Everybody wants to save money from their salary but very few of us can do it. Most of us spend the whole salary and failed to save even a single penny and then we will decide to start saving for next month. But as we know, that next month will never come to our life. Then we blame the situations like we have much more responsibilities than others or getting low wages or we are having debts or loan to repay! If we wish to save money then we will have to make a promise to ourselves that yes we will do it. It is whole sole your responsibility for saving. Now we are here providing you some secrets that how to save money from your salary?
Avoid stress
Studies prove that people spend more in stress in comparison when they are relaxed. So avoid taking stress or any kind of tensions.
Save before spend
Most of the people spend their salary and then try to save the remaining amount which is not a good practice. We always have to save the pre-decided amount and then manage the expenses from the remaining amount. If you face any problem to do so then open a bank account has no ATM card, internet banking or even chequebook and then invest some amount in it on regular basis.
Plan your expenses
You should do planning for your expenses. You will have to save at least 20% of your salary. If it is not feasible for you then start with 5% to 10%. If again you feel that it is not possible for you then save 1% to2% of your salary and increase this percentage on each month till it reaches the threshold limit. You can also open two accounts instead of the single account and deposit 10% in each of the accounts. Here one account is that whose money can only be used to reinvest only while the second account can be used by you when you need money.
Avoid wastage
Yes, we all do waste money. Sound strange but it is true. You can save up to 20% of our home expenses to avoid wastage. You put off electric appliances while not using them, prefer to walk rather than using bike or car while to purchase bread or butter etc. You can shorten your fuel and electricity bill too. Become smart rather than miserly.
Ask questions
While going to purchase anything from the market, you will have to ask one question to yourself whether you really need it? If the response is yes then ask whether you can afford it without affecting your investments? If again the answer is yes then just go for it, else drop the idea.
Avoid Credit Cards
According to a research, those who use credit card excessively will pay 40% of their earnings to a bank in terms of interest. If it is possible then submitted it back to your bank or block it or even put it somewhere in a safe place rather than in your wallet. Use the debit card in place of credit cards.
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Disclaimer: Recommendations and suggestions above are generic in nature. Be advised to consult a certified trainer or another professional before trying yourself.
