Saving money is the top of everyone’s to-do list. Saving money before spending is the key to success. Saving comes after your key essentials and wants are met with. You cannot save without spending on your key essentials. The most commonly asked questions when it comes to saving money is, “I have a low salary, how can I do the saving”. In this article, we are making an effort to address this.
Breakdown your salary into expenses:
First, you need to look at your salary, break down your expenses into Needs and Wants. Needs are something that is of a high priority and you cannot avoid. Wants are something that you can wait for some time based on their priority. Figure out if you can at least pull out 1500 to 2000 INR per month to save with eChits.
Finding money to save:
After breaking down your expenses to needs and wants. You will have to further optimize your wants. For example, if you have to eat out twice a week, make it once a month. This way after optimization by being true to yourself, you will find some money.
Reduce your loan payments:
Rescheduling your existing loans for lower interest is one way to optimize your expenses towards loan payment. Learn and find if you can find some bank or organization who can give you a loan at a lower rate of interest and move your loan to their bank.
Earn more than your salary:
If you are still not able to figure out a way of saving money, then you should start earning more than your salary by working on some freelance projects in your free time. There are many freelance options based on your skillset If you can’t find the time, one of your family members should be able to support you.
Automate savings payments:
You can do this with eChits. Most people find money to save, but they tend to save after all of their expenses. In that note, you will mostly spend off the money what you intend to save. It is always advised, your first payments as soon as you get your salary is towards savings. So it’s advised to automate them.
The best place to park your savings is with eChits as you can start saving with as low as 2000 INR per month.
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