Set a Realistic Goal
If you’re disciplined enough to save money consistently on a monthly basis, start off with a small budget. Don’t feel like you have to put off saving because there isn’t enough money.
Saving Rs 25000 per month may not be in your budget, but 5000 is. After saving those small increments, increase the amount of money you're saving.
As a rule, you should be saving 20% of your take-home pay. It’s a good idea to set up alerts as a reminder to stay on top of your savings goals.
Find yourself in short of money every time you really need it for an emergency or a well deserved vacation? Make a list of your expenses, you just may be surprised to find out you're spending way too much on restaurants and eating out, or discover you're not saving enough compared to how much you're spending. (The general rule suggested by money experts is to save 20 percent of your income.)
Pay Yourself First
Always make sure you think about your financial stability first. Take a portion of your paycheck and use the automated direct deposit feature to transfer it into a savings account. Direct deposit is the better option to deter from temptation of spending money.
Change to Spare
Every time you break a bill and get change back, put it in a jar to act as a piggy bank. When the jar is full, take it to the bank and deposit it. Some banks offer free coin counting machines which alleviates the task of counting coins on the dining room table.
Whether you create your own personalized spreadsheet, or prefer to use tools like Mint.com, it's a must to write down where you spend your money.
Make Cuts
Sacrifice and brown bag your lunch to work several times a week. Whatever amount you usually spend on coffee or a meal at a restaurant during lunch, throw it into your savings account. You could potentially save hundreds to thousands of dollars annually.
Wait 24 Hours
This tip relates back to impulse shopping and frivolous spending habits. If you’re out shopping and thinking about making a purchase, walk away from the items and give yourself 24 hours to cool off.
If you feel after this time has passed that you still want the item then go back and buy it. Some will be more inclined not to buy anything after walking away. This is a good way to train yourself to curb away from impulse buying.
Extra Cash
After receiving any excess cash such as tax refunds, bonuses, gifts or any additional income, deposit it into your savings account before you get the urge to spend it.
Shop Online for Rates
Comparison shop for the best and highest interest rates online. You want your hard earned money to work for you and mature in the meantime.
Keep a Budget
We've all heard money experts advise keeping a budget. This is to track where you're spending and how you can curb those habits. You may not be aware you're spending Rs 2500 a month on eating out. Track your spending and then try to cut corners in one area where you're spending too much money.
