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News India Live, Digital Desk: Does it happen with you too that the salary comes into your account on the first day of the month and within 10-15 days your purse starts getting empty? You are left wondering where all the money went? If this is your story too, then believe me you are not alone. This is the condition of most of the people in today’s fast-paced and inflation-filled life.
But by adopting a little wisdom and some good habits, you can get rid of this problem. Today we are telling you 5 such easy and effective ways to save money, which if you include in your life, then at the end of the month you will not need to ask for a loan from anyone.
1. Budgeting – Learn to keep track of money
This is the first and most important step. Just as a company cannot run without a budget, similarly your house also cannot run. At the beginning of the month, write down in a diary or mobile app what your total income is and what are your essential expenses (like house rent, ration, electricity-water bill, children’s fees). This will let you know where your money is going.
2. Adopt the “50-30-20” rule
This is a very popular rule of financial planning. According to:
- 50% money on needs: Spend half of your salary on your most important things like house rent, ration, bills and EMI.
- 30% money on wishes: You can spend 30% on your desires like travelling, eating out, shopping or entertainment.
- 20% money in savings and investment: As soon as you receive at least 20% of your salary, first put it aside in a savings account or invest it somewhere good (like SIP).
3. The mantra of “first save, then spend”
The mistake most of us make is that we first spend all our expenses and then think of saving whatever is left. outcome? There is nothing left at the end of the month. Change this habit. As soon as the salary comes, first of all withdraw a part of your savings (at least 10-20%) and keep it aside. Now try to spend the whole month with the money that is left. This is called the rule of ‘Pay Yourself First’.
4. Avoid credit cards and “Buy Now, Pay Later”
Credit cards or schemes like ‘buy now, pay later’ look very good, but it is a kind of debt trap. With these we often buy things which we do not actually need. Try to do most of the shopping with debit card or cash. Even if you use a credit card, always pay the bill in full on time so that you can avoid paying huge interest.
5. Develop a habit of small savings
It is not necessary that you save thousands of rupees at once. Even small savings turn into a huge amount at the end of the month. Such as taking food from home to office, avoiding unnecessary online shopping, or meeting friends occasionally instead of going out for tea every day. These small habits can save your budget from getting spoiled.
Saving money is not rocket science, it just takes a little planning and discipline. Try adopting these methods, your tension of running out of money at the end of the month will end forever.