How to save money each month from salary
We save money, because we can’t predict the future. Saving money can help you become financially secure and provide a safety net in case of an emergency. If you have savings you will not get in debt in case of emergency.
If you are in debt or you want to save money to buy something, this step-by-step guide will help you with saving-money.
Best ways to save more money from monthly income
1. Track your expenses
The first step is to track everything you spend. You have write everything you spend, it doesn’t take that long to make a entry whenever you spend any money or buy something. If you stick with it for a week, it will become your habit.
2. Budget planning
Now that you have the record of all your spending, write down your monthly revenue on a piece of paper or mobile app, now categorize all your bills or spendings from the record, for example groceries, house or vehicle installments, fuel etc. Now use a calculator and do the math, if you are spending more than you earn, it’s time to make some changes and do a budget planning to save money. Checkout my other article on how to make a budget plan.
3. Save 10% of your income
Make this rule, whenever you get paid deposit 10% of your income to your saving account and keep track of your savings every month. This will encourage you to save more money and cut down your spending.
4. Value your money
Every cent counts, you should value your money. One of the best way is to buy a piggy bank, whenever you have small change or coins, just deposit them in your piggy bank. It may take little while to fill that piggy bank but at the end you will realize the value of those coins. Once you understand the value of money, you will spend your money more wisely.
5. Invest your money
Now you must be thinking, how to invest money when you don’t even have any money, well now days you don’t need much money to start investing, you just need some homework and reading to do. Check out my other post on how to make money in 2019.