To save money effectively, make small, practical changes such as automating savings, meal planning, and canceling unused subscriptions. Unplug electrical appliances when not in use and consider carpooling or using public transportation to reduce energy costs and save fuel. Switching to cash instead of cards and having no-spend days can also help curb impulse purchases. Adopting these habits consistently will contribute to your long-term financial health while promoting conscious spending and sustainability.
When payments become so convenient, it’s easy to fall into the trap of spending more than you need to, precisely because it’s so easy to pay. What seem like small expenses can add up at the end of the month. If you’re serious about saving money, here are some small but big changes you can make to your everyday lifestyle.
1. Automate Your Savings
If having money in your account makes you want to spend more, try setting aside some extra money at the beginning of the month. Automate a transfer from your checking account to your savings account after you pay your rent, bills, etc., no matter how big or small. This way, you’ll have some money set aside at the start of each month, which will eventually help you develop a saving habit.
2. Meal Planning
Planning your meals at the beginning of the week not only reduces stress during the week but also helps you avoid unnecessary grocery shopping and restaurant visits, ultimately saving you money. Try to do your grocery shopping once a week by following a list. Grocery apps are a great option for last minute shopping, but try to buy your groceries yourself in the store to avoid impulse buying. Instant grocery app purchases add up.
3. Cancel Unused Subscriptions
OTT subscriptions may seem small individually, but they can add up to Rs 2,000-3,000 per month. Review your subscriptions regularly and cancel those you don’t use frequently. This includes gym memberships and Pilates classes you’ve taken just once.
4. Unplug Power-Hungry Appliances
Almost everything except the refrigerator should ideally be unplugged after use. This also applies to chargers, gaming consoles and TVs when not in use. Simple habits like switching off geysers, air conditioners, lights and fans when not in use can significantly reduce your electricity bill.
5. Consider Carpooling or Using Public Transportation
With gas prices rising every month, the best way to save money on a daily basis is to take the subway or carpool with a colleague. This way you can share the cost of gas and save money. Search for existing carpool services in your office or local area. Plus, it will reduce your carbon footprint, which is better for the environment in the long run.
6. Use Cash
If you’re serious about saving money, ditch the plastic. Remove debit and credit cards from your wallet and only carry cash. Uninstall fast fashion, grocery and food apps that make you mindlessly scroll and shop. If you need these apps, use them only for emergency purchases of things that are not easily available in your area. Be careful not to link your UPI payments or phone banking details to these apps. The more inconvenient it is to shop online, the less likely you are to do so.
7. Have No-Spend Day or Weekend
Challenge yourself to spend a day, a weekend or even a few weeks without spending any money. During this time, spend only on essentials such as food and transport. This will force you to think about what you need and what you want. Save the money you would have spent in cafes, shopping centres or online shops every day and buy things that will be useful to you in the future. It could be a down payment on a car or a house. Be careful not to engage in revenge spending after the challenge ends, spending even more after trying to save a lot the previous week.
Saving money can be a lifestyle, just like eating healthy or exercising. Everyday habits like preparing meals in advance, watching your electricity usage, automating savings to put aside extra money before you spend it, and carpooling can help you achieve significant savings over the long term.