how to save money from salary

Live Big and Happy life like Indians in Just 18k to 25k Salary per month

Indian ways for how to save money from salary

Is this your story?

There are many people in India who are qualified and talented, but they find themselves stuck in a salary range of 18k to 25k, which is not even their take home salary. They can’t save anything from their salary and often struggle in the last 5 days of the month.

So, who’s responsible for this? May be other factors like the high cost of living, prices going up all the time, and not enough good jobs, these all factors can make it hard to save money.

A weak or poor bank account can lead to feelings of emptiness and insecurity within society. The unfortunate tragedy is that your bank may fine you with a Low Balance Charge every month in your savings account, which they call Account Maintenance Charges.

You lose confidence and sometimes feel inferior, which results in mood swings. You also lose your temper, professionalism, relations and eventually you become just another face in the crowd, losing your true identity.

Despite the common saying that “money is not everything,” it’s important to acknowledge that while money isn’t everything but it certainly plays an important role.

There are lots of amazing people who deserve recognition for their extraordinary ability to support their families on modest incomes.

Despite earning just 18k to 20k, they manage to cover necessary expenses like children school fees, tuition, bills, and even enjoy occasional entertainment. Their spirit and resourcefulness enable them to lead happy lives, setting them apart as true legends in my eyes.

On the other hand, there is a group of young professionals earning around 25k. Despite their seemingly higher income, they often find themselves struggling financially.

On the 25th day of every month, they have exhausted their salaries and resort to credit cards to maintain their lifestyle. Unfortunately, this style of luxury often leads them into a cycle of debt, with little support from those they seek to impress.

This shows that chasing after greed only leads to disappointment. Real wealth is not about showing off or chasing temporary pleasures. It is about living within your means and building real connections with others. It’s an important lesson in today’s materialistic society.

So, start loading your account by learning how to save money from your salary?

Moms Budgeting Techniques

Ruthless Bargain:

Try it only, where it works. There are lots of places like gift shop, art gallery, local garment shops, and street sellers outside your posh market showrooms. Do not hesitate to bargain prices when shopping.

Bargaining is a common practice in India and mastering this skill can help you save money on groceries, clothing, and other luxuries. Go for seasonal vegetables and fruits, they are not just fresh but also come with a budget friendly price tag.

Crush your Greed

It’s only greed which pushes you to buy unnecessary and unwanted items at grocery stores. Be firm and attach to only what you went to buy. You know how much money can be wasted on unnecessary items.

For example, suppose you went to the grocery store to buy bread and butter only. After paying for both, the shopkeeper returns Rs. 80/- for change. However, your attention is drawn to a sparkling new flavor of chocolate cookies priced at Rs. 80/-.

Although it’s not essential but you still buy it. As a result of doing this, you have just wasted Rs. 80 for your greed. If you repeat this habit daily, it can add up.

 If you spend Rs. 80/- unnecessarily every day, that’s comes to Rs. 2400/- per month. If your salary is Rs. 18,000/-, you are left with only Rs. 15,600/-.

Now think about additional expenses such as weekend parties, outings, shopping, restaurant and street food, fuel and transport, phone and internet bills, OTT platforms, gifts, marriage envelops and your basic needs. This over and over again leads to a hand-to-mouth situation at the end of every month.

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Making a Shopping List

Making a shopping list helps you stay organized when you go to the store. Before you go, write down what you need to buy, like groceries and household stuff.

This way, you can avoid buying things you don’t really need.

Stick to your list when you are at the store. Don not buy extra stuff on an impulse even if it looks tempting. It’s just your greed.

If you strictly stick to your shopping list, you can manage your money better and avoid spending too much.

Making a shopping list is a smart way to make sure you only buy what you need and save your precious money right away.

Make Budget with Pen and Paper

Making a budget with paper and pen is the easiest way to handle your money. You don’t need to be an accounting expert, just jot down what you earn and what you spend.

In fact, keep it in a diary or notebook so that you can compare it with your previous months expenses.

How to do it

List Your Income:

Write down all the money you get, like your salary or any extra hard cash you make.

Track Your Spending:

Make a list of everything you spend money on like rent, groceries, or home bills.

Do the Math:

Add up all your monthly expenses and subtract them from your income. This shows how much money you have left with and also what you have saved this month.

Make Adjustments

If you are spending more than you are making then see where you can do cost cutting.

May be you can replace that expensive toilet cleaner, hand wash pack, tea, coffee, body lotion with any other matching quality substitute which come in less price comparatively. Don’t compromise with every personal product, just cut the cost where you can.

Paper and pen makes it easy to see where your money goes and helps you stay on track with your spending.

It’s simple but it works.

Buying with Hard Cash

Shopping with hard cash is a straight forward way for Indians to save money from their salary. At the beginning of each month, take out a set amount of cash from your bank for things like groceries, bills, and other basic needs.

Divide this cash into separate lots or envelopes for different expenses, like groceries or transportation etc.

This helps you see exactly how much you have for each need and prevents overspending.

Using cash means you can’t spend more than what you have, making it easier to resist impulse buys.

Keep track of your spending in a notebook or on your phone so you know where your money is going.

At the end of the month review your expenses to pinpoint areas where you may have spent too much and make adjustments for the future.

You can have better control over your spending by shopping with cash. It also avoids getting into debt and save more money from your salary.

Small Step Savings

Saving money before making a purchase is a neat idea, whether it’s for something you want for yourself or for your home.

This traditional Indian method promotes patience and careful planning. It helps you avoid debt and financial stress later on.

Suppose, you are thinking about buying a food processor that costs Rs. 4,500/-. Instead of rushing into the purchase you can try saving up for it little by little.

 For example, if you set aside just Rs. 500/- every week, you will have more then Rs. 2,000/- saved up in a month, which is a good portion of the total cost. This gradual approach makes it easier to afford the item without straining your budget all at once.

It also gives you some flexibility in case unexpected expenses pop up towards the end of the month.

You can buy what you want without worrying about your finances by taking small steps towards your aim.

Ignore appealing sales and discounts

Everything is appealing nowadays. Everything pretends to be a basic need for you. So what, will you buy everything? Remember, those are just psychological advertisements to hit on your greedy instinct only.  

Sales and discounts is a smart move when it comes to managing your money sensibly. While these deals might seem like a great way to save, they often tempt us into buying things we don’t really need.

By sticking to your original shopping list and only buying what you planned to get, you can avoid impulse buys and overspending.

This means you are spending your money on things you actually need, rather than getting distracted by flashy discounts. It also helps keep your home clutter free and saves you from wasting money on stuff you won’t use.

Say no to sales and discounts, by doing this you can keep your budget in check and build good habits for the future.

Sticking to your planned purchases helps you make better spending choices, save money, and keep your finances in order.

Exchange Offers

Save big on your next purchase by checking out exchange offers during festivals like Diwali and Navratri. These deals are everywhere for things like TVs, ACs, bikes, cars, and even gold jewelry.

It’s a cool way to upgrade to new stuff while trading in your old things and you get a nice discount too.

So, if you’re thinking about getting a new TV, AC, or anything else, keep an eye out for these deals during festivals.

It’s a great way to get what you want without spending too much.

Buy pre-owned Goods to fulfill your short term luxury cravings

If you want a luxury life in less salary and also want to save some money from your salary then go for pre-owned things available on online selling apps.

Things like guitar, home theater, TV couch, gaming consol, power bank, AC, Air Fryer, hair straighter, foot massagers, bicycles, gym equipments, book shelve your room.

See if you do not want to use second hand items for your personal use then buy those things which are not too personal.

Trust me if you find it on internet, you might get lots and lots of almost new things in less than half rates. If you like it then go for it, or just politely say no.

Saving money from your salary is all about making sensible decisions and planning ahead. By putting into action the practical tips discussed, such as budgeting wisely, trimming unnecessary spending, seizing exchange offers, and staying alert for sales and discounts, you can truly make your salary stretch further. Keep in mind that every small step you take towards saving counts, and over time, it adds up to significant financial progress. So, why wait? Start implementing these strategies today and cover the way for a brighter financial future ahead.

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