Everyone dreams of living a financially sound and happy life, and a big goal like buying a home is part of that. This dream is completely possible with understanding and discipline. Here we will tell you how to Save Money from Salary every month – that too without sacrificing your life’s joys.
Step 1: Make a budget and track expenses
Create a budget at the beginning of every month. Record your income and expenses in writing. Take the help of apps like Mint or YNAB, which will help you track every expense. Set a fixed limit and prioritize ₹10,000 as ‘essential expenses’.
Step 2: Automate savings
Automate savings as soon as you get your paycheck. As soon as you receive your salary, set up a standing instruction or auto-debit to get ₹10,000 transferred directly to your savings account — as you prefer
Step 3: Cut down on unnecessary expenses
Review your expenses at the end of each month Salary. Eliminate subscriptions, apps or hobbies that you don’t use properly. Cook healthy meals at home instead of eating out. Small changes make a big impact in the long run.
Step 4: Shop smart
Take advantage of discounts, coupons and cashback options while shopping. Use price comparison websites and buy only what you need. Buying in bulk, especially things that don’t perish quickly, can save a lot of money. Don’t fall for the lure of the market
Step 5: Find additional income options
If cutting down on expenses doesn’t help you save ₹10,000, focus on increasing your income. Generate extra income by doing freelancing, part-time jobs or selling old things online. Every little income can increase your savings.
Step 6: Reduce electricity and water bills
Use measures like LED bulbs, smart plugs and timers to reduce electricity and water bills. Keep unnecessary appliances switched off and save electricity. This can save a few hundred rupees every month. The bill will be as much as you use, so use it according to your need.
Step 7: Repay debt on priority
If you are paying a high-interest loan (such as a credit card), settle it first. The interest on the loan affects your savings. Repay the debt sequentially using the ‘Snowball’ or ‘Avalanche’ method.
Step 8: Track progress
Check the savings status every month. If you are not able to save ₹10,000, break the goal into smaller parts – like ₹3000 a week. Achieving small goals builds confidence.
Step 9: Be accountable
Share your savings plan with a close friend or family. If someone is tracking your progress, you will take yourself more seriously. You can also join savings challenge groups.
Step 10: Be flexible
Every month is not the same. Some months you will not be able to save ₹10,000 – this is natural. But this does not mean that you give up. Get back to your plan as soon as the situation improves. Because every month is not the same, there may be hidden expenses.
