Until now, there are still many people who often fail to set aside money every month to be allocated to savings. In this review, BBonlinemoney discusses How to Save Money From Salary.
As you know, lifestyle often makes it difficult for many people to save money. Just being able to set aside money every month is already good, so it’s not grandiose how come you can save half of your salary. Even though it sounds difficult, that doesn’t mean it can’t be done.
Well, here are How to Save Money From Salary that are easy to do and are definitely proven to be effective, you know.
17 Ways to Save Money from Your Salary
After receiving salary money, don’t immediately feel rich
Hey, who here feels rich immediately after payday? Like immediately rushing to the mall to buy clothes, eat, and coffee.
In order for the goal of saving half of your salary to run smoothly, from now on, remove that feeling and get in the habit of immediately putting half of your salary into a savings account before being tempted to shop.
Next How to Save Money From Salary is to target yourself. How do you mean? Yes, you do need to target yourself to put the brakes on your desires, especially when it comes to consumptive shopping.
One way, by setting expenses at only 10% for one week outside of transportation to the office, huh! So, how smart are you to manage your expenses every day?
Have a special savings account that cannot be withdrawn
Having two different savings accounts is actually an easy way to manage finances. So, one account is for your operations, and the other one is specifically for saving.
In order to achieve the savings target, you should choose a savings account that cannot be withdrawn. One of them is a time deposit which is a banking program.
Bring food supplies
How much does it cost you the money you usually spend on lunch? Not to mention overtime, you have to spend more money to buy food for the afternoon.
Let it be more efficient. You can bring supplies to the office for lunch and also snacks in the afternoon. That way, your money will be safe because you are not tempted to snack.
Just buy a little internet package, always take advantage of WIFI
From now on, it’s better if you buy fewer internet packages by choosing less.
Carry cash in small denominations in your wallet and don’t have to carry a debit or credit card
What often makes people spend too much money is because they see that there is a lot of money in their wallet or that it is safe because there are debit cards and credit cards.
So, when there is a 0 percent installment promo, you can immediately be tempted to swipe a credit card or buy this item because there is a lot of cash. The edges are biting the fingers because money runs out and credit card bills explode.
Therefore, you should make it a habit to just bring enough in your wallet and leave your debit card or credit card at home.
That step will make you not tempted to buy things you don’t need. Moreover, if you are going to places that will make you tempted to shop.
Can buy a snack, but the one that makes you full
In the afternoon around 3:00 p.m. or 4:00 p.m., usually, the stomach is getting hungry, and snacks are the most appropriate choice because if you eat heavy it is too filling.
It’s okay to buy snacks, but instead of just buying snacks, it’s better to buy snacks that are really filling like whole wheat biscuits or crackers. Besides being healthy, you will also be more economical.
Save money with a certain nominal
Try to commit to setting aside a certain amount of money every month. In order not to feel heavy, you can start with small amounts first. Well, if you are used to it, then you will gradually increase it.
By saving every month, you will feel that your remaining salary will be less. This means that you will save money and only spend money on what you need.
Even though it was a dime, it could be a lot of it was collected
Try it, from now on, you can save every change you get in the tin without needing to do any calculations.
The more you persevere and be patient, the greater the results you will get. So, don’t ever underestimate pennies!
Take advantage of term savings as a savings option
So that you are not tempted to withdraw money from your savings, try to open a term savings account. This savings product will make you save regularly until the specified time.
Before opening a term savings account, first, think about the maturity date that suits your financial condition.
Term savings are in accordance with your target to save half your salary because if you want to withdraw funds prematurely, you can be subject to a penalty.
Must have a financial plan
If you often feel like your salary is running out quickly and don’t know where to spend it, you must have a financial plan.
Through a financial plan, you can find out every income and expense in detail, so you know whether or not there has been money going out for important things.
In addition, by making a financial plan, you can find out whether you are wise in using money or not.
You can also estimate how long it will take you to achieve the goals you make in the financial plan. If needed, you can ask for help from a financial planner.
Living frugally by spending what is needed
Expenditures for daily necessities constitute a significant proportion of expenditure, especially since the prices of staples tend to always go up.
This is where it is important for you to list the items you need before you go to the market or supermarket. Then, calculate how much cash you should bring to shop for these items.
In order for you to avoid buying unnecessary items, avoid using debit or credit cards.
Have a debt? Prioritize getting paid off
Debt can mess up your finances, it can even destroy your plans for the future. Therefore, prioritize some of your income to pay off debt.
In fact, paying debts should take precedence over buying even promising assets. This is so that your focus on fulfilling future dreams is not distracted.
If you have debt, from now on identify what debt you have, then make a repayment plan.
For example, if you have more than one debt installment, you can pay the debt with the highest interest first. In order for your debt to be paid off more quickly, you can find a side job or sell your assets.
It is important to remember, don’t forget to create a reminder so you can pay on time and avoid fines.
Set a limit for shopping for a month
So that you don’t spend excessively on items outside of your basic needs, you have to determine what the upper limit of your budget is.
If there is a garment or item that you want to buy but the price exceeds the maximum limit, you will be “forced” to save to get it.
Besides being able to save you money, setting spending limits will make you learn to control your appetite when shopping.
Think carefully when shopping, don’t be impulsive
Another tip for saving half your salary is to think carefully when you shop. Think about whether you need to have this item or not, and whether the price is reasonable or not.
Shopping impulsively will make you regret buying things you really don’t really need.
Remember, don’t be tempted by luxury brands, because brands can make these items sell for twice the market price, even though the quality is the same as similar items.
Record every money that comes in and out (cash flow report)
So, so that you know whether your financial condition is healthy or not, make a note of the inflow and outflow of funds or cash flow during a certain period.
How to make it easy, you just need to record all your income and expenses, both fixed and non-permanent.
From these records, you can know the difference between your income and your expenses is a surplus or a deficit. Surplus means your income is greater than expenses.
Conversely, a deficit means that your expenses are greater than your income, so your finances must be corrected immediately.
Also Read: 20 Frugal Ways to Save Money Every Month
That’s How to Save Money From Salary that you can do to be able to save half of your salary. It’s really easy, right ?.