How to save money from salary every month. You are looking for the answer to this question but worried that you had not got the right answer. Don’t worry.
You landed on the right page I assure you that once you go through the article you are getting an idea of how to save money from your salary every month which is a practical and easy step that anyone can follow.
Contents
How to save money from salary every month?
- Know your salary
- Track your expenses
- Cut down your unwanted bills
- Put aside 10%
- 90% salary
- Budgeting
- Invest money
- Stick to the plan
- Review
1. Know your salary
The reason why I said this is to know your salary because many of you unconsciously or consciously do more expenses every month. I don’t know why but the common reason I found with all of them is their spending habits or their money habits.
That’s why I said first to know your salary if your salary is 20000 rupees per month you have to stick with that or whatever your salary maybe I hope you got my first point clear.
2. Track your expenses
Listen see your last couple of month’s transactions or it will be good if you can see at least the last 6 month’s transactions. I know it is time taking but it is a must to prevent your future losses.
Once you go through your past transactions you will know the idea where you are spending most of your amount which is not needed or you can say that still you can live your life happily without spending on those things.
3. Cut down your unwanted bills
After going through your all-bills transaction you will get to know that you can save around 1000- 2000 every month (the number can vary ) if you stop spending on your unwanted things.
I am going to tell you later what you have to do with this saved amount which you had saved from cutting down your unwanted expenses okay?
4. Put aside 10%
So as you get your salary you have to take an immediate step putting aside 10% of that income. Is it compulsory for you? Yes, it is if you want seriously to save money from your salary every month.
Well, this is not my number I had heard this rule from the richest man in Babylon book ok that’s why I told you. So your aim is to save at least 10% of your income every single month.
5. 90% salary
Now you will left with 90% of salary once you have taken out your 10% of your salary. You know that you have left with this amount so in order to sustain yourself you have to carefully use your money.
I can say that you have to make every financial decision wisely not with emotion not with anyone’s decision. It will be only your decision which will be consciously by doing calculations.
6. Budgeting
So you have to have a budget. In order to utilize your money efficiently every person needs a budget without a budget you can’t live your life on the right track.
The budget allows you to have discipline, the budget allows you to be on the right track, and the budget will control your mood swings that’s why I highly recommend following your budget otherwise you are not going to stick with your plan.
7. Invest Money
Invest money. Now you will say I don’t have money left after doing all this. Wait. I am here to give a solution to your problem and I mean my words.
When you follow all the steps I am definitely sure that you have money to invest. You will say how? Liten see step number 3rd cutting down your unwanted bills ok.
So you will invest that saved amount of money on investing instead of wasting money on unwanted things which you had shortlisted by doing step 2 and step 3.
For example, if you think that you can stop paying Netflix 500 Rs every month and instead of that you can do an investment or sip of 500 Rs every month. That’s awesome. Through this, you can invest money instead of wasting money.
8. Stick to the plan
Everything will happen my dear friend. But the only condition is that you have to stick to the plan you have to follow it regularly okay then only plans work.
Plan works when you stick to the plan not by just making a plan are you getting what I am trying to say read it again.
9. Review
Listen you have to review every month whether you are getting results or not. See which things are working or which things are not working.
Things to keep in mind if you want to save money from salary
- Life will become restricted
- You have to have control over your emotions
- You have to make your family understand
- Have patience
How to save money from salary calculator?
Conclusion
Listen if things are not getting the way you want. So it’s important to fight that situation. See what things you are doing wrong. Correct it and move on. Everything works like that. I hope you like the post on how to save money from salary every month.
Read More
1. Saving is 1st step to becoming poor.
FAQs
How to save money from less salary?
The only thing is to stop spending money on your wants. Live your life on needs and save money. Once you save a little bit invest that money.
What is the 50-30-20 Rule?
50 30 20 Rule helps to make the budget. The rule says:-
50% of income will go into needs
30% of your income will go into wants
20% of your income will go into savings and investment
Do rich people use the 50-30-20 rule?
No. I think because the 50-30-20 rule is a budgeting rule for the person who cannot afford lots of things. Rich people have their own rules in much better way and what suits their portfolio.