1. The 50/30/20 Rule
Use 50% of your income for housing, utilities, foods and transportation expenses.
Use 30% of your income for entertainment, hobbies, travel, personal expenses.
Use 20% of your income for savings.
2. Emergency Fund
Save at least 3-6 months of living expenses in savings account.
Save money to cover anticipated expenses, such as medical bills.
3. Automatic savings
Direct deposit can help you save regularly by automatically transferring funds into your savings account.
4. Reduce Spending
Identify areas where you can less spending.
Negotiate bills with service providers like cable, phone, insurance.
Cancel subscriptions plans if don't needed.
5. Add extra income
Take on a side job or freelance work.
Sell unwanted items and old items if don't use from long time.
6. Use wallet system
Divide your expenses into categories food, entertainment, etc.
Keep the money you spend in wallets.
Use cash rather than online to avoid overspending.
7. Avoid impulse buying
Set at least 30-day waiting period for non-essential purchases.
Spend wisely and prioritize your actual needs over wants.
By adopting saving techniques, you can live a healthier life.
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