We asked you, dear readers to share your best tips on saving money. This is what our reader Manish Nandgaonkar, 42, from Pune had to say.
'First and foremost, even before you start thinking about how to save money, it is essential to understand how you spend money.
'Start by tracking your monthly expenses and categorise them into appropriate heads.
'Track this for at least 3-4 months to know your expense pattern.
'Look out and identify which all these expenses are unnecessary ones and can be easily avoided.
'Then consolidate multiple sources of expenses like wallets, cards, UPIs and online cash to ensure that you are aware of how much you spend.
'Put some limited but sufficient money in each of your payment sources so that you become cautious about your expenditure for the month.
'Take a look at your wardrobe and see if there is any stuff to be discarded. If there is nothing to discard, then you can probably delay buying new stuff as well.
He adds: 'Sharing a ride is one of best ways to save on fuel.
'Ensure that you switch off the lights, fans and air condition when not needed to save on electricity bills.
'Embrace a healthy lifestyle by avoiding junk food and exercising. This will help reduce your trips to the doctor, improve immunity and thus help you save money.'
We ask you, dear readers do you have any smart, effective and useful tips on saving money?
Have you applied these tips? Did it work? Share your tips and we'll publish the best ones on Rediff.com.