Do you live from paycheck to paycheck? Does it feel like no matter how hard you try, you never seem to be able to catch up with your financial obligations? It’s an all-too-common story, but there’s good news: You can break the cycle with some “money-saving” habits—and no, it doesn’t involve getting a six-figure income. Even if your salary is fairly modest, these habits can help you get back on track. However, the habit of saving money takes time to develop. Adopting them for a week or two won’t be enough. You must use them consistently and persistently to reap the benefits.

Here are 10 smart ways to start saving money:
1. Create a Budget
Creating a budget is the first step towards saving money. To do this, list all your income sources and all your expenses, including fixed expenses (like rent, mortgage payments, etc.) and variable expenses (like groceries, entertainment, etc.). By comparing your income to your expenses, you can see where you can cut back and save money.
2. Reduce Unnecessary Expenses
Once you have a budget, look for areas where you can reduce expenses —for example, eating out less, buying generic products instead of brand names, and cutting back on subscription services. This can be a great way to save money.
3. Automate Your Savings
If you find it difficult to save money, you can automate your savings. You start to see things differently if you treat your savings account like a bill payment. You can achieve this by automatically transferring 5 to 10% of your salary to your savings account. If you add this to your list of smart money habits, you’ll be surprised at how quickly you’ll start saving money.
However, there’s a way to automate your savings and get rewarded for meeting your “Savings Goal”. Yes, Multipl can make that happen! By connecting your salary account to the app, you can have Multipl automatically transfer the required amount to your “Savings Goal”. After that, the Multipl investment engine allocates the right assets and investment portfolio based on your duration, purpose, and risk profile. Thus, you can create your “Savings Goal” with maximum safety and liquidity and also get rewarded on goal completion. To learn more, download the app from Play Store/App Store.
4. Use Cash Instead of Credit Cards.
Credit cards can be a great convenience, but they can also lead to overspending. Try to use cash instead of credit cards as much as possible, so you can better control your spending. This can be a good way to avoid impulse buying.
5. Negotiate Prices
We may not live in a culture where bargaining is a thing, but that doesn’t mean you can’t (or shouldn’t) bargain your way to better deals. While you probably won’t get anywhere by asking for a lower price at Pantaloons, you can often get better deals from car repair shops, cable companies, and other service providers. In any case, it never hurts to ask, and every little bit helps.
6. Save on Groceries
Groceries can be a big expense, but there are ways to save money on them. For example, buying in bulk, shopping at discount stores, and buying seasonal produce. You can also try to cook more meals at home instead of eating out, and this can be a great way of saving money.
7. Save on Transportation
Transportation can also be a big expense, but it’s possible to save money on it — for example, carpooling, taking public transportation, biking or walking instead of driving. If you need to drive, try to combine errands to save money on diesel.
8. Save on Taxes
In India, one of the best ways of saving money is to take advantage of any tax deductions or credits you qualify for. For example, if you are a homeowner, you can get a tax deduction for your mortgage interest.
9. Pay Bills On Time
This may seem obvious, but it’s amazingly easy to put off paying one bill to pay for something else. If you don’t keep an eye on it, it can quickly become a vicious cycle that may result in late fees and penalties. However, when you pay bills on time, you avoid late fees and penalties and also maintain a good credit score, which can help you qualify for better interest rates on loans.
10. Avoid Debt
Finally, you should avoid debt as much as possible. If you have debt, try to pay it off quickly so you can start saving money. Also, by avoiding debt, you can have more money available to save and invest.