Suppose you earn a monthly fixed salary and you want to save each month part of it how you do it?
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12 Answers
Having set goals you hope to achieve with your salary in a month is just as important as receiving the salary itself.
Monitor your expenses.
Monitoring your expenses should be non-negotiable, and done at all times to keep track of what is going out.
Therefore, embrace the idea of shopping at wholesale stores, where prices are usually cheaper.
Monitor your expenses.
Monitoring your expenses should be non-negotiable, and done at all times to keep track of what is going out.
Therefore, embrace the idea of shopping at wholesale stores, where prices are usually cheaper.
It would be a good idea to make a full list of all the things you have to do with your salary , like paying the electricity bill , food , travel expenses and just make a list on it and how much you have to spend on them for the month and if you have some left , then you can save it up to use in the future
Saving money can be a bad idea, why not invest it in something else that will earn you a profit..
The profit you get can cover up for the cost of living, what I mean is that what you buy today for 5$, can be $10
So saving your money won't do any good
Inflation will really teach you a lesson, but if you invest you can use your profit to take care of that
Just my opinion..!!
The profit you get can cover up for the cost of living, what I mean is that what you buy today for 5$, can be $10
So saving your money won't do any good
Inflation will really teach you a lesson, but if you invest you can use your profit to take care of that
Just my opinion..!!
Saving form a fixed salary is different from investing, for investment you need a big amount and if you invest it you have the risk to lose specially on that investment platforms online . for investment there should be an extra amount far away from that saving amount, saving amount should be backup for future ,it should be separated from money we invest. I consider it as money kept to future who knows what happen and when we need it.
Before the pandemic, I usually save 10% of my total monthly salary. Now, I am struggling and need to find more online stunts to compensate for it.
There are many websites that you can compensate to make at least extra cash for saving , only you should choose the good and legit ones. I am working on many of them for saving.
Would you like to share some of these earning sites? I do want to be like you in this matter. I hope you do not mind this.
There are several ways to save money from a fixed salary:
Set a budget: The first step towards saving money is to make a budget that takes into account your fixed salary and your monthly expenses. Determine how much money you can afford to save each month and set that amount aside before spending on anything else.
Track your expenses: Keep track of your expenses and identify areas where you can cut back. For example, if you find that you're spending too much money on dining out, consider cooking at home more often.
Use automatic savings: Many banks offer automatic savings plans that transfer a set amount of money from your checking account to your savings account each month. This can help you save money without even thinking about it.
Reduce debt: Paying off high-interest debt, such as credit card balances, can save you money in the long run by reducing the amount of interest you pay.
Avoid unnecessary expenses: Before making a purchase, ask yourself if it's something you really need or if it's just a want. Avoiding unnecessary expenses can help you save money over time.
Invest wisely: Consider investing your savings in a low-risk investment portfolio or a retirement fund. This can help your savings grow over time and provide you with long-term financial security.
Remember, saving money takes discipline and time. But with a little effort, it's possible to build up a significant amount of savings from a fixed salary.
Set a budget: The first step towards saving money is to make a budget that takes into account your fixed salary and your monthly expenses. Determine how much money you can afford to save each month and set that amount aside before spending on anything else.
Track your expenses: Keep track of your expenses and identify areas where you can cut back. For example, if you find that you're spending too much money on dining out, consider cooking at home more often.
Use automatic savings: Many banks offer automatic savings plans that transfer a set amount of money from your checking account to your savings account each month. This can help you save money without even thinking about it.
Reduce debt: Paying off high-interest debt, such as credit card balances, can save you money in the long run by reducing the amount of interest you pay.
Avoid unnecessary expenses: Before making a purchase, ask yourself if it's something you really need or if it's just a want. Avoiding unnecessary expenses can help you save money over time.
Invest wisely: Consider investing your savings in a low-risk investment portfolio or a retirement fund. This can help your savings grow over time and provide you with long-term financial security.
Remember, saving money takes discipline and time. But with a little effort, it's possible to build up a significant amount of savings from a fixed salary.
A good way to save money from a fixed salary is to create a budget and set aside a certain amount of money each month for savings. It is important to track your spending and to prioritize saving, as it can be easy to overspend when you have a fixed salary. Additionally, it is important to look for ways to reduce expenses and to look for opportunities to earn extra income. Finally, it is important to remember to be patient and to take small steps towards your savings goals.