How to save as much money as possible from my salary?
Asked by
mkanzari (
15
)
October 12th, 2020
I have 10 months of work, which’s my first work experience, and during this period I haven’t saved anything in my bank account. I spend all of my salary on rent, which represents 32% of it and the rest in the daily expenses. I want a way to keep as much money as possible because I really need it to do many things.
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7 Answers
I will give an ideal food and drink budget
Drink only tap water, (if safe tap water in your city)
Don’t drink coffee, energy drinks or pop.
Eat more fruits and veggies and less meat.
Eat as much home cooked chicken of the best cheapest cut that you like.
Don’t drink alcohol and don’t smoke or do illegal drugs.
Don’t go to restaurants and instead make your own food.
Make your breakfast, lunch and dinner.
Don’t eat out.
When you get your check…PAY YOURSELF FIRST!!!
Open a savings account & when you get your check, transfer 10% of the gross amount to your savings account. Consider that account as a DO NOT TOUCH account. It will be difficult at first; but by the 2nd or 3rd check, you will get in the habit of transferring & you’ll figure out how to live on less. You’ll be surprised how fast that 10% will add up!!! Once you see the benefit of this, you will be PROUD of how well you are doing & it will become much easier to do!!!
To add to the above, if you get bonuses or raises, put that in your savings also.
You definately divide checks according to budget. First decide how much you want to save. Take that out first. Then bills are taken out. The money left you divide into weeks until next payday, that is for all other expenses. Dave Ramsey says using weekly envelopes can help if you have spending issues.
Make a budget.
Don’t deviate from budget unless it’s absolutely an emergency.
Avoid things like Dunkin Donuts, Starbucks, etc.
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