vehicle but also includes regular maintenance, insurance, fuel, constant cleaning which costs way more than repairing an old vehicle ten times!!! So don’t go for that fancy new car, instead, repair the old one and save money.

8. Maintain a healthy diet plan

healthy diet saving money tricks

A healthy man has a healthy heart and a healthy heart keeps the doctor apart.

Junk food is expensive and honestly does no good to your body. Pay close attention to your diet, avoid the junk, and eat nutritious foods.  

This means include green vegetables and fruits in every meal you eat. Eat healthy fats like almonds, cashews avocados and peanuts, and protein-rich foods like chicken, eggs, chickpeas, pulses for a well-balanced diet. Pair it up with exercise for at least three days a week and you will surely be fit and keep diseases afar.

9. Sleep more and reduce stress

Doctors state that most of the health problems are caused due to stress in your life. Starting to eliminate stress will ensure you have a more happy life. 

One way to do this is to sleep more. You should have at least 6-8 hours of quality sleep to recharge your body for the next day. 

Sleeping reduces stress, improves brain function, reduces your fat, and repairs your body for a fresh new day. Don’t compromise on sleep at all. This indirectly helps you save money.

10. Rent your vacation home 

Have you heard of Airbnb? if you have a house where you don’t stay, you should rent it out on Airbnb. So you can rent these houses at an affordable price. Renting homes has never been easier. 

Airbnb has made it possible to reduce your vacation stay drastically. Instead of choosing a hotel to stay, choose a house, it is cheaper, mostly larger in size than most hotels, more comfortable, and perfect for family vacations.

11. Start walking for local errands

How far is too far for you to take a walk?

Instead of using a two/four wheeler to buy local groceries or batteries, walk the way. You save your petrol and exercise your body at the same time.

Did you know using your vehicle for short errands spoils the engine more than when used for long periods? So rather than driving, walk it up. 

You’ll feel energetic walking the roads. Use a vehicle only when you’re tired from work or you’re feeling sick. Stick to walking and stick to saving money.

12. Move to a less expensive locality

Real estate prices majorly depend on locality. If you stay in a place where there are a lot of people and the average monthly income is more than yours, chances are the prices in that area are also higher. 

For instance, Mumbai is considered a prime location in India, so houses in Mumbai are more expensive than in any other place in India. Moving to a “Not So Popular Locality” will help you save money right from rent to groceries to clothing and accessories. 

I get it, staying in an expensive locality makes you feel premium, but sooner or later, you’ll spend more and waste your money. 

13. Be the Mechanic for your house repairs

If you own a house, maintenance can pinch your pockets once in a while. So don’t call the mechanic, learn to do these minor repairs yourself. It isn’t that difficult and it saves money. 

Fixing a few things at home isn’t all that difficult. It’s basic science and maths that you learn at school. If Ryan Serhant can jump-start his car in winter just by watching a YouTube video, you too can repair a few things by yourself without the need for a mechanic.

So bring home some basic mechanic tools you need and next time something cracks up, be the fixer. I’m pretty sure that anyone can learn anything thanks to the internet.

14. Buy second-hand books 

If you’re a student or you love reading books, always buy second-hand books. You might have to do some research as to where they sell second-hand books. 

A lot of these places offer second-hand books at literally 80% discount on MRP which is really just awesome.

You can buy almost 4 books for the price of one. A few shops also give you more discounts like if you purchase more than 3 books, you get one book free. So buy more books at once to save even further.

15. Use Honey to save tons online

Honey? No not your girlfriend. Honey is an app that saves you money every time you make a purchase online. If you Love shopping online, honey will be of great use to you. 

How does it work?

  • Make an account and login with honey here.
  • If you use Chrome, add the honey extension from here.
  • Then every time you visit an e-commerce store, it will show you the discount coupons it has and applies them to give you great discounts. 

Yes, it does provide discounts for Amazon too. I have saved tons and tons of money when I shop online using Honey.

16. Share Netflix subscription with your friends 

Okay, I know I said that we have to cut off all expenses as much as possible. But what if you can enjoy watching your favorite series at a really low price? 

Sharing your Netflix subscription with your friends is the best way for entertainment at the lowest price. Personally I have a Netflix account which I share with my cousins thus paying really less while enjoying a lot.

17. Buy a sturdy scratch guard and cover for your phone

Okay, you might think this is a silly point, but hear me out. The expensive item a person carries on any normal day is their smartphone. 

Almost 80% of these people drop their phones at least twice a month. Now at this rate, your phone can easily break costing you quite a lot for repairs and maintenance. 

Sometimes your phone is damaged so much that it cannot be repaired, meaning you will have to buy a new phone. Now that’s very expensive! Instead, spend some money on a sturdy phone cover and a scratch guard and save your phone as well as your money. 

18. Buy seasonal fruits as they are cheap

Fruits are one of the healthiest foods on the planet. Thus you shouldn’t avoid fruits at all. But there’s a strategy to this. The fruits in season are way cheaper than those not in season. What do I mean? 

In the summer, you find a lot of mangoes because it’s a summer fruit. The price will be normal for mangoes in this season. But in winters if you want a mango you’ll not get it and if you do, you can easily be charged 3-4 times the amount you pay for it in summers.

Law of supply and demand states that Fruits in season are in bulk and thus the price per fruit decreases, for example, mangoes in summer. 

Whereas fruits not in season are expensive as the stock is limited and this drives prices up. So you should stick to only eating seasonal fruits and ensure you save money.

19. Be your own travel agent and buy airline tickets in advance

If you think your travel agent gives you the best prices for a vacation, Think again! They give you the best price after they add their commissions and service charges(which is a lot).

It surely is far away from the best deal. Instead, you can do all the planning yourself and save a lot in the process. I mean a lot!! Be the travel expert and plan your own tour. It’s amazing, you’ll learn a lot about the place and it’s culture and plus you’ll save money.

You can buy your airline tickets a month or 3 months in advance to get better deals. Furthermore, by booking your flight date on a weekday, you can get an even lower price. See if you take complete control of your trip and try cutting costs at every step, this way you can save quite some money.

20. Don’t be an Impulsive Buyer 

Impluisve buyer

If you love shopping not just clothes, but groceries, electronics almost anything which fascinates you, you are likely a victim to impulsive buying. When a person does not understand the difference between a need and a want, that person can be called an impulsive buyer.

Unless you’re a multi-billionaire, trust me, you’ll regret being an impulsive buyer.

I always have a standard list of household staples I need and I make sure to stick to that. When I want an electronic, I first think – do I really Need it? If yes then I move with the purchase. If not I don’t buy it at all. 

21. Dump that Latte for good

Ditch that latte

Sure, the divine aroma of coffee is indulging, but it’s money out of your pocket. Kevin O’Leary says that buying coffee is a waste, and why spend $2.50 when you can make a cup of coffee for 20 cents at home? $2 every day (assuming you only drink a cup a day) will be $720 in a year. 

Seriously? I suggest you continue drinking the $2 coffee if your goal is to Get Broke Soon! If not, learn to make a good cup of coffee under 20 cents and save those pennies.

22. Drop That Dumbell

Okay, now I love to workout and exercise but going to a gym can get expensive. This might be hard for you to do but I suggest you stop your gym membership and start working out at home or with a friend. 

Buy some equipment to exercise from home. You’ll need to buy a pair of dumbbells and a pull-up bar. That’s it. You can also skip the dumbbells by filling up a bag with water bottles and bricks, then take a towel and now use it for bicep curls, reverse biceps, rear delt exercises, back exercises(I do this and it is really efficient). 

The options are unlimited, just get creative. Believe me, you’ll start enjoying exercising even more than visiting a gym.

23. Use an Ad-blocker to block all ads from your devices

I have an ad-blocker on my laptop and it works really well. By blocking all ads, I surely don’t get tempted to buy anything unplanned as I don’t see it. 

We often fall for ad tricks and buy a lot of these based on the ads we are shown. If you’re using Chrome, you can use the Ad-Blocker extension to block all ads once and for all. It’s simple and it will surely not tempt you into buying stuff aimlessly.

How To Start Saving Money

A very effective trick to easily save money is to create a budget. Too lazy to create one for yourself? Relax, you can use my Free Monthly Budget Template. A budget helps you understand where your money goes each month so that you can tweak it to your advantage. 

At the beginning of the month, sit down and write all your expenses – needs and wants. Then slowly analyze each of these and cross the ones which are not important and without which you can survive. 

I don’t recommend being a hard-core saver as I think we all should have some form of entertainment so spend on wants like new clothes, maybe a burger a month, whatever suits your wants but you make sure it isn’t more than 5% of your net income (income after-tax).

It’s okay if you didn’t start taking your finances seriously YET, but it’s never too late Start Today! Yes, today is a great day to start saving money. 

So do you try saving money each month? 

What tricks do you use in order to reduce or eliminate your wants? Let me know in the comments below.

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