How to save money from salary
how to save money from salary
- Create a budget and stick to it. Determine your fixed expenses and allocate money for them first.
- Set savings goals and make them a priority. Automate your savings by setting up a direct deposit from your paycheck into a savings account.
- Cut back on unnecessary expenses, such as dining out or subscription services.
- Look for ways to reduce your fixed expenses, such as negotiating your rent or finding a cheaper cell phone plan.
- Use cashback apps, coupons and discounts to save money on purchases.
- Avoid impulse buying and stick to a shopping list.
- Consider investing in a retirement plan or other investment vehicles to grow your savings.
- Review your salary, compare it with the market and negotiate for a raise if you feel you’re underpaid.