Have you been trying so hard to save money from your monthly salary with difficulty?
Well, we understand how tough it can be to save and that is why we will be sharing with you important tips that will help you to start saving or save more as the case may be.
So let’s get it straight, the goal is to figure out how to save money even when meeting basic living expenses, loan repayment or other financial goals.
As stated earlier, you are in the right place if you are in search of important guides on how to save money.
Here we have 6 strategies that can help you a great deal in saving money from your salary.
1. Split down your payroll
First of all, look through your paycheck and see how much you have to spend at home. The taxes, insurances and other deductions left behind after you have taken some of your expenses out of your income.
2. Use money in your budget to save
If you’ve been finding it difficult to save, this is where you’ll need to dig through your budget and see where you might be able to free up in terms of extra fund.
“ When it comes to saving money from a salary, it boils down to having a healthy budget, ” says David, author of popular finance forum.
Meanwhile, If you have money to cover the cost of living and a little money for fun, all after that should be for savings.
For example, one of your biggest budget expenditures may be food. If you ‘re dining out a lot, you might look for money-saving hacks to cut down on the cost. Or, remove certain meals out and eat more often at home.
Below are some helpful tips on saving money from foodstuffs:
** Prepare weekly meals depending on what you want
** Create menus that reduce food waste.
**Shop and conform to the chart.
** Try using the delivery service of your grocery store,even if you are free as not to purchase impulses.
** Using coupons and cash back applications to receive cash or food discounts is good.
** If you have one, look for discounts on your nearest farmer’s market.
** Other expenses that could be needed to decrease include payments for electricity or facilities that you don’t use. You will also save money in your budget if you turn to a bank account without charges.
3. Increase the rate of your loan payments
Talk of how you can make installments of your debt less expensive. For starters, refinancing student loans will allow you to reach a lower rate. It can also decrease your monthly payment to save you more money. The same applies to the 0% discount rate conversion of high-interest credit card debt into a new card.
4. Make more money than the paycheck
Perhaps it’s time to earn more if your savings goal seems to fall short.
As stated by a famous finance personality: “there are two ways to save more money: raise more or spend less.”
5. Automate your savings from your paycheck
When you know how much your debts and taxes are to be paid, you may have to put money away for your savings from your cheque.
Two basic but highly productive ways to do this are:
Make a direct deposit from your paycheck into your savings account. In this way, the money is saved every day. There are apps and savings platforms that helps you to automate your savings in Nigeria,
You can set up an automatic savings transfer from check to savings when you are paying for your work if your work is not providing a direct deposit. You only select the savings number and the pace and finish that you want money to pass.
These two savings hacks can also help you create your emergency savings fund or add money to savings, like a down payment on a home, for a long term reason.
6. How much should you save each month?
That’s a great question and it’s an important one to ask if you’re hoping to stretch your salary paycheck as far as possible.
The answer for how much to save monthly ultimately comes down to how much you’re taking home, what your expenses are and how much you’re paying toward debt.
But if you’re looking for some specific numbers to work from, the 50/30/20 rule is a good place to start.
The 50/30/20 rule advocates putting 50% of your income toward your essential expenses each month, spending 30% and then saving the remaining 20%. You can do the math on your own or run the numbers through a simple calculator.