How to Save More Money 2022 – Forbes Advisor INDIA

Saving money seems to be a very simple task. However, this is not the case for everyone. Given that we have different incomes, necessities, expenses, responsibilities and wishes, it is obvious that we also have different savings opportunities.

The good thing is that this does not mean that it is impossible for us to save. With a small change in our spending behavior and our way of thinking, it is safe to say that we can achieve your goals in 2022. In no time, you will feel that you do not worry about being financially stable and having enough for both spending and savings.

So if you are interested in knowing the ways and tips to save more money, read on to the following section.

Keep track of expenses

The first step to saving money is awareness. Knowing how much you spend on a periodic basis will let you know things like:

  • Things you can stop buying
  • How much of your income goes to expenses
  • The possible savings that you can have in a month / year

So let’s start with a simple task that will help you get an overview or idea of ​​how much your daily, monthly and annual expenses are. This will consume just a little of your time throughout the day.

To do this, you can either:

a. Write down your expenses in a diary.

At the end of each day, you can get a journal and list everything you bought and paid for. This will be helpful if you want something to reflect on daily. If you continue to do this even when you can spend enough, you will also be able to keep track of your progress.

b. Keep a digital record on your phone.

If you do not like to write so much, you can simply write your expenses on the phone notes. Just like a diary, you can write on it at the end of each day. Alternatively, you can easily enter on your phone immediately after purchasing something.

Just choose which of the two you are most comfortable with.

In any case, make sure you record even the smallest amount of money you have spent. Be it for a single candy that you always buy or the daily necessities that you must not miss.

After one month, you should add up all your expenses for the period. Multiply the amount you received by 12 to get your average annual expenses. By doing this, you will get your annual expenses and the most effective amount of money you can save in a year.

Set a budget

Once you have an overview of your expenses, you can now set a fixed budget for the entire month. This will prevent you from overpaying. In the same way, you will also be able to save a certain amount of money every beginning of the month while you can shoulder all your needs and individual wishes.

When setting a budget, there are four things you need to keep in mind:

Monthly income

The most important thing to keep in mind is pointing to your monthly income, or weekly if that’s how you get paid. For a more managed economy, however, it is best to turn to the former.

Still, this is where your future expenses and savings will depend. The question of how much you can spend and save will vary depending on how much money you make.

Monthly expenses

Next, you should also consider your average monthly expenses. This is the amount that should be included in your budget. For example, if you spend at least $ 500 or about $ 30,000 a month, your budget should not be less than this.

Reimbursement for requests

Of course, saving money does not have to mean depriving yourself of your individual desires. You may want to eat out once or twice a month or just buy new clothes.

If this happens, you can not make it a habit to withdraw a small portion of your savings. Instead, allocate a small amount reserved for this specific purpose. Just remember not to go overboard and stick to how much you can let out without ruining your goals.

Compensation for emergency funds

In addition to your wishes, you should also set aside finances for emergencies. Although your savings can also be used for this, it will be difficult for you to go back to zero, especially if you are far away on your savings journey.

Of course, you can also add other factors that you want to include in your budget. Everything will depend on your wishes. The only important thing is that there will be enough for you to add your savings.

Know your priorities

To effectively stick to your budget and ensure that your savings remain untouched, you should analyze your priorities. The things that come first should be the ones you put your budget on. If it is on the last one on your priority list or if it is not there at all, it means that you should defer that expense when you have extra money to pay for it.

This is where the concept of necessities and luxury needs comes into play. Here is a more in-depth explanation:


Supplies refer to the ones you need for daily life. These include food, water, tools, transportation costs and the like. These should be at the top of your priority list. This means that your budget should mainly be divided between them.

Luxury desires

Luxury wishes are the ones you can live without. From the name, these mainly point to shopping trips and likes. You should only spend money on these if you have already settled all your expenses and you have extra from the budget you set up.

Understanding which of the things in your life belongs that will improve your spending habits. Eventually, it will also be the key to being disciplined when it comes to financial control.

Look for fun in simple things

Enjoying life does not always have to mean spending large sums of money. Finding fun in simple things will definitely save you from all the luxurious but unaffordable needs. It can also get you over your FOMO or fear of missing out because you too will basically experience the same things as other people, just in a different method.

To help you see this in a clear light, let us give you an example.

Staycations instead of holidays

Suppose everyone goes on their own vacations, but you do not have the budget to go out of the country. In this case, you can make your own “staycation”. Here, instead of having to go to other cities, you can enjoy the sunlight in your backyard, go to local parks and still have memorable moments alone or with other people. You will still have fun without having to spend much.

Meal planning instead of eating out daily

It’s the same with meals. Since food takes up a large portion of your expenses, you can look at more affordable ways compared to eating out.

For example, you can look at meal planning. This will take a lot more time and effort because you will have to prepare ingredients, but it will be much more cost effective compared to eating at restaurants. Even fast food guests can become expensive (not to mention unhealthy) if taken daily. Meal planning, on the other hand, allows you to cook dishes that can last for a week straight.

Have a target amount for savings

In practical terms, it is not motivating to save money if you do not know where you can use it. Although it is the safest option to be a crisis fund, it is a much better choice to set goals.

More specifically, we aim to set goals in terms of amount and the specific purpose. If you do this, you will be more determined to save money because you have something to look forward to.

There is not really an ideal target for savings. This depends on what you want to do with your money and how much you can save considering your income and expenses. Still, the task will be a good complement to your savings routine.

Use a piggy bank

If you are an adult, it will at first sound ridiculous to use a toy-like piggy bank. However, this is actually a practical tool to take with you, especially if you often work with coins and spare exchanges. It may not look like that, but collected coins can actually amount to large savings in the long run.

With that said, it is quite right that you consider having a piggy bank by your side. This simple task will help you get the most out of your budget.

Consider having a savings account

In addition to a piggy bank, you should also consider using a savings account from trusted and legitimate financial institutions.

There are banks that offer high interest rates, which is definitely helpful if you want to increase your savings. Even if you can not really expect hundreds of dollars as an increase, monthly supplements can actually be a lot if you take into account the whole year.

Overall, a savings account will require effort at the application stage, but it will be worth it. Not to mention, this will also allow you to keep your money safe. You will also not be able to get money on it in an instant, so there is a greater chance that you can avoid impulsive purchases.

Avoid shoulder

Another of the many important tips is to avoid debt. If something is not necessary or worth buying, then save your credit card from the extra bills. You should also avoid bank loans if you do not plan to use them for business and other things that can generate profits.

If you are considering improving your credit rating and maintaining a good status for it, consider only putting small expenses like a cup of coffee or a small meal on credit. This way you do not have to worry about financial problems at the end of the month.

Do not throw away unnecessary items

Suppose you do not really get a loan or go into debt and choose to pay in cash instead; it will not be of any help if you still pay for unnecessary things.

Avoid spending more than you can and stick to your budget. Remember the previous tips, especially those on priorities and certain expenses. Otherwise, you can go into unhealthy consumption habits and leave your savings on zero balance and unstable progress.

Distribute your savings

It can be overwhelming to just put money into your savings without knowing what it is for. Even if you have already set a purpose for it, a more effective practice would be to allocate your savings to certain goals.

For example, you can set 25% for your future vehicle, 25% for getting your own house, 25% for companies and so on. This is optional and you can choose not to do this, but you can expect better results in that case.

Have the right mindset

Even if you follow all the tips above, you will not see growth and satisfaction in your progress if you do not have the right mindset. You must be completely determined and set on achieving your goals in order to be immersed in your task.

Another type of mindset that you should have revolves around financial control. It may seem like a broken record, but spend only what you can afford to lose. Do not trade short-term happiness from shopping with your long-term goals. Keeping this in mind will help you better improve your habits.


Saving money is an important thing that you need to learn early in your life. It is necessary for you to enjoy living without going through financial difficulties in the long run. This applies regardless of whether you are feeling well or not.

All in all, we will boil down to the importance of discipline. This is the key to being able to practice all the savings tips we discussed above. It is also important to have full control over your money and not the other way around.

As a side note, if you are a big spender who has just started saving frugally, do not expect to see immediate changes in your finances. This will especially take time because you need to get rid of your unhealthy habits before you can be effective with money.

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