I am quite an exuberant shopper. Hence I have devised these ways to save money.

  1. Automated savings : I have automatic RDs in my account. Every month I know how much I have to spend to save! It works really well. I always have good cash flow because of these self maturing RDs.
  2. Coins and new notes: Somehow I have managed to trick my mind into collecting new notes and coins. This method also gives me considerable chunk of money every month. This also serves as emergency fund.
  3. Goal based savings : Mind Loves goals. We love numbers, results and achieving ‘targets’. I fight temptations this way. If I need to buy iPhone next year, I will trick my mind to save from this year onwards. By the time my investments mature, my intentions have often changed for bigger better goals! Mind works like that only.
  4. 3 day rule : It is well known to marketers that people buy now or never. That is why you see last minute discounts, interest free offer and cash back, the moment you start to back off. To avoid this impulse purchase, I wait for three days for big purchases (psychologically proven that it takes approx three days or 72 hours for mood change). If impulse persists, I consider it.
  5. Limiting exposure of financial instruments : I always try to limit availability of cards whenever I go out for shopping. These sales guys know a lot of methods to extract all money out of your pocket on one pretext or another!
  6. Paying in cash : Paying in cash had been shown to invoke greater hindrance and pain for spending. Cash always helps to save money so does cancellation of cards!


What advice/wisdom would you share with someone in their 20s when you are over 40?


Hemant Pandey
Hemant lives in Mumbai (India),writes on Quora (2600 followers, 2.8 million views).Published 5 books on Amazon Kindle. Entrepreneur, Writer, Mathematician, Professor.