Amazing Tips to Save Money on Your Daily Household Expenses

With the rising level of inflation, the cost of living expenses has gone up significantly across all cities in India. But, the level of your income does not necessarily rise with the same speed and therefore sometimes you will be left wondering what are the ways to manage your living expenses with your limited income.

This is where it becomes essential for you to identify the various areas where you can reduce your expenses and save money using innovative methods. Yes, it is indeed possible to save money on your regular household expenditure using Credit Cards.

Credit Cards are regarded as one of the most popular financial product of all times; Credit Cards are a form of an instant loan which works on the principle of revolving credit. You get a pre-approved limit which you can use to make purchases or pay bills online as well as offline.

Your limit is reduced by the amount you utilise every month and is replenished by the amount you repay. Best Credit Cards offer you an interest-free period of between 15-60 days, i.e., if you make the entire payment within this time frame, you do not need to pay any interest on the amount utilised. If you fail to make the whole payment during this period, you will have to bear interest from the first day itself.

If you are thinking “Where can I apply for a Credit Card?” Well, here is the answer – you can apply for a Credit Card with almost every bank or (NBFC) Non-Banking Financial Company in India. Most of these Credit Card providers offer the facility of online application, where you just need to fill out an application form and provide necessary details. They will get back in touch with you to guide you through the whole process. You can also Apply for a Credit Card online through MyMoneyMantra.

How to Use Credit Cards to Save Money on Daily Household Expenses

It might sound strange to you, but you can actually save a lot of money by using a Credit Card for paying for your everyday household expenses. Read the points mentioned below to understand the various techniques that will come handy in saving you some money on your regular household expenses:

Interest-free Period

Every Credit Card comes with an interest-free period of up to 60 days, i.e. you get to use the money and can easily repay it in maximum 60 days without incurring any interest on it. This way you can buy your groceries and other household stuff at lower prices together from a wholesale supermarket and then pay the money conveniently during the interest-free period. This can save you a significant amount of money.

Cashback on Fuel

If fuel expenses constitute a significant part of your monthly budget, you can get a particular fuel Credit Card which offers you cashback of up to 5% every time you use it to purchase fuel, in addition to refund of fuel surcharge to your Credit Card account. For example, IndianOil Citi Platinum Credit Card.

Cashback on Online Purchases

When you buy stuff online not only do you enjoy convenience, you also get to save a lot of money. Many online platforms offer attractive discounts and cashback on payments made through specific Credit Cards. So, keep an eye out for these cashback offers and try to purchase as much daily household stuff that you can buy online. Not only do you get to buy the stuff at lower prices, but the cashback offers also make the deal even sweeter for you.

Cashback on Movie Tickets

When you book movie tickets online through specific apps such as BookMyShow or Paytm, you can get attractive cashback offers along with buying one get one free offer as well. There are also options for free snacks on the purchase of specific tickets. So, if you like to watch movies then using a Credit Card to purchase tickets can help you save a lot of money.

Grocery Purchase Online

You can act sensibly and even purchase your groceries online. Many websites like Amazon or Big Basket offer you daily need products at very low prices but also provide cashback on making online payments through specific Credit Cards. You get to purchase the products of your choice from the comfort of your home and even get them delivered quickly.

 Reward Points

You should keep an eye on the total reward points that you have accumulated as these reward points expire after a certain period. Most of the Credit Cards have particular points redemption program, where you can purchase useful household goods or get discount vouchers that can be used for making various purchases. All this saves you a significant amount of money.

By using these simple tips and tricks with your Credit Cards, you can save a lot of money that would have been spent on your daily household expenditure and can instead put it to more productive use.

Also Read: Are You Aware of All the Charges Associated with Your Credit Card?