How to Save Money in India?

As someone who has always been passionate about saving and being financially responsible, I wanted to share my personal experience of how I was able to build a healthy savings account while living in India.

It hasn’t always been easy, but with a few lifestyle changes and a strong commitment to my financial goals, I’m proud to say that I’m well on my way to achieving the financial freedom I’ve always dreamed of.

OTTs Eat small Money Regularly

At a stage where you have already achieved Financial Freedom, you will not think of these expenses as expenses at all.

But when you are still trying to achieve it, I suggest you to refrain from OTTs. More than money, it eats up your time and attention.

OTTs are a little more convenient than torrents. I chose the less convinient way.

I used to spend too much on movies. Multiplexes have decent ticket price but sell food at 100x. I can’t imagine buying a popcorn for ₹300 even today.

I stopped watching movies on theaters. I just waited for a month or two for the movie to be released on some OTT. If it is on OTT then you can get it even without subscribing but it is as I said before less convenient.

Cook to Survive

When I first moved to Bengaluru for work, I’ll admit, I was pretty overwhelmed by all the food options available. It was so tempting to just order something through swiggy, zomato or eat out every day.

Though these options came later in my career, it was always easy to go out and eat something tasty.

However, I quickly realized that this habit was burning a huge hole in my pocket.

Not just that, the food we get outside is so adulterated that you wouldn’t believe. Read food we eat is poisonous.

That’s when I decided to teach myself how to cook a few simple, yet delicious Indian staples like dal-chawal, rice bath, and lemon rice.

At first, it was a bit of a struggle, but I found a bunch of easy-to-follow recipes online and started experimenting in the kitchen. The results were not only wallet-friendly, but also much healthier than the greasy, oily food I was used to ordering.

I remember the first time I made a perfect batch of dal-chawal - I was so proud of myself, and the sense of accomplishment was unbeatable. Slowly but surely, I began to enjoy the process of cooking and even started finding it therapeutic.

Non-Branded is Not Bad

Growing up, I was always surrounded by friends and family who seemed to have the latest fashion trends and gadgets. It was easy to feel like I needed to keep up with the Joneses.

However, after doing some serious reflection, I realized that this mindset was only holding me back from my financial goals.

I made the conscious decision to steer clear of branded clothes and opt for high-quality, non-branded alternatives instead.

To my surprise, I found that there were so many great options out there that were not only affordable but also incredibly comfortable and long-lasting.

Don’t be someone else’s poster boy.

Unlike Zuckerburg who had a closet full one single colored T-shirt, I have 4 of them. They are mostly used while I play outside for a walk, to play or to shop.

I have two shirts for functions or events. I have a black and blue jeans pants. These cover most of my clothing already.

Most times, unknown brands will have good cloth but the stitches are sub-standard. You just have to stitch it up once it comes off.

Since I have been working from home, I do not need those many clothes. I gave up all my formal clothes to a relative of mine who just started his career.

I do buy expensive innerwears which I think is essenstial in hot countries like India. I find Damensch to be pretty comfortable to wear in hot summers.

Usually a single underwear costs ₹300-₹500 but it is worth it. You just need half a dozen of these and you are set for at least 4 years.

Be a Minimalist

One of the biggest game-changers for me was embracing a minimalist lifestyle. When I first moved to the city, I’ll admit, I got caught up in the consumerist culture and ended up accumulating way more stuff than I needed.

But then I realized that all those material possessions were not only taking up valuable space, but also draining my savings.

I made the decision to downsize and only keep the essentials. No more fancy gadgets or the latest model of a car. Instead, I opted for my dads old car and a basic, functional phone.

Buy a Macbook(at leat M1 processor) instead of a desktop that occupies a lot of space. These machines can take heavy workload without breaking a sweat.

I have 3 broken laptops(which are worth pretty much nothing), 1 working laptop and a huge desktop now. I wish I had known better and bought a Macbook earlier.

This might seem expensive but I can tell you it is worth every rupee. You can even buy a refurbished one at a lower price if you want to save more money and do not mind used stuff.

We don’t have a refrigerator. We get all the veggies, leaves, groceriea, and meat on-demand. We don’t store it since we get it two, three times a week.

I wish I had no TV. We did manage without a TV for 3 years before the first kid. But after that we had to give in. We have a 24inch TV without much options of OTT though.

It was a bit of an adjustment at first, but I soon realized that I didn’t miss any of those things. In fact, I felt a sense of lightness and freedom that I had never experienced before.

Staying Healthy on a Budget

As someone who loves to stay active, I’ll admit that it can be tempting to splurge on expensive hobbies and memberships. But I just made friends with the kids in the colony and play with them. Sometimes we play shuttlecock, sometimes cricket. Zero cost but all the benefits.

I don’t go to bakeries. We don’t buy biscuits, cakes, or anything that has sugars, maida, oils, and other halmful chemicals. My wife sometimes bakes cake. I make chikkis, banana chips for my kid.

Initially he used throw tantrums for chocolates or ice-creams. Once he realized that he is not going to get any of those, he eventually stopped asking.

This keeps all of us healthy. Sometimes we do feel like eating some sweets from outside. On such days I buy them coconut water or get something from Nandini store. Things like Mysore Pak, Dood Peda, Besan Laddoo are all made with Ghee, milk solids, besan, in Nandini.

Drinking & smoking was never my thing. I suggest you to gradually come out of these habits as well. It helps not just in

It has saved not only on our medical bills but also the direct spending on these things.

It may be difficult at first but I suggest you to make an effort to get everyone in the family on-board with proper reasoning instead of just setting the hard rules.

Patience and the Path to Financial Freedom

One of the biggest lessons I’ve learned on my journey to financial freedom is the importance of patience and delayed gratification. It’s easy to get caught up in the instant gratification of splurging on the latest gadget or a fancy trip.

But I’ve come to realize that true financial security comes from consistently saving and investing over the long term.

And in the meantime, I’m focusing on building up my savings and investments, so that when the time comes, I’ll be able tospend on those. I can achieve big milestones with confidence and financial security.

Overall, my journey to financial freedom in India has been a challenging but incredibly rewarding one.

By making small, incremental changes to my lifestyle and mindset, I’ve been able to build a healthy savings & investments and put myself on the path to the financial independence I’ve always dreamed of.

And I hope that by sharing my story, I can inspire others to take that first step towards their own financial freedom.

Also read How to Achieve Financial Freedom in India?