Top ways to not waste your hard earned money

As they say, a penny saved is a penny earned. On day to day basis, we make multiple transactions and quite a few times they lead to some kind of loss. It can be because of our bad luck/ bad memory/ not having right systems in place. 

Here, in this never ending blog post, I will try to collate all the possible mistakes that I had committed in the past which can be used as reference for you to not repeat the mistakes that I made. So bookmark this page and keep on coming back in every alternate days.

Let's start the list of never ending mistakes:

  • Paying education fees through the Credit Card - In India, if you pay Education fees by credit card, it may cost you upto 2% transaction fees by the payment gateway. You may think that it's fine, I will get points for the transaction and hence the transaction fees would be compensated for that. But many credit cards don't reward you for making education fees. Since education fees are often a large sum, the 2% markup can amount to a huge sum. You could save that 2% by paying directly through the bank transfer.
  • Purchasing products through EMI - In India, recently many credit cards issuing banks have started charging EMI conversion fees which amounts to INR 199 + taxes. Therefore, if you were relying on interest free EMIs then the overall savings/ affordability would be reduced by ~INR 200. Therefore, if you are purchasing a product which had interest fee component of less than INR 1000, it won't much sense to convert the transaction into an interest free EMI, however, if the total interest free component would be in multiples of thousands, then perhaps the EMI conversion charges won't pinch that much. My SBI, Axis and HDFC credit cards are charging this fee. 

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