Eye-Opening Money Saving Tips that Only Smart People Know


For the past eleven years I have shared various tips that will help you to make money online, and tips to save money when you are working as a blogger.  

In today’s post, I am going to share with you a variety of money-saving tips that are making the rich richer. I follow many of these money-saving tips myself, and if you’re not following them, then you’re losing money.  

So pay attention to the wisdom shared in this post, and start saving money today.

To begin, here are a few previously published articles for all bloggers who are interested in saving money:

Two of my favorite quotes are:

“A penny saved is a penny earned”, and “Time is money”.

With reference to the latter, Srikanth has previously shared tips that will help you to save time, and in return make more money.

In the following guide, I intend to help you to save money (and thus earn money!), by sharing money saving tips that not only help you to release your old habits of overspending, but to build new habits that help you to save money consistently.  

Remember – your spending habits were not formed in one day, and they aren’t likely to be transformed in a day.  

But with dedication and consistency, you can succeed in saving money.  

And since a penny saved is a penny earned, you’re about to become richer by the day, as you start following these guidelines.

 So let’s get started!

Best Ways to Save money to become Rich & Financially free

For some, being “rich” means having a big house, a big car and a big bank balance. If you are wondering whether or not you’re rich, ask yourself this question:

Right now, do you have more than you had last month? 

If the answer is yes, then you are on the right track. If the answer is no, then it’s time for you to get into introspection mode, and take a look at the habits that are causing you to lose more than you’re gaining.

I follow the guidlance noted below as often as possible, allowing me to save money.  You can do the same.

1. Invest money into mutual funds or the equity market:

One of the biggest mistakes I made for years was not investing money in the right places. I used to have a fixed deposit with my bank account, and I thought I was enjoying a 7.25% interest rate on my deposited money.

The problem with a fixed deposit is that you need to pay taxes on your interest.  Considering the rate of inflation, at the end of the day, you end up earning close to nothing with your money.

I recently read a book entitled Rich Dad, Poor Dad, and that book changed my perception of money. I learned that it is a better idea to diversify my investments, which means investing my money into a variety of different areas such as the equity market, mutual funds or in the real market.

You may have heard many recommended buying mutual funds using SIP, and they are right. This is one avenue that could help you invest money, and become financially free over a long period of time.

There are many platforms that help you invest in mutual funds completely free. There are two that I could recommend for you:

I personally use Goalwise which is a great platform for mutual fund investment in India.

It does not matter if you have 10,000 or 100,000 in your account, as long as you make sure to invest smartly, you are more likely to become financially free in your old days. 

The biggest problem for me was that I was really not interested in learning about finance.  I was just earning my living and paying my taxes like everybody else.

If you want to become rich and make money from your money, you need to learn about personal finance. It is not difficult to learn, and over time it will benefit you and your family very significantly.

You can start by reading some good blogs like Jagoinvestor and MoneyControl.

Next tip!

2. Avoid plastic money – use real money:

Avoid plastic money
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Whenever I go shopping in a mall, I usually use my credit card or debit card (plastic money) to pay for my purchases.

This has little impact on me at the moment because I am not parting with real money (cash), so I can spend more freely with little worry. Using plastic money also encourages me to buy non-essential items and to spend more than I should.

For the past few months, I have taken to carrying cash with me while shopping, and I also set a budget for myself in terms of how much I will allow myself to spend.

 This way I focus only on items that I intended to buy. This is an essential tip, because giving away your hard-earned cash is harder than swiping your plastic card.

Tip: I use an Axis Vistara credit card, and use it for most of my expenditure. However, I instantly transfer the spent amount from my savings bank account to the credit card. I use the credit card just to earn the travel points. I have earned more than 70,000 points, in the past 2 years, which means, I have about 10+ free flight tickets. 

3. Save electricity, save money:

save electricity and save money
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This one seemingly minor change has saved me more money than I ever thought possible. I was never a person who was diligent about turning off lights, the television, exhaust fans or even my Wifi router when not using them or when leaving my home.  

I was paying over 5000INR (78.35 U.S. dollars) every month for my electricity bill, which was too much for a single person living in a flat.

I started practicing shutting down all electrical equipment when not in use or not needed, and that cut my bill significantly, bringing my monthly electric bill close to 3000 INR.

This is a savings of almost 2000 INR/month ($31.34 U.S./month). I have been doing this for the past three months, and my total savings is already 6000 INR ($94.02 U.S.)  Let’s do a quick calculation of projected savings by the end of the year:

  • 2000*12 (INR) = 24000 INR ($376.08 U.S.).

While this may not seem like a significant amount of money to some of you, it is a considerable amount of money from my perspective and excellent savings over time.

Can you find better things to do with 24000 INR/376 dollars?  I sure can!

4. Avoid “buy 3 get one free” deals:

buy3 get one free
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How many times have you gone shopping and encountered deals like “buy 3, get one free” or something similar, and you haven’t been able to resist your temptation to the advantage of the offer? 

(Have you ever been out shopping when you have not seen such deals displayed??)

Before you buy one extra item in order to get something for “free”, ask yourself if you really need that extra item.

You went out to buy one t-shirt, and ended up getting three for the price of two, but did you really need three t-shirts? 

“Wait! We have more for you!” is a proven psychological “trick” which causes marketers to earn more money and you to spend more money. 

In addition to paying out more of your money, you end up accumulating more stuff you don’t even need right now.

If you have this habit of buying extra stuff for a “deal”, it’s time to change that habit.

Even if the amount you have to spend for the extra stuff is minor, you don’t need it, so don’t buy it!  That’s less money spent and more money saved!

5. Your mobile phone usage:

One of the best ways to save money is by looking into the things which cost you indirectly.

For example, a mobile phone is an essential item, and most of us end up buying that unlimited data package, a post-paid monthly plan and so on.

I used to be a post-paid mobile user myself, and one thing I noticed is that I wasn’t keeping track of my usage. By the end of the month, I had to pay my bills and just forget about it.

For the past five years I have been a pre-paid user, and this has been an excellent change to my mobile expenditure.

Now I have to top-up my mobile phone whenever necessary, and I don’t pay for unnecessary monthly usage.

This tip may not be reasonable for those who have very high mobile usage, but for a person like myself, it can make a big difference.

These days, topping up our mobile credit is easy with the help of apps, and instead of buying an unlimited data plan or high-end data plan, we are only paying for what we actually need and use.

Only you know your users well enough to determine whether this could be a beneficial change for you, but you could save 500 INR ($10) a month on your mobile phone, which will mean a savings of 6000 INR ($120) by the end of the year.

6. Use  a cash-back program for shopping online:

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Whenever I shop online, I search for discount coupons and then pat myself on the back for saving some money. Recently I became familiar with cash-back programs like CashKaro which not only provide discount coupons, but also give cashback which can be deposited right into your bank account.

Most recently I got cash-back of 15 INR (24 cents) along with a discount coupon of 20% on my pizza order.

Was it a big saving?

Every savings is a big saving to me. Only you can answer for yourself if it’s worth saving that extra penny without any extra work.

Look for cashback programs in your country, and use then when shopping online.

Most of these cash-back programs provide discount coupons too, so you end up saving significantly when shopping online.

CashKaro is one such cashback app from India.

7. Cut down on smoking and reward yourself:

quit smoking and save money
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Are you a  smoker who is trying hard to quit smoking but fighting the dilemma of relapse? I have been a regular smoker since 2004, and it’s an addiction that is very difficult to break. I have tried quitting multiple times, and I have failed multiple times.

Eventually, I came up with a strategy that helped me to cut down considerably on my smoking habit and has also worked as a money-saving tip for me.  

Here is what I did:

  • Instead of buying an entire package of cigarettes, I buy only 2-3 at a time.
  • Every time I get the urge to smoke, and if I am successful suppressing that urge, I put the cost of the cigarettes I didn’t smoke into my money box.

This reward system has not only helped me to cut down on smoking, but it has also helped me to save a considerable amount of money.

If you have other habits like alcohol or drugs, you can try using the same reward mechanism, and notice the difference with this step in the coming days.

Saving money is a smart way to make more money. It is also a way to spend your hard-earned money only on things that matter.

These are the money-saving tips that are working for me, and if you apply them, they will work for you, too.

If you have your own tips for saving money, please share them with us in the comments section below!

If you find the information in this post useful, please share it with your friends and colleagues on Facebook and Whatsapp.

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Authored By
A Blogger, Author and a speaker! Harsh Agrawal is recognized as a leader in digital marketing and FinTech space. Fountainhead of ShoutMeLoud, and a Speaker at ASW, Hero Mindmine, Inorbit, IBM, India blockchain summit. Also, an award-winning blogger.

24 thoughts on “Eye-Opening Money Saving Tips that Only Smart People Know”

  1. Karnesh Mehta

    Very well written article on ways to improve your monetary health as well as physical wellness.
    An eye opener for people on how they should plug the loop holes from where their money is getting drained.

    Appreciate Harsh for revealing some “personal choices”on a public platform which usually people hesitate to do…

  2. Sameer

    Your website content is very interesting and can impress any person on the earth to agree. We are living in this world for sure and no thought is active in saving money but spending money. With this methods, hope people can start thinking towards saving.

    Good article.

  3. Latha

    Nice article.
    I tend to do a lot of online shopping. But sometimes, I feel, if you have to buy gifts for family and friends, and no time to go out to buy, then online shopping is the only solution. Plus it saves on time and petrol! There are some very good deals. Just a little bit of patience is required to compare the prices on various online sites.

    I also have a recurring deposit. Just like FD, it gives a good interest and automatically transfers a certain amount from savings account to RD on a fixed date every month.
    This is one way of saving money.

    I have been tracking on my expenditure. This helps me to be aware on the areas where I have wasted money.
    Instead of buying books, I borrow from the library ‘Just Books’
    I buy seasonal fruits and not very expensive imported ones.
    I buy air tickets etc in advance instead of purchasing at the last minute.
    I save money for short- term goals like a mini vacation etc.

    Lastly, habits such as switching off the light, fan, turning off the water tap etc should come from within. Should be taught to kids. Not because you don’t want to pay heavy electricity bill and water bill but because you want to save resources.

  4. Nitin


    I appreciate the quality of article. The big point you should mention is to use Credit Card as much as you can (WISELY). Credit card helps us to improve the cash flow.

    If sometime you miss to pay the card bill, you should go with the temporary personal loan instead of converting the payable amount into EMI. You would save more than 60% of interest. (This is what I have experience and thanks to Deal4Loans team.)

    There are so many companies/banks (As I was suggested), offering personal loan with 0% prepayment charges. It can help you to save big in credit card dues.

    Your idea of investing in mutual funds and equity is absolutely perfect.

  5. Neha Mehra

    I used to shop online as i got addicted so i cut that bad habit by getting rid of my cards..Saving money is very important instead of blowing it..Rich dad poor dad is the best book that can teach you a lot..

  6. Gaurav Mishra

    1/3 rule really works for me. Everyone should minimize their expenses to 1/3 of the earnings.

    Ideal breakup is 1/3 in expenses, 1/3 in safe investments and 1/3 in risk investments.

  7. allenage

    great article but people will forget in due course of time and get back to same, unless they make it a habbit

  8. Debopratim Das (DPrat)

    Hi Harsh,

    Your money-saving tips are exact for present day modern families. I think it is very very important to learn how to save money with the ways to earn money, simultaneously. I being a Digital Marketing Manager, Consultant and a part time blogger, know how hard earned money used to get flushed out just with few clicks.

    At present I follow these:
    1. Save electricity
    2. Fixed deposit instead of keeping money in saving account

    I would love to follow these:
    1. Avoid plastic money less and use real money more
    2. Avoid Buy 3 get one free
    3. Use Cashback program for shopping online

    The rest dont apply as I dont smoke or drink.

    Thanks for such wonderful ideas.


  9. This article is really great in terms of enlightening users about saving money. Making money is one way, but saving the money made is double money making. If you monitor the electricity,water usage, food wastage, unnecessary fuel usage can surely save you some bucks.

  10. Neha Mehra

    Very well said Harsh, money that is saved is one way you are earning money. FD’s are great but the process is too slow, start investing in properties. It shall do great for you 🙂 Good luck

  11. shekhar

    Hi Harsh

    Great list, why great because it always advised that stick to the basics if you want to do and what you have mentioned are the basic which will save you handsome amount.

    Few weeks back only I converted my saving into fd,
    Last year only I quit smoking,
    Of late I mail all my colleges tips to save electricity,
    I always avoid , buy 2 get 1 free and buy 3 get 1 free (except in soups)
    CAsh back is something which I have not convinced myself to use.

    Above all- THUMPS UP for the tricks.

  12. anshar

    For my income and expense daily, I using financisto. This free android app is very helpful. I know where my money come and where they go.

  13. Jaishankar

    Hi Harsh

    Thanks for this great post. Its extremely essential for everyone to develop a savings habit right from childhood. One should know that “Money saved is money earned”. May I add a few more of savings tips for the benefit of all.

    Pooling of cars/bikes is another great idea to save on petrol which is a rare commodity. It can not only save your pocket but also of the nation.

    One should become a compulsive buyer, i.e. one should not buy things just for the sake of buying. One should not buy for one’s desire but one should buy for one’ wants. In other words one should buy only if it is absolutely necessary. If things can be postponed in buying an item, let it be. It may be available at a lesser price in the near future.

    Buying expensive things are not necessary. For example instead of buying an expensive smartphone, it is enough if one buys a normal phone which will serve the purpose. Do not try to look at others and be affected, be your own self.

    Many thanks

  14. Sunith Babu L

    Hi Harsh,

    This article is really great in terms of enlightening users about saving money. Making money is one way, but saving the money made is double money making.

    Thanks Harsh

  15. Avadhut

    Hi Harsh,

    Very important article and tips. I’m pleasantly surprised that you’re taking this initiative to write on money saving.

    You mentioned – At times I also spend a fixed set of amount into risk-free investment policies which pays me anything between 11-33% interest rate.

    BTW, can you tell me the risk-free investment policies which give you 11-33% rate?


  16. Basavaraj Tonagatti

    Hi Harsh,
    Regarding turning your extra money into bank FDs, one can opt for sweeping option. In this your are instructing bank specific limit like Rs.25,000. All balance above Rs.25,000 will automatically create as FD. By opting this one can easily come out of managing savings account and FDs headache. Nowadays all banks offer such facility.

  17. RAHUL K

    Hello Harsh
    Nice concept of saving money smartly.Seriously you explained it in a concise manner and more surprisingly we all know most of them.
    Thanks for sharing..:)

    Harsh, Plz do write on some major social problems happening these days. Awareness is the best panacea for all these problems..

  18. Rahul Nair

    Watching how you spend your money is absolutely important, as you said Money Saved is Money earned. A lot of people in todays time consider themselves rich in relation to the amount of money they have in their savings account, or by looking at the worldly possessions that they have; but then that short term thinking isn’t the best outlook to have.

    I have read some articles that explain how successful people take their salary and remove percentages from them for essential expenses, and then save a larger chunk of that money to invest in various financial instruments. Best idea to have for future gains.

    Warren Buffet has always been the most reverred with practical life suggestions on how to become rich by saving money. Including a link to one of them: http://bit.ly/WlIBUN

  19. Rajinder Sanwal

    Very well Crafted article Harsh!. You pointed out the basic things that should be followed to save money. In fact Money saved is money earned. Thanks once again.

  20. Gautam Sehgal

    Hello Harsh,
    Though! for me, relations are more prior then money, but a lot of things you mentioned here will not only save money, but makes people a responsible individual. May be they follow this article for the sake of money saving or anything else. It’ll always be beneficial for them and the society.

    And yes I can proudly say that I had Quit Smoking last year July 17 🙂

    Worth Reading

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