10 Tips To Save Money From Salary

Zee Media Bureau
Apr 10, 2024

1. Make a Budget Plan

Meticulously list your monthly income and expenses. Understand how much is allocated to debt repayment, savings, needs, and wants.

2. Prioritize Expenses

Categorize and prioritize expenses, making sure the essential costs like rent, groceries, utilities, education and medical expenses are paid for first.

3. Cut Down Unwanted Expenses

Identify unnecessary expenses and work towards cutting or eliminating them. Anything from cutting back on takeaway to terminating unwanted subscriptions could be the solution.

4. Start Automated Savings

Consider viable investment options like fixed deposits, National Pension Schemes, Mutual Funds, Public Provident Funds, government and corporate bonds, and post office savings.

5. Create an Emergency Fund

Make a dedicated savings account for unexpected and urgent expenses like medical bills and home repairs.

6. Use Cashback and Promotional Offers

Take advantage of cashback points and promotional savings when making purchases, both online and in physical places.

7. Avoid Making Fancy Purchases

If you cannot pay for your fancy purchases upfront, proceed with caution and select a more affordable option.

8. Use the Bonus Well

If you get bonuses or windfalls, instead of spending it all, think about putting some of it towards your savings.

9. Use Savings Apps

There are several apps available to help with saving. Certain apps help you track your progress, remind you to save money, and offer rewards when your savings targets are met.

10. Optimise the Use of Utilities

Simple actions like using energy efficient appliances, turning off lights when not in use, and opting for public transport can substantially reduce your monthly bills.

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