Follow these lifestyle changes to save money 

5 MinsDec 23, 2022

Saving money is not difficult. You can make simple lifestyle changes and save money to enhance your disposable income. Let's find out how.

Follow these lifestyle changes to save money

It is essential to manage savings from income. These savings, when accumulated, can help save up a decent amount of money. For instance, by saving ₹20 from daily expenses, one can save ₹600 monthly and about ₹7200 a year! 

As savings grow, so should investments in return-generating assets. Consequently, one can end up with a decent corpus for their financial goals.

So, here are some lifestyle changes that can be incorporated into daily life to save more -

•   Opting for the DIY mantra
DIY or Do-It-Yourself is trendy and cost-saving. If you live alone and have a full-time job, chances are that you are eating out or ordering food in, often. Instead, start making your coffee, tea and meals. This will help reduce your food bills. You can also opt for pre-cooked and packaged meals that are cheaper than ordering in.

Besides food, DIY works wonders in almost every aspect of life and saves a lot of money. So, wherever possible, do your chores yourselves to cut down the cost of outsourcing them.

•   Hunting for deals and offers
Due to competition, most sellers try to lure customers by offering deals and discounts. So, keep an eye out for these offers. It is also possible to get attractive offers and rewards by using a credit card for your payments. For instance, Axis Bank's wide range of credit cards offer a range of rewards and benefits to cardholders. You can choose the Axis Bank Select Credit Card or Axis Bank MYZone Credit Card and get Amazon vouchers, attractive discounts, complimentary movie tickets, complimentary lounge access at airports, reward points, etc. These rewards would help save money every time one spends.

•   Paying credit card bills on time
Bills should be paid on time and in full when using a credit card. Missing the due date of credit card payment or paying only a part of the bill could lead to considerable interest charges. It also damages your credit score. So, while you can use reward points offered by your credit card, make sure you pay the bills within the due date to avoid interest charges and save money.

•   Shopping online
Online marketplaces have revolutionized the way people shop. It makes shopping convenient and may even offer better rates for products. Moreover, online marketplaces offer attractive deals and discounts that can help save money on the overall cart value. Again, check if your credit or debit card has tie-ups with online retailers and shop using those cards to enjoy additional benefits i.e., discounts plus rewards points. For instance, the Flipkart Axis Bank Credit Card offers cashback with every transaction. It offers 5% cash back on Flipkart and Myntra, 4% cashback on preferred merchants and 1.5% cash back on all other categories.

[Also ReadImportance of choosing a credit card that suits your needs]

•   Going local and ditching fancy labels
Branded items are costly because of their quality, but also because of the brand name. So, try ditching big brands to save money when possible. Locally sourced products can offer similar quality at lower rates.

•   Carpooling or using public transport
Regular commute to work, school, college, etc. incurs considerable expenses. You can reduce these expenses by carpooling or using public transport. If these options are not feasible, opt for cost-effective transportation. For instance, using a two-wheeler instead of a car will save on fuel costs.

•   Reviewing the budget regularly
While these measures can help you to save money, reviewing your monthly budget and investing regularly is also important. This will help you identify other potential areas where you can save money. Record all your expenses in a month and review them regularly. This will help trim expenses and increase savings.

These are small measures, but they can radically change your savings. Use these tips to save money and supplement your investments for your financial goals. Remember, a penny saved is a penny earned!

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.