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From the Rat Race to Financial Freedom... A common man's journey
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Friday, May 20, 2016

2 simple and powerful money saving tips

Do not go by the simplicity of what I am going to tell you. I will give you just two money saving tips. Most financial planners and advisers will miss out these two tips, which can potentially have the biggest impact on your life...Read on..

I can tell you why most financial experts will miss out on these two simple and yet extremely powerful money saving tips. They all miss them because it is difficult to comprehend the impact of these 2 tips just at the face of it. You realize its power only once you start following them for 3–6 months. I say this with my own experience as well as with the experience of thousands of our readers whom we have coached personally.

So, here you go...

Money Saving Tip # 1

You can reduce your expenses by as much as 15–20% just by the act of tracking your ‘head wise’ expenses on a ‘daily’ basis.
Key takeaways from the above action:
  • You need to track your expense ‘head wise’ and not total or not based on your credit card statements. e.g. you should track the expenses being done on grocery, education, health, life insurance, vehicle insurance, Fuel, Shopping etc as separate heads. Do not mix them up together when noting down your expenses. 
  • Expenses need to be tracked not weekly, monthly or annually. They need to be tracked every single day. At the end of the day, just before you go to sleep, sit down with your family and note down the money outgo under each head. You can use a simple excel sheet or a mobile app for this purpose. You can also visit our Freedom Portal and download the head wise templates for your daily expense tracking. 
  • This daily tracking plays on your subconscious mind. When you go out to spend next time, your mind will try to pull you back and you will spend only when it is deemed extremely necessary.
  • When this activity is repeated over time, it slowly starts to reduce your spending habit and hence increase your savings. Remember that a penny saved is a dollar earned.
You do this for 6 months, and I assure you that you would be in for 2 major surprises:
  • In the first few months of this activity, you would realize that until now you have been spending much more than you ever thought. This will open up your eyes to the actual monthly expenses that you are incurring rather than the notional expense that you had in your mind. 
  • Close to around the 6th month, you can start to see a decreasing trend of expenses under some of your heads. This will happen automatically without much effort. This is your sub conscious mind at work.

Money Saving Tip # 2

Have a concrete, written down Dream / Goal / Financial Plan for your life
Now, you may be wondering what does a dream have to do with money saving. The fact is that it has everything to do with it. Remember that your expenses will keep increasing with your increased income, unless you are passionately following some dream that requires you to save some money.

We have coached more than 1,250 professionals prepare their financial freedom plan. This plan gives them a monthly target corpus / nest egg to reach every month and this pushes them to spend less and save more. The end target is to reach a state of 'Financial Freedom' when you do not need to work for money. Your money starts to work for you and you have enough nest egg that can serve you for the rest of your life.

Of course there are other wealth management principles that you may want to follow which will help you save more, get better returns and get wealthier with time. To understand all Wealth Management Principles, you can opt for an online course on Wealth Management Principles here.

We do not charge for any of the coaching that we provide. You can connect with us at 'help@manoj-arora.com' or visit the Official Website of Manoj Arora to understand more details.

Like the article? 
Do not hesitate to share. It can make a positive impact on someone's life.

The book "From the Rat Race to Financial Freedom" has many such investment concepts explained in a very simple and uncomplicated manner, especially in the Indian context.


Manoj Arora
elevate your life...

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From the Rat Race to Financial Freedom | Happiness Unlimited | Dream On


  1. Excellent information. Very useful for people with good saving habits inherently, but for spendthrifts this may be a nightmare.

    1. You are right buddy !
      As simple as it sounds, it is difficult to incorporate the discipline needed to do this. But then, anything worthwhile needs time, effort and discipline, isn't it?
      Cheers friend