Top 5 Hacks For Money Savings In India

So let’s Begin

1. STOP UNUSED MEMBERSHIPS

During this lockdown, we might have subscribed to a lot of activities related to memberships. So it’s now to unsubscribe from these unused memberships which you may find it useless or not worthy to continue. In the year 2015, I had subscribed to a monthly newsletter
related to stocks. Which I was finding very useful initially for the 1st year. But then I got involved with my job and other things that I completed ignore those newsletters, and so after 2 years of spending around 80,000 approx on this newsletter finally I decided to stop this membership.

2. REDUCE OR PAY COMPLETELY YOUR CREDIT CARD DUES

Now, this is a very important thing that I had implemented in my credit card life. It really helped me a lot to save a lot of money. Initially, I used to use a credit card a lot. But then over time, I realised that I was overusing and I was down with debt of around Rs5. Lakhs.  But then I started reducing my debt by savings a small amount, and then I took Personal Loan and completely closed my credit card account.

3. DON’T JUST SAVE FOR SAVINGS

What I mean by this is that some people go just overboard to save and in turn, they end up buying very cheap products which cost them annual maintenance kinds of things. So buy things which are durable, long lasting even if you end up paying a bit higher, it’s ok, But it will help you in the long run and saves you a lot of money. For e.g After my marriage, I had bought a coconut cutting manual machine. Now, this was very cheap compared to other models, but over the time I had realised that my wife has got shoulder pain and a lot of time was going to get the coconut due to that thing. But when I bought a new advanced machine which cost me a bit, but in the long run, it really benefitted me a lot. It saved a lot of time for my wife and also her shoulder pain was considerably reduced.

4. YEARLY CHECK OF YOUR CREDIT SCORE

Now, this is a very important hack which benefitted me a lot. Nowadays credit score has become very important. So you need to do a yearly check up on your credit score. Now, how you do this by regularly paying your EMI on time, your bills, or monthly maintenance bills check any loan if you can reduce.

5. INVEST IN SOLAR, GREEN INITIATIVES FOR YOUR HOME NEEDS

This is a very good hack which got me saved a lot of money. Initially, I used to buy CFL or normal tube lights or bulbs for my home. This used to cost me a lot of money. It does not last long. So when I switched to LED this made me huge savings and also it lasted longer if you use it in a proper way. So go for green initiatives you are doing a bit to save the environment and also your savings.

Hope This Hacks might create your Saver Hacker in your Financial Freedom Journey. Do share your valuable comments or thoughts or queries about these hacks.  

Also, share your hacks that you had used in your financial life and got good benefits. 🙂

Cheers

Mahesh Kathiravan