Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

How to Start Saving Money in 10 Simple Ways?

Do you always go over your monthly spends budget? Well, here are 10 simple ways you can start saving money today! Click to know

  • Jul 26, 2022

Have you ever been in a situation where you could not afford something because you once overspent on unnecessary expenses? Unfortunately, if you are someone who sometimes spends more than expected, you are most likely to come up short on mandatory expenses in the future.

If you also find yourself short on completing mandatory expenses or borrowing money from your friends at the end of the month, this blog is for you.

We will explain the benefit of saving a small amount every month and ten ways to help you do it efficiently. Savings can be held in cash or cash equivalents such as a deposit account, retirement pension account, etc.

10 Ways to Start Saving Money

Most people understand the value of saving money but wonder how to start saving money . Unfortunately, people often find it challenging to curb the habit of overspending and inculcate a discipline of saving money. But you need not worry; here are ten simple ways to start saving money :

  • 1. Practice self-control

One of the most critical steps to saving money is being determined to be financially disciplined. Once you develop a habit of saving, it can drastically improve your mindset, lifestyle, and finances. You can do this by tracking your expenses and avoiding temptations. For example, online shopping offers various products that might catch your attention. As a result, you are likely to get distracted and spend on items which are not necessary. To prevent this, you can stick to a shopping list and set a time limit for shopping online.

  • 2. Pay your debts

Financial experts suggest that paying off debt must be prioritized before other expenses as the borrowed money does not generate any interest. Limiting your financial obligations is crucial as it diminishes your savings and prevents you from accomplishing your goals.

  • 3. Create a budget

You can begin by creating a budget. A budget is a customized plan based on your income, expenses, and goals. It can help you develop financial stability by allowing you to spend within your means and evaluating your spending habits.

  • 4. Record your expenses

Keep track of your expenses and note them down, if possible. This step ensures that you have a record of your costs to regulate your expenditure. As a result, you can identify and eliminate the unrequired and wasteful expenses.

  • 5. Categorize your expenses in needs and wants

An efficient budget categorizes your expenses into needs and wants. This differentiates the costs necessary for basic living and healthcare from those on your wishlist but is not mandatory. Nevertheless, eliminating unessential expenses is a critical step toward saving money.

  • 6. Cut your unnecessary expenses

Once you have grouped your expenses, you need to cut the unrequired costs. We often spend on items and services that are not essential, for example, a gym membership that is not being used. You should discontinue such services to stop overspending and maximize your savings.

  • 7. Set a savings goal

It is your dreams and financial goals that keep you motivated. So, define your financial objectives and plan accordingly. Then, you can begin to save for your short-term goals and eventually prepare for your long-term goals. Experts advise making a monthly target for beginners.

  • 8. Prioritize your financial goals

Divide and prioritize your goals into short-term and long-term goals according to their duration. Then, you can use different tools to save money for your purposes. For example, a savings account or A Certificate of deposit (CD) can help you accomplish short-term goals, while Fixed Deposits, stocks, insurance

etc., are used for long-term purposes.

  • 9. Increase the value of your money

Now that you have started to save your money, you can begin to invest your savings to increase the value of your savings to beat the inflation rates and generate more wealth. Numerous investment tools are available in the market, such as Mutual funds, stocks, bonds, ULIP, savings plans, derivates, etc. Choose the right fit for you, considering the factors such as budget, risk-taking appetite, tax assessment, and your financial goals and begin to invest early.

  • 10. Keep track of your progress

Keep a check on your budget and savings regularly. You can make modifications according to your requirements and preferences. Explore new ways to save money and teach them in your financial planning.

By saving money, you can get financial freedom and ensure a better future for your children. Saving money involves disciplined habits, starting early, and prudently stepping forward. Weigh the pros and cons and start saving your hard-earned money now!

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Kotak e-Invest

Download Brochure


  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521


- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is NAV in ULIP, and How is it calculated?

What is a Savings Plan and What are is Benefits?

What's Better for Your Child's Education? Child Plans or Mutual Funds?

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

How to Fulfil Your Financial Goals in the Next 10 Years?

Does Rupee Cost Averaging Work In Unit-Linked Insurance Plans?

Investments Options to Buy a house in India

Why Should You Invest in Term Insurance And ULIP?

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

8 Important Tips to Maximize Gains with ULIP Investments

What are the Best Investment Options for Students in India?

What are Financial Assets & their types?

What are loyalty additions, and how do they work in a ULIP?

Top 5 Principles That Need to be Followed for Wealth Creation

Are Investment Returns Guaranteed in a ULIP?

ULIPs Investment – A Boon or Bane?

Planning for Your Child's Higher Education? Explore These Investment Options

A Step-by-Step Guide: How To Make An Investment Plan?

Investment Options for NRIs in India

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

Are Money Back Policies Helpful? A Complete Guide

The lesser-known facts about ULIP policy that customers should be aware of?

What are the Best Investment Options for Young Adults?

How To Track ULIP Performance?

How to Choose the Best ULIP Plans to Invest in 2022?

Building wealth through regular investing

How is the Compound Annual Growth Rate (CAGR) Calculated in ULIP?

Why Are ULIPs Called Flexible Investments?

Which is a Better Investment - Mutual Funds Or ULIP?

What is ULIP and Its Benefits?

What is SIP Calculator, And How Does it Work?

यूलिप प्लान में परिपक्वता लाभ क्या हैं: फंड वैल्यू सम एश्योर्ड या ओनली फंड वैल्यू?

Here's Why it's a Good Time to Explore ULIPs as an Investment

How to Plan your Investment to Achieve Periodic Financial Goals?

What is ULIP Plan, and How Does it Work?

How Is ULIP Different from Other Life Insurance Plans? Where Can I Invest - ELSS, ULIP, or PPF?

ULIP as an Investment for Your Child

Important Questions You Must Ask Yourself When Buying a ULIP Plan

How Can ELSS Funds Help You Save Tax & Create Wealth?

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

What is Equity Mutual Funds: Meaning, Types & Benefits

Benefits of ULIP as a Child Insurance Plan

Learn About Safe Investments with High Returns in India

4 Benefits of ULIP Fund-Switching Feature

What are the Maturity Benefits in a ULIP Plan: Fund Value Sum Assured or Only Fund Value?

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

Why Should Parents Invest in Endowment Plan?

Learn About Safe Investments with High Returns in India

Different Types of Endowment Plans

How Does an Endowment Plan Work?

Receiving regular payouts at various stages of life

वित्तीय संपत्तियां और उनके प्रकार

यूलिप के फायदे और नुकसान क्या हैं?

What is Compound Interest, And How Do I Calculate it?

ULIP Benefits You Can Avail from Early Investing

ULIP Plan as a Gift

Difference Between Passive and Active Investing

ULIP Capital Gain Tax: Check Tax Norms for Capital Gain on ULIPs

How Much Wealth Can You Create from ULIP in 10 years?

Creating a second source of income with life insurance

ULIPs: Suitable for all

What are the Advantages and Disadvantages of ULIP?

ULIP NAV Meaning & How is the Return Calculated in ULIP

Are Gains from ULIP Sale Taxable?

Top 10 Investment Strategies to Create Wealth

How to Manage Inheritance Money?

Corporate Bonds: Meaning, Types & Benefits

Can ULIP Help in Achieving Short-Term Financial Goals?

Why are ULIPs One of the Best Tax Saving Instruments?

What are Tax-Deferred Savings Plans?

Is the ULIP Policy Surrender Value Taxable?

How to Calculate Your ULIP Returns?

What are the Best Investment Options For Females?

How to Increase Net Worth Along with Family Protection

How To Diversify Portfolio In 2023?

Why ULIP is Better Investment for Long-Term Wealth Creation?

How to Make Your Financial Portfolio?

What is Money Management? Definition & Example

How to Manage Your Portfolio Like a Professional?

Do You Know the Difference Between Savings and Investment?

Top 10 Investment Plans Available in India

Best Investment Plans for Children - Secure Your Child's Future

What are the Best Investment Options for Beginners or Amateur Investors in India?

Best Guaranteed Returns Investment Options to Meet your Financial Goals

Got a Salary Hike? Here’s How to Plan your investment further

Why Should I Invest in ULIP?

Top 5 Investment Options in 2022 for Healthy Returns

Why is Portfolio Diversification Important? How to Diversify Your Portfolio?

Can ULIP Policy be Transferred?

What is a Credit Score and How Can Insurance Help You Improve it?

What are Mutual Funds?

What is ULIP Renewal?

Best Investment Options in India in 2022

Asset Allocations in ULIP - Know the Top Benefits

Four Financial Lessons from The Vedas on Living Life to The Fullest

Long Term Savings Plan - Best Savings Investment Plans in India

Things to Know Before Buying an Endowment Plan

How to Use Recurring Investment Strategies to Build Wealth?

How Do One-Time Investment Plans Work?

What are Index Funds and How Do They Work

What is the Time Value of Money (TVM)?

Savings Plan for Grandchildren

What is the Importance of Saving Money?

Which are the Best ULIP Plans in India for Children?

Difference Between ULIP and Endowment Plan?

Rate of Interest on Different Investment Plans in India

Factors Affecting Stock Markets

Successful Financial Planning for Urban Women

ULIP vs FD - Which is Better and Why?

How To Invest Money In ULIP?

How to Cancel ULIP Policy?

Everything You Must Know About ULIP Riders

What are Some of the Safest Investment Options in India?

Best One-Time Investment Plans in India

6 Important Tips to Maximize Your Gains with ULIP Investments

Difference Between Guaranteed Savings Plan and ULIP

Debt ULIPs vs. Debt Mutual Funds: What's the Difference?

What are the Best Short-Term Investment Plans with High Returns?

What is Fund Switch in ULIP? And ULIP Fund Switching Techniques

Safe Investment Options with High Returns for FY 2018-19

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?

The Importance of Starting Early: Securing Your Child's Future with a Child Education Plan

Short Term and Long Term ULIP Plans for Wealth Creation

लॉयल्टी एडिशन क्या हैं, और वह यूलिप में कैसे काम करते हैं?

Is This The Right Time To Invest In ULIP? Why or Why Not?

Early Investing and the Power of Compounding

What Is Financial Planning?

Why Should You Consider Guaranteed Savings Plan for Long-Term Investment?

Which is Better – FD, Mutual Fund, SIP, or ULIP?

How to Plan Your Child's Education - A Step-by-Step Guide

Importance of Portfolio Management

Beginner's Guide to Wealth Creation: Meaning, Strategies, & Importance

Why Should You Build an Emergency Fund?

Customising investments to manage your wealth

Endowment Plan vs Fixed Deposit?

What is a Child Money Back Plan, and How Does it Work?

Planning Financial Goals and Objectives of Financial Planning

Best Investment Options to Cover Your Child's Education

यूलिप के फायदे (Benefits of ULIP in Hindi)

8 Charges in ULIP That You Must Know

What is Direct Investment and its Types?

How to Plan Savings from Salary?

Why Do You Need A ULIP Plan - All You Need To Know