I spend all my salary every month, How can I manage to save some money?
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- When you get your paycheck, pay YOURSELF first. Meaning, take 10% or whatever amount you want to sock away and immediately put it in a savings account. Once you see the money start to grow, you will be motivated to save more. Everytime you want to go spend $10 on a coffee or lunch or some other thing, put that money in your savings. I have been doing this, and not have I only seen how much I was spending on piddly things, but actually have savings now!
- You need to cut down on your monthly expenses. As the first user said, the rule of thumb is to save 10% of every paycheck. Take advantage of your 401 (k) plan if your employer offers one. Try taking out a part time job to increase your income.
- Act as though 10-20% of your money isn't actually yours, any you 'Spent' it by putting it away in a savings account. Then, make sure that you don't touch this money. That way, you don't spend it.
- You've been given some great advice and you should take it. Have you ever considered that living paycheck to paycheck, for some people, can result in being homeless in a three months? It's a extremely risky way to live.
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