Master the Art of Saving Money : think like a pro
Introduction
A 25 year old Rahul who earns between 25 to 30k monthly. He talks with me about the money he earns. He had a question for me.How can we save money from our salary ? How many people like Rahul are there among us who spends as much as they earn. There is no fault of Rahul in this because inflation is so high. If you are also worried about the future then I am telling you a real life example of a Rahul who spends all the money he earns but I gave Rahul proven strategies of money saving which changed his life.
Rahul started saving from 5k to 6k every month, today he has a big savings , Rahul who used to spend his entire salary. Then how did it happen that they reduce his expenses a lot or increase his savings. Guys this blog will help you a lot in saving money and that too in minimum salary. I will give you actionable tips that will get you on the path to financial freedom.
1.Note down every single rupee you spend
- Nowadays, phones have notes. Whatever you spend, you write it down every month so that you can check at the end of the month to see the money you have spent so that you can save your unnecessary expenses for the next month.
2. Stay away from EMI trap
- Whenever you see something online which you cannot buy right now, but you will get 0% emi which will force you to buy it and then you buy it you will fall into a EMI trap. you bought that phone you can’t afford it.
How credit card companies set a trap for you? When they provide you a credit card. They gradually increase your credit card limit. Now their game has started. Now your limit is more, so you will purchase more but if you do not pay on time they will charge you high interest.
3.Follow the Rule of Budgeting
- This is a proven budgeting rule to save money on a 30k salary.
- 50/30/20 rule they split your income into 3 categories:
50% for needs , 30% for wants and 20% for
Saving.
- How does it work ?
When your salary comes, first you will set up
an automatic transfer of 20% into a separate
Saving account. Make saving the first thing
You do , not the last.
4. Build an emergency fund for your tough times
- Our life is all about unexpected moments
If you don’t have an emergency fund at an
End you may borrowing money or falling
Debt. If you are sick and you don’t do
Anything then you should have an
Emergency fund of 6 months which can
Easily cover your expenses.
5. Set your saving goals
- set clear goals of saving money like Rahul he will set save 30k in 6 months. Now it has been 5 years since Rahul started saving money. At this time Rahul has a big amount of savings.
Conclusion: Take control of your Money!
I know it very difficult to save money in a
Low salary but every drop make an ocean,
Similarly every rupee make big money in one
day. So follow 50/30/20 rule with a
Clear goal. and cutting out an unnecessary
expenses. You can start building a solid
Solid financial foundation. Remember, the key
To success is consistency, stay committed to
Your goals, whether its building an emergency
Fund or planning for future investments. Best of
Luck for your financial freedom journey to start
saving from today!
Saving money is the first step to financial
Freedom. Join us and learn all the ways of
money management and visit other blogs to
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Save money from today!