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11 SIMPLE tips to SAVE money

Last updated on: June 27, 2013 12:10 IST

11 SIMPLE tips to SAVE money

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Kripananda Chidambaram

A dummy’s guide to help you become rich. Simple, but effective.

1. Walk down to the station if it's just 15 minutes. If not, then bus. This can, surprisingly, save you loads of money in long term.

2. Throw away your credit card. The interest charged is more than 30 percent.

3. Buy non-perishable items in bulk with friends.

4. Shop a lot! But only during sale. And look out for discount coupons and codes.

5. Have three months’ contingency fund in your account. Don't touch unless there is an emergency.

6. Educate yourself on personal finance basics. It's easy and can have tremendous positive effect in your life.

7. Skip CCD. Hang out at your nearest chaiwala or a dhabha.

8. Have a fixed automatic amount transferred to a mutual fund at the start of every month.

9. Eat light before going to fine dine. Good for your body and wallet.

10. Take less than five minutes to write down to your expense every day.

11. Buy generic medicines. It costs 10x less than branded medicines.

The author is director at Fintotal Insights and Resources Pvt Ltd. He can be reached at info@fintotal.com.

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