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Consider these Money Saving Tips to create a decent financial corpus
Are you tempted to buy that cool outfit you saw online? Do you find yourself eating out more often than you should? Are you dreading to look at your bank statement at month-end? Do you regret your spending decisions? If you have answered yes to most of these questions, perhaps you need to readjust your spending etiquettes. This starter course on money saving tips is precisely what the doctor ordered.
For individuals growing and saving money is becoming more important with the rising costs. It’s also about securing oneself and ensure a prosperous future without relying on a consistent source of income to sustain themselves.
Some of the key reasons to prioritise saving money are:
The best way to save money for the future include the following:
When you set a goal, you can start working towards it. If you are wondering how to save money for future yourfinancial goals must be clear and precise. For instance – how much do you want your net worth to be in 3 years, 5 years, 10 years, and so on. Once you set the goal, you must make focused, regular investments to achieve that goal.
For working professionals the first step in how to save money from salary is to evaluate your income and set a budget for all your expenses. Once you determine the portion of your income you are spending, it becomes easier to develop a monthly budget and save money each month. To make budgeting more manageable, you can rely on various budgeting mobile apps that help designate portions of your income for different areas of your life, including savings.
While saving your money is important but it is also important to know where to save money. Individuals can choose from a variety of savings plan offered by the Government of India, banks, or other financial institutions. With these plans, you can inculcate the habit of saving in a systematic and disciplined manner to meet your short and long-term financial goals. You can pick from a host of savings plans to meet your personal financial needs based on your investment horizons and risk profile. Consider using tools like a Savings Interest Calculator to plan where to park your idle funds for growth.
Investing in tax-saving securities is one of the most crucial money saving tips that helps you achieve your savings goal. Do not forget to claim your tax deductions for your tax-saving investments. You can enjoy tax benefits on all kinds of investments from PPF to Equity Mutual Funds and Health Insurance to Life Insurance under various sections of the Income Tax Act, 1961.
Under the new tax regime, net taxable income up to INR12 lakh is now fully exempt, as per the Section 87A rebate. For salaried individuals, the additional INR 75,000 standard deduction widens the tax-free threshold to INR 12.75 lakh.
To boost your savings, you can rely on various investment options to help you earn money. You can opt for market-linked financial investments to earn additional income. For instance, you can invest in high-risk, high-return direct equity options like stocks. For a relatively less risky option, you can invest in Mutual Funds that enable portfolio diversification through a range of securities and assets.
Build an emergency fund to cover at least three months of expenses. It’s one of the smartest money saving tips for beginners. Keep the money in a savings account so it stays safe and easy to access. This helps during job loss, illness, or sudden bills. Start small and grow it monthly. It’s the best way to save money for tough times. Don’t wait for a crisis. A strong emergency fund gives peace of mind and protects your future.
While speaking of money saving tips, we must mention credit card usage. Try not to utilise more than 30% of your credit limit and pay off your bills, in full, every month. Avoid accumulating credit card debt and partial or late payment as it attracts high-interest rates.
Automating your savings helps you build money without effort. Set up automatic transfers from your salary account to your savings account. Use features like Auto Sweep in the DBS digibank app to move extra funds into deposits that earn more. It’s a smart option if you're unsure how to start saving money.
Cutting down on utility and electricity bills is one of the most clever ways to save money. Switch off lights, fans, and appliances when not in use. Use energy-saving bulbs and set timers for heavy-use devices. Fix leaks to save water. Compare mobile or internet plans and pick ones that offer better value for money. Small changes at home can lower your monthly bills. These simple ways to save money free up cash for savings or emergencies.
Use deals, discounts, and coupons to lower your shopping bills. It’s a smart way to manage spending without cutting out essentials. Look for offers online and use cashback or rewards. DBS Bank savings account holders can save up to INR 25,000 a year with exclusive debit card deals. That is one of the real benefits of saving money. You keep more for your needs, your goals, or for unexpected expenses. Spend less without giving up more.
Many of us pay for subscriptions we rarely use. These include streaming apps, fitness plans, and online tools. Go through your list and cancel anything you do not use often. This small step shows the importance of saving money in daily life. Try the free version before buying a full plan or membership. You may find you do not need it.
Eating out often costs more than you think. Cooking at home is one of the easiest ways to save money every month. Over time, this habit can free up a big part of your monthly budget. The more you cook at home, the less you spend without giving up good meals.
Selling things you no longer use is a quick way to get extra cash. Look around your home for items in good condition such as clothes, books, gadgets, or furniture. Many of us keep things we do not need anymore. List them online or join local resale groups. It clears space and helps someone else. If you are trying to save money this is a smart and simple habit to start with.
Start with a reliable savings account. It keeps your money safe, easy to access, and earns interest. Look for accounts that offer more than just a place to park funds.
Here’s why you should open a bank account with DBS Bank stands out:
You can also grow your savings with Recurring Deposits or Fixed Deposits for higher, guaranteed returns.
Online Account Opening with DBS Bank takes just a few minutes and requires minimal documentation.
By adopting practical money-saving habits and choosing the right financial tools, you can work steadily toward your personal and long-term financial goals. Prioritise essential spending, minimise impulsive purchases, and make saving a consistent part of your monthly routine. With the right Savings Account and disciplined planning, building financial security becomes much more achievable.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
