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How to save money from your salary

Updated on May 1, 2015

Intro

I've known people who are around me being caught up in situation where they do not have enough cash flow. It seems to boil down to not having any backup cash as they do not know how to manage their money well. I have some tips which I hope to be of help to someone out there, it may not be the best but it could work as a guideline.


Ways to save

  1. Save up to 30% of your salary, if you are someone who is living with your parents and do not have much bills to pay, try going saving up to 50%.
  2. Learn what is a "need" and what is a "want". Before you buy something out of impulse, ask yourself a question, Do i need this or Do i want this?. If you do not have an answer for that, maybe you can choose to walk away from it, and consider it again.
  3. Create a savings account. All you do is to deposit money into this account and never withdraw from it unless it is an emergency situation where you need money.
  4. Start bringing lunch to work. It can help to save on your lunch expenses!
  5. Determine the value of food. Eg, If there are two places which are selling the same kind of coffee, go for the cheaper option!
  6. Make use of the fixed deposit plans in bank and get higher interest! I'm talking about those capital guarantee and non risky kind on investment!

Conclusion

These are some ways that could help one to save up for rainy days! Try to set a goal for you savings, when you've reached the goal, maybe you an indulge in a meal or a present to award yourself. Don't be too harsh on yourself, all of us needs to be pampered once in awhile!

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