"Someone's sitting in the shade today because someone planted a tree long time ago". This famous quote by the oracle of Omaha, Warren Buffett holds a true essence to its crux. Savings can not only act as an umbrella for the rainy days but also enlist as a good financial habit. While there are numerous ways to save money, here are a few simple and easy tips and tricks that can help you.

Daily savings

Go out with a shopping list: Carrying a shopping list is not just time-saving but also brings a disciplined approach to the shopping spree. Moreover, you will be able to see your spends more diligently and reduce your shopping spends by at least 20%. If possible buy things in bulk, to avail of higher discounts.

Put off impulse buys: Since everything is nowadays available with the click of just a button, it is important to put a stop to your impulsive purchases. Here's what you can do - wait for 48 hours. By waiting, you will be able to differentiate whether the purchase is a need or a want and make a rational decision thereafter.

Focus on quality, not quantity: It is better to buy fewer items but not compromising over the quality. Over time, you will realise that high-quality items are more long lasting and cost less per use as they last much longer.

Save every day: An interesting way to save money is to take the "52-week challenge". The idea is to save a certain amount every day until you end the year with a good amount. You can start with as little as Rs 10 and double it the next week and go on till the last week of the year.

Monthly savings

Budget your spends: If you want to save money, you need to understand your cash inflows and outflows. Keeping a visual check on your spending will help you understand your financial standings and will make savings much easier. Use budget apps and keep a close eye on every expense you make.

Refinance your loan: Refinancing your loan can help you save thousands on interest cost every month and even more over the life of your loan. However, this is possible only if you have a good credit profile, so it is advisable to check your credit score.

Minimise monthly packages: Lower your monthly expenses by minimising your monthly packages. For instance, you can cut expenses you are not using, such as the gym membership fee that you don't go to regularly or share the Netflix or Amazon package with your friends. Besides, you can cut down expenses on your cable or internet bill by clubbing the package or finding a deal/discount on the same.

Long-term savings

Choose a bank with decent interest rates: Some banks offer higher interest on savings account, so take advantage of it. Go for a bank account that offers decent interest on your savings and earns more over the year.

Automate your savings: Often it is difficult to find the motivation to save before you start spending. Moreover, you might also overwhelmed by your bills before you get the time to save. This is why you should automate your savings.

Set specific goals for your savings: Whenever you plan to save, know why you are doing that. Be it a fund for your wedding or a new car, it is important to have a goal for your savings. Moreover, the goals should be specific yet realistic.

Make long-term investments: Long-term investments let the money work for you by yielding higher returns. You can opt for government bonds or mutual fund schemes to get annual compounded returns.

The writer is founder and CEO, IndiaLends