If there’s one thing we all want to do and have is of course setting aside funds as savings from our monthly income or salary. However, not all salaried workers achieved this goal because of so many reasons; one of these is the way of lifestyle and spending habits like buying unnecessities and overspending. If you are working for so many years, but until now you are still living a paycheck-to-paycheck life then I think it’s time for you to assess your spending habits and have a spending plan for your income.
Don’t know how and where to start?
I have tips listed down on how to save money from your monthly income. If you find difficulty in budgeting your income, a budget planning calculator and other tools are available online that will help you.
Tips on saving money from your monthly income
- Prioritize and Keep Track of Your Expenses
Essentials, like housing, foods, utility bills, clothing, and other household necessities take a large portion of your budget from your income. Even though these are basic needs, there are moments that we overspend like too much eating outs or impulse buying on the latest trends of clothes and gadgets. To limit your spending habit, keep track or record all your expenses. Doing this will allow you to know which expenses you overspend and need to reduce to set aside an amount for savings.
- Set Savings Goal
Do you want to travel to your dream destination or acquire your car? Whatever your goal is it will motivate and help you not to overspend and save a certain amount from your income. Once your specific goal is set, follow up with creating a timeline on when to reach your goal and how much amount you need to save each payday. For your savings goal on college funding account, retirement, and others that need a future value of the amount, a savings calculator will be of help in computing.
- Take Advantage of Discounts Coupons, Sales, Promos and FREE Vouchers
Discount coupons, sales, promos, and freebies or vouchers are marketing strategies to boost sales and attract new customers. On the other hand, consumers who take advantage of these opportunities to spend less, avail discounts, and freebies feel positive that they received a deal which is a great opportunity to save the amount from purchases. Just a reminder that when using discount coupons, always double-check the price of merchandise if still on the suggested retail price impose by the agency like Department of Trade and Industry.
There you have it. I hope these tips I shared are helpful to you on becoming non-savers to savers.
Do you have any money-saving tips? Feel free to write it down in the comment box. I can’t wait to read and add them to this post.