We all earn from our job, every month we get the salary to work 30 days a month. We usually live our lives and make countless expenses from our salary. Some of them are necessary and some of them are important and some of the expenses we like most.
Suddenly when our bank balance goes in minus, then we start thinking about how to save money from our salary? I know you are also looking easiest way to save money from salary every month, that's why you are here in this article.
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| Every month we get our salary between the 1st and 10th day of the month. We started spending money on some fixed expenses like Room rent, EMI, Food, Clothes, Bills, Shopping, Travelling, etc. |
Don't worry it is not a tough task to save money from your hard-earned salary. I will tell you some important tips to save money from income every month for financial free life. If you follow these steps then you will never lack with money problems.
How to save money from salary?
I must tell you before sharing the important tips to save money that there would be required some discipline and organized your daily expenses. If you are not comfortable following some financial discipline in your life then this article is not for you, but if you really wanted to save money from your salary every month then please read this article till the end.
Every month we get our salary between the 1st and 10th day of the month. We started spending money on some fixed expenses like Room rent, EMI, Food, Clothes, Bills, Shopping, Travelling, etc. You need to be very calculative and disciplined while spending your hard-earned money. I will suggest you to follow the thumb rule for a fixed percentage of your salary for saving money.
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Here are some important tips to save money from salary every month.
Plan your monthly expense budget:
Planning your monthly expenses is the easiest way to know where your maximum expenses going every month. You need to make a list of mandatory monthly expenses like Room Rent, Bills, EMI, Grocery, Education, Medicine, etc. This activity needs to be followed strictly and be honest to make mandatory monthly expenses. Do not include unnecessary expenses in the budget of your monthly expenses.
Say no to unnecessary expenses:
We usually make high expenses to show off. Unnecessary expenses is must be excluded from your monthly budget. This includes high-cost clothes, Parties, Lunch or Dinner outside, Movies in the theatre, and loans. We can easily live our life and cut down these expenses every month which is not mandatory. It will help to save money from our monthly income in long term.
Buy your monthly grocery in bulk:
Everyone buys groceries for their daily food, but it is always cheaper to buy in bulk than to spend daily for groceries. We can plan our tentative usable grocery quantity and buy in advance for the entire month. It will help to save on grocery expenses if we buy in bulk.
Set fixed saving and investing amounts from salary:
Save a minimum of 20% of your salary including the investment plan. It is always great to set automatic payment for SIP and other fixed savings once the salary gets credited into a bank account. It is the best way to get financial free life in the long term.
Say big no to daily drinking or smoking:
Health is wealth, it is a real quote that if we make healthy life, it makes wealthy life. Daily drinking and smoking are the largest daily expenses than others.
Suppose, if you spend daily Rs 100 on drinking or smoking, it cost Rs 3000 monthly and Rs 36,000 yearly. You spend around Rs 36,000 every year on poison like smoking or drinking alcohol. This unnecessary expense can be converted into a systematic investment plan or fixed saving, which will give a higher return in a few years in future.
Use public transport:
We all like to have our own personal vehicle for daily travelling to the office or market, but I would suggest that start using public transport if travelling alone to the office or market. It will save you large expenses on fuel. You can use an Ola/Rapido bike, auto or cab if not comfortable in a public bus or train.
Buy a Health Insurance:
Medical expenses do not come every month but when it comes, it takes away our all bank balance. Medical expenses are is largest unknown expenses if we are not well prepared for our health and medical expenses. Health insurance will save you all large medical expenses without any stress.
Say No to credit cards and loans:
These days any employed person can get a card easily. Banks are offering it free of cost. But when you start using a credit card, it gives you free hand and limitless expenses. Never use credit cards for monthly shopping and entertainment.
Loans are also not good if it is taken for unnecessary expenses or just to make your life standard. Banks are charging higher interest on loans. It is not good choice to maintain your monthly expenses.
Keep a close eye on your monthly expenses:
FAQ
1. How can I save from my salary every month?
2. Can I use public transport instant of private vehicles?
Ans: We all like to have our own personal vehicle for daily travelling to the office or market, but I would suggest that start using public transport if travelling alone to the office or market. It will save you large expenses on fuel. You can use an Ola/Rapido bike, auto or cab if not comfortable in a public bus or train.