How to learn to save and put money aside with a small salary

A small salary is not a reason to get into debt and deny yourself almost everything.

After all, if you manage your money wisely, then even with a small income you can buy everything you need and even save money.

How is this possible? You will find out now.

How to learn to save money on a small salary

Planning a budget

One of the first steps to financial discipline is to plan a budget for the next month. To do this, calculate your monthly income and make a list of upcoming purchases and payments for services.

In this case, divide expenses into mandatory ones (these include paying utility bills, buying groceries, paying rent, paying credit payments, buying clothes, shoes, etc.) and additional expenses, which include entertainment and other purchases that you could do without.

This is necessary so that you can understand where the bulk of your money is spent and where you could save money.

We are creating a financial safety cushion

Make it a habit to put money aside every time you receive your salary.

Even if it is only 5-10% of your salary, a decent amount can accumulate over the year, which can be used to buy an expensive item, for example, you can buy furniture, make repairs, or buy household appliances in case of a breakdown.

This is very convenient, because thanks to this money you will not have to get into debt or, even worse, take out a loan that you would then have to pay back with interest.

Analyzing expenses

Analyze your expenses to see where you could save.

For example, if you buy coffee every day on the way to work, have lunch in a cafe, or order ready-made food to the office or home, then at first glance this amount may seem insignificant.

But if you calculate this money for a month, it turns out to be quite a decent amount. Therefore, in order to save money, it is better not to order ready-made food with delivery, but to bring it with you from home.

Look for great deals

Keep an eye out for promotions and discounts in stores, as sometimes they can help you save a lot. You can also save money by using bonus cards and participating in various loyalty programs.

Important: before buying goods with a big discount, especially on Black Friday, you should first check prices in other stores, including online stores, since discounts of up to 50-70% in most cases are just a marketing ploy, when the discount amount is added to the real price, after which this price is crossed out and the goods are sold at the same price at which they were sold without a discount.

Sources of additional income

If you have free time and certain knowledge and skills in a certain area, then think about whether it might make sense to find additional work as a freelancer.

Also, as an additional source of income, it is worth considering the classifieds platform Avito or Yula.

Surely you have a lot of unnecessary things at home that are in good condition. These could be household appliances, electronics, antique figurines that are in great demand among collectors.

We hope that our recommendations will help you not only learn to save, but also put money aside for more expensive purchases that you could only dream of before.