How To Save Money From Salary
If you are doing a job (Private or Government) and want to save money from salary each month then here are the simple steps to save money.
- Avoid eating in hotels & Online Food Order.
- Avoid frequent family tours (recommend once in a year)
- Avoid buying unwanted gadgets or Mobile.(buy if necessary)
- Avoid buying two or more vehicles in a family.(buy if necessary)
- Avoid buying unwanted furniture or electronics
- Avoid using credit cards or taking a personal loan.
How To Avoid Your Spendings
As mentioned above follow the steps and avoid spending money on unwanted or not usable. You can avoid Spendings by preparing a budget each month and avoid unwanted spending to save money.
- Make a budget for the month(which includes complete month expenditure)
- Prepare a list of necessary expenditures and check for the necessity.
- Note down the unwanted or Reduced Budget or Save Money for the month.
- Make a financial goal and plan expenditures accordingly
How To Plan Savings
You can save money only when you transfer your funds in other investments like Mutual Funds, LIC Policy, Fixed Deposit, Recurring Deposit and other schemes. Planning for savings is very important and very useful in Emergency situation, where you need money badly.
Savings are not planned after planning expenditures, they are planned before expenditure. For example after getting salary you should save some money for investment then remaining for monthly expenses.