Whether you’re saving up for a big goal or paying down debt, cutting costs is one of the best ways to do more with the money you have. 

And you have plenty of options for trimming expenses without feeling like you’re depriving yourself, which isn’t the point anyway. It’s about spending your money in ways that reflect your priorities in life.

So cut the fat down to wherever is comfortable for you and spend guiltlessly on whatever brings you greatest joy.

Here is some secret trick to save your money:

Housing

Housing will be the greatest expense.If you’re single, or even if you’re a couple, you can cut your housing costs substantially by living with a roommate who will also then chip in for all the utilities, plus shoulder some chores.

If you have purchased a new apartment jointly, say, with your spouse, and are also paying the home loan jointly, then each of you is entitled to a deduction of 2 lakh-2.5 lakh. In case you have a working sondaughter and the bank is willing to split the loan three ways, all three can avail deduction.

Transportation

Our second-biggest expense tends to be transportation, here some way you will save your money.

If you live in a pedestrian-friendly area, this is the cheapest mode of transportation. Absolutely free, and you get exercise!

If you live in an area with good buses, subways, etc., this will keep your transportation costs to a minimum — plus it’s usually faster than walking.

If you do need to drive, save on gas costs by carpooling.

Provident Fund

There is a block-in period of 5 years for PPF withdrawals. But a loan on the accumulated balance may be obtained for certain purposes, subject to various limits.

House ren

An individual can claim deduction under Section 80GG for rent paid even if the employer doesn't give HRA. The condition is that he or she doesn't own a house and neither does the spouse or child. The deduction is subject to a ceiling of 5,000 per month.

ESOPs

No need to pay tax when options are granted by your employer to you under an employee stock option plan.Taxability arises on actual allotment of shares and not on grant or vesting of options.Such income is taxed as regular salary income and is subject to tax withholding by the employer.

Other related news:

PM Narendra Modi targeting Rural area, spend more on villages

Good news for Small Business: Union Budget 2017

Share market goes up; Sensex trade flat, Nifty holds above 8,700