This blog is basically about how to manage your income and expenses to save some money.
In our childhood, we have often seen our parents planning budgets for their expenses and savings and also telling us to save our money. But today we spend money without bothering our savings and also credit cards and online shopping like services made us prone to spend more.
But we have to save some part of our income for future needs and emergencies, as we can talk about this time as the whole world is fighting against COVID 19 pandemic. So many people lost their jobs, many had to shut their businesses because it had also affected the economy badly.
So, in that type of situation when our monthly or daily source of income has affected our savings can help us. Financial experts also suggested that we should have money in our savings for at least three months of expenses.
Tips for saving money
To save money firstly you have to calculate or estimate your monthly or weekly expenses then put aside money from your income for monthly expenses then keep the leftover amount for your savings because if you first keep the money for savings then for expenses then it may possible you have to take money from your savings for your expenses.
With some people, it may happen that they want to save money and they keep it but anyhow their saving gets to spend on other expenses or shopping, etc. for them, you can often arrange for it to be deposited directly into the account by your employer or else deposited into your everyday account and then automatically transferred from there into your emergency fund.
You can also motivate yourself for saving by setting saving goals like you can set a goal that you will try to save some amount of money like Rs50,000 or Rs 100000 in one year or two.