We asked you, dear readers to share your best tips on saving money. Rajarshi Pathak, 34, from Bengaluru shared these tips.
"Use your savings to invest in equities in a disciplined manner," says Rajarshi Pathak. "It is a proven way to multiply your hard-earned money."
"If you are a frequent traveller, remember to carry small portions of water and food to the airport. It saves a lot of money as the cost of food items are quite high in airports.
"Buy groceries or non-perishable food items in bulk to avail cashback or discounts.
"Plan your travel well in advance to get the best price.
"Inculcate good saving habits in your kids by encouraging them to save. Allow them to take informed decisions while buying toys, books and sports items. Also, explain to them the power of compounding through simple real life examples.
"As you save, try and avoid wastage. Distribute among needy people. It will give you some peace and satisfaction which is equally important as financial stability.
"Share your rides whenever possible. It will help with 20 to 30 per cent of your savings.
"Keep your savings in liquid or debt funds instead of a saving bank account. It will provide better post tax returns with the required liquidity."
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.