Many people live from paycheck to paycheck. They are broke before the month ends, surviving on their credit card, and eagerly waiting for the next paycheck. Are you also one of them? What if you could save some money on most of your regular monthly expenses and overcome this month-end challenge? In this article, we will look at how to save money across various categories every month through smart planning.
1. Groceries
Shop for groceries in the first week of the month during a sale. For example, Amazon runs the ‘Super Value Days’ sale, and Flipkart runs the ‘Big Bachat Days’ sale. During the sale, you can enjoy high discounts of up to 50% on the product MRP. The MRP discounts can be clubbed with up to 10% instant discount on bank credit/debit cards. Amazon sweetens the deal with additional Amazon Pay cashback when your Amazon Fresh order value exceeds a specified amount.
Similarly, BigBasket has a tie-up with several banks, offering up to 20% instant discount on specified debit and credit cards. For example, specified IDBI credit cards and AU Small Finance Bank debit cards provide 15% instant discount. Similarly, specified IndusInd Bank debit cards and Deutsche Bank debit cards offer a 20% discount.
For grocery shopping, when you visit BigBasket through the Tata Neu App, you get 5% Neu Coins. The value of each Neu Coin is Rs. 1, which can be easily redeemed against various Tata partner brands, online and offline.
A combination of high MRP discounts, debit/credit card discounts, and additional cashback from the platform can help you save a lot of money on monthly grocery shopping at the start of the month.
2. Dining out
These days, many people dine out on weekends and for occasions such as birthdays, anniversaries, festivals, etc. Dining out has become a high spend category for many people. To save money on dining out, you can use Apps like EazyDiner, Dineout, District, etc. For example, the EazyDiner Prime membership offers a 25% to 50% discount at over 2,000+ premium restaurants.
These Apps offer up to 50% discount on dining at partner restaurants when you book a table through these Apps. The Apps have tie-ups with many banks, offering additional instant discounts if the bill exceeds a specified minimum amount. For example, on EazyDiner, Axis Bank credit cards offer up to 30% instant discount (up to Rs. 1,000) on a minimum order value of Rs. 3,000 or more.
So, you can save a lot of money on dining out with a combination of dining Apps and bank instant discount offers.
If you prefer food delivery through apps like Swiggy, Zomato, etc., you can consider credit cards that offer benefits on those platforms. For example, the HSBC Live+ Credit Card gives 10% cashback on food delivery, dining out, and groceries. Similarly, the Swiggy BLCK HDFC Bank Credit Card provides 10% cashback on Swiggy App transactions like food delivery, Dineout, Instamart, etc.
3. Fashion
Spends on the fashion category, like garments and personal accessories, may not be monthly. However, it is still a high-spend category for many households. For fashion, you can spend during the time of a sale.
For example, Myntra hosts various sale events throughout the year, such as the End of Season Sale (EOSS), Right to Freedom Sale (Republic Day and Independence Day), Diwali Sale, etc. During the sale, there are high discounts of up to 75% discount on MRP. They can be clubbed with instant discounts of up to 10% on bank credit/debit cards.
Similarly, at offline stores also, there are sale events multiple times a year. For example, fashion chains like Lifestyle, Shoppers Stop, Pantaloons, Reliance Trends, etc., regularly organise sale events. Here too, you can club high MRP discounts with instant discounts on bank debit/credit cards.
4. Movies and entertainment
For movies, many banks offer up to 50% discount or Buy One Get One (BOGO) free offers on various credit and debit cards. They have partnered with either BookMyShow or District to provide the offer. You can visit the BookMyShow offers page to check various offers applicable on bank debit/credit cards, wallets, UPI, etc.
Premium credit cards like ICICI Bank Emeralde Private Metal Credit Card and HSBC Premier Credit Card provide BOGO offer on movie tickets, with up to Rs. 750 off on the 2nd ticket. The offer can be availed twice a month. Apart from movie tickets, the offer applies to concerts, sports events, and other events.
5. Travel bookings
Many airlines and hotel chains offer frequent flyer programs and hotel loyalty programs. These programs are usually lifetime free (no joining or annual renewal fees). An airline frequent flyer program (FFP) has various membership tiers. The more a member flies with the airline, the higher the membership tier, and the more the benefits.
Some benefits include priority check-in, priority boarding, extra luggage, complimentary lounge access, discounted or free seat selection, an opportunity to earn and burn airmiles for various activities, etc. Many FFPs allow you to convert credit card reward points into air miles of the respective FFP. The air miles can then be used to book free award flights or upgrade cabin class.
The popular FFPs in India include Indigo Airlines BluChip program and Air India Maharaja Club. FFPs of international airlines that are used by many Indians include Singapore Airlines KrisFlyer, Qatar Airways Privilege Club, United Airlines MileagePlus, Air France KLM Flying Blue, etc.
Similarly, a hotel loyalty program has various membership tiers. The more a member stays with the hotel group, the higher the membership tier and the more the benefits. Some benefits include member-exclusive rates/discounts, a welcome gift, early check-in, late check-out, room upgrades, complimentary breakfast, lounge access, an opportunity to earn and redeem loyalty points for various activities, etc.
Many hotel loyalty programs allow you to convert credit card reward points into hotel loyalty points of the respective hotel group. The hotel loyalty points can then be used to book free award stays. Some hotel loyalty programs allow you to use loyalty points to pay for eligible activities, such as food, spa, etc.
Some popular hotel loyalty programs in India include Club ITC, Taj InnerCircle – Neupass, etc. The loyalty programs of international hotel chains that are used by many Indians include Marriott Bonvoy, Accor Live Limitless, etc.
Having the right credit cards can help you accumulate adequate reward points on your regular spends throughout the year. These reward points, when converted to FFP airmiles and hotel loyalty points, can sponsor your annual family vacation, thus saving you a lot of money.
6. Electronics and consumer durables
These are big-ticket spends that usually happen once a year. You can plan for these purchases by accumulating money throughout the year. The best time to shop for these items is during the Diwali sale. Flipkart’s Big Billion Days Sale and Amazon’s Great Indian Festival Sale offer huge discounts of up to 75% on MRP on electronics, consumer durables and other categories.
Banks pitch in with a 10% instant discount and slab-wise bonus discounts based on the amount spent. For certain categories, Amazon sweetens the deal with Amazon Pay cashback. During these sale events, merchants offer you EMI-based easy financing options in partnership with banks/NBFCs. The Amazon Prime Day Sale, which usually happens in July/August, is also a good time to buy electronics and consumer durables, as there are big discounts on MRP and bank credit/debit card discount offers.
7. Club benefits across categories to enjoy big savings
We have discussed the various categories in which you can save money. While the savings in some individual categories may look small, you must club the savings from all categories. When you do that, month after month, the annual savings will be huge. You can channel these savings towards your financial goals to achieve them faster.
