Meticulously list your monthly income and expenses. Understand how much is allocated to debt repayment, savings, needs, and wants.
Categorize and prioritize expenses, making sure the essential costs like rent, groceries, utilities, education and medical expenses are paid for first.
Identify unnecessary expenses and work towards cutting or eliminating them. Anything from cutting back on takeaway to terminating unwanted subscriptions could be the solution.
Consider viable investment options like fixed deposits, National Pension Schemes, Mutual Funds, Public Provident Funds, government and corporate bonds, and post office savings.
Make a dedicated savings account for unexpected and urgent expenses like medical bills and home repairs.
Take advantage of cashback points and promotional savings when making purchases, both online and in physical places.
If you cannot pay for your fancy purchases upfront, proceed with caution and select a more affordable option.
If you get bonuses or windfalls, instead of spending it all, think about putting some of it towards your savings.
There are several apps available to help with saving. Certain apps help you track your progress, remind you to save money, and offer rewards when your savings targets are met.
Simple actions like using energy efficient appliances, turning off lights when not in use, and opting for public transport can substantially reduce your monthly bills.