Tips to spend and save smart

Disciplined saving habits do take time and effort to cultivate but once they become ingrained, the benefits are multiple and long-term…writes Siddhi Jain.

The pandemic and its subsequent impact on the economy has emphasized the importance of spending wisely. Having a dependable contingency fund in case of emergencies has been never been viewed with as much significance ever before. While spending money is a continuous process, clubbing expenses and choosing smarter modes of payment can help save enormous funds in the long-run.

Thanks to the intervention of technology and innovative modes of payments available today, smart spending is only a matter of knowledge. Here are some tips from InterMiles on how one can spend smart, save smart and make each rupee go that extra mile.


Heard the saying “Every drop makes the mighty ocean”? Very often, people wait until their earnings reach a certain amount to start saving. It can be very tempting to indulge and splurge lavishly with your first income. However, putting aside money month-on-month no matter how small the amount is ideal to help prepare for a rainy day. Disciplined saving habits do take time and effort to cultivate but once they become ingrained, the benefits are multiple and long-term.


Whether an aspirational outfit, a high end car, or a luxurious holiday, major non-essential expenses must always be planned. Planning grants gives one the opportunity to save adequately and choose a more value-beneficial deal. This will also eliminate the need to undertake a personal loan which can be excruciating to pay back on account of high-interest rates.


While there are numerous loyalty and reward programmes available to choose from, it is important to conduct in-depth research before to understand which one offers the maximum benefits aligned to one’s needs and lifestyle. A programme that grants its members the opportunity to earn points regularly across simple day-to-day activities like paying rent, enjoying OTT subscriptions, ordering food, or online shopping in addition to occasional spends like flight tickets or hotel bookings is an ideal option. Engaging frequently with the programme will help accelerate their point earnings and subsequent tier movement as well as avail of discounts and offers being run by the programme or programme partners thus, ensuring that every spend earns for them.


Apart from convenience and time-saving benefits on account of being accepted across diverse purchases worldwide, co-brand credit cards offer customers several additional opportunities to earn rewards. Right from personalized offers such as welcome bonuses, discount coupons and vouchers to milestone benefits like complimentary movies, flight travel and hotel stay and rewards like insurance, lounge access and golf access. Therefore, as time passes, the more the customer swipes, the closer they come to earning rewards and freebies as well.


Programmes which offer points earning benefits when paying off routine utility bills for gas, mobile, or electricity etc. not only prove to be a one-stop solution for members but, also rewards them for making basic, calendarized payments which they would have anyway conducted as part of their lifestyle. This provides the convenience of time and effort saving along with an additional earning opportunity for loyalty points which when accrued could help fund a future expense such as air tickets, hotel bookings, dining bills and more.


One of the proven methods of building wealth is investing smartly. Whenever undertaking a major expense always evaluate the value of that product in a few years. If after a few years, the value of the product diminishes, think twice before incurring that expense. Instead, identify and invest in assets that multiply in value over a period of time. For instance, instead of purchasing an extremely high-end new car, one can consider buying a second-hand car and investing the remaining amount in stocks or real estate that is expected to appraise in a few years.


It has been rightly said, “Health is wealth”. Health is undoubtedly one of the most important things that one can never oversee. Taking good medical insurance will ensure you are prepared for unforeseen situations that can take away major portions of your hard-earned savings within a few days.

Pro-tip: An ideal way to save on the cost of health insurance is to use the plan that is provided through your employer.

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