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10 Simple Tips to Save Money from Your Salary

Written by Devi and Updated on September 14, 2021  0 Comments ]

Well, you need to save money from your salary right from your first paycheck. Else, you will fall into the trap of putting yourself into a financial burden.

Everyone loves financial independence. If you don’t have money, no one is going to give you a shit.

I have heard somewhere in this dialogue that money doesn’t buy happiness. I seriously doubt these words.

Someone with a large bank balance or savings can say, money will not bring happiness. Such a person will never run short of his money.

But for the vast majority of people in this world, That is not the case.

Save Money from Your Salary

You will not get almost 95% of your needs without money. So how can you be happy without fulfilling your requirements?

So having a job is an achievement anyone wishes to fulfill in their life. It not only make you financially independent but also makes you feel better about yourself.

Now consider you have a job and wish to lead a balanced life. Do you think your future is secured?

The answer is NO!

If you wish to lead a peaceful life, saving a part of your income is very important.

So this article is about explaining to you the ten best working tips to save money from your monthly salary.

Importance of Money in our Life

We need money for everything. Whether it is for eating, shopping, traveling, or entertainment, you are left behind without money.

It is a medium of exchange that helps people to get what they need?

Money helps you to solve the majority of your day-to-day life problems. You can get all your basic needs like food, water, shelter, and clothing.

It helps you obtain all comforts in a house like AC, TV, Washing machine, Good household items, etc.

If you have an above-average source of income, you can even hire servants for yourself.

So money is necessary and can answer most of your problems. But what if money itself is your problem?

Apart from the day-to-day needs and comforts, what if you had an emergency requiring a good amount?

Even if you lead the life I mentioned above and don’t have any savings, you are failing in such situations.

Hence money is not just for satisfying basic needs. It’s more than that.

You need to save it for your future too.

But people never try to understand the importance of saving money until they reach a point to realize it.

Then they search for money-saving tips for the same situation to not happen again.

Here I wish you have not come across this article in such a situation to find tips for saving money.

How Much Should You Save from Your Salary?

Having said about the importance of saving money, you may have this doubt. How much should I need to save from my salary?

The simplest answer is, It depends upon your income, lifestyle, and mindset.

Several theories stating the percentage of income that needs to be saved no matter what the situation is?

But I never agree with the point above. If you live in your own home without any liabilities leading a life with average expense, you can save more.

On the other side, if you live in a rental house and you are the sole breadwinner. Think you have to feed a large family by leading a minimal life, your savings cannot follow those theories.

And there are some people in between these two situations. They never spend their income wisely and lead a luxurious life without any savings.

So it all depends upon a few foundation factors mentioned earlier. You can decide where you are?

Now, if you are planning for some other occasions like,

  • a wedding
  • for a summer vacation
  • for clearing your loan
  • higher studies, etc.

You need to save accordingly considering the expenses.

10 Best Ways to Save Money from Salary

As I have said earlier, you cannot even satisfy your basic needs. So earning money is an essential need for all human beings.

It helps you to build self-confidence and happiness in yourself. By just earning, you are not complete. You need to save it for the future too. So let see some money-saving tips.

1. Lead a minimalistic life

The first and foremost tip is to lead a minimalistic life. If you seriously wish to save some money from your salary, you cannot spend more on unnecessary items.

Leading a minimalistic life means spending only on basic needs and emergencies.

Here you may have to sacrifice a few of your wishes like additional clothing to your wardrobe, unnecessary dine-out, unwanted outings with friends, etc.

You will think that it spoils your life.

No, my friend, I am suggesting these strict tips considering the short-term need for huge savings.

Else enjoying them once in a while is all needed to have a balanced life.

But to fulfill your goal, you need to adjust accordingly. Also, if you set a goal to save long-term, leading a minimalistic life may benefit you.

  • I can suggest a few tips to lead a minimalistic life;
  • Avoid junk shopping, buy only quality items
  • Rather than going to movies at the theatre, wait to watch it free online.
  • Invest your money for reusable items and be a reuser.
  • Try using public transports
  • Train yourself to live with minimum goods.

2. Never Borrow or Take Loan Except Emergency

Most people take a loan for genuine uses or luxury purposes, but such a decision is a big NO when it comes to savings.

None of the banks give you money without interest. Also, it depends upon the amount you have taken from them, and your repayment value also increases.

But this is a good option when an emergency comes, and your savings are insufficient, or the EMI you need to pay is affordable to you.

Always try to handle your expense with your savings. After this, start from the beginning to save again.
It has two advantages.

You can eliminate paying huge EMI that would have come by overspending when you get a big amount than your savings.

You can spend your savings stress-free.

Having said this, Borrowing is the best choice for unplanned emergencies if you don’t have savings.

If else is the case, you should avoid taking a loan at any cost to save some bucks.

3. Find an Additional Income Source

The vast majority of the people in the world find it riskier to balance their income with expenditure.

So telling them to save from their salary is not logical when they strive to meet their day-to-day needs.

Hence finding ways to make an additional income is necessary these days.

Many people are taking this path to earn something extra than their monthly wage from a 9-5 job.

You are someone whose income is insufficient to balance everything and still wish to save a few amounts each month. Then you need to try for an additional source of income.

By choosing this way, you can eliminate some of your financial stress and also save from it.

Now, what are the ways to earn additional income even while going for a 9-5 job?

  • Do freelancing the skills you have in your free time
  • Start a Youtube channel
  • Starting a Blog
  • By testing website and attending surveys
  • Sell your products on e-commerce sites
  • Be an online or offline tutor etc.

4. Budget Planning is a Vital Thing

Budget planning is the process of creating a spending plan to guide you on where to spend your money for a month.

It helps you to understand how much you spend on each item and helps to control unnecessary expenses?

Budget planning helps you to manage your expense balanced without making you run out of money.

Planning your budget for the long term helps you to save money for other things like a family vacation, a new vehicle, a wedding, etc.

So how can you create your own budget plan? Before making it, Consider these points;

  1. Identify your goal. Ask why you need to create a budget plan?
  2. Track your expenditure and see where your money goes?
  3. Once you have an idea of the above things, then plan the budget.
  4. Write down your income from all sources.
  5. Record your expense (fixed, debt, and unexpected expenses).
  6. Look for the possibilities of saving.
  7. Control your spending by setting a limit for each expense

5. Time Management

Time management is the budget plan of your time. By properly managing it can help you save money.

Unlike money, the time which you once wasted cannot retrieve again.

So make sure to spend your time looking for things that make you happy or match your goals.

Just like, you spend money on necessary items, spend your time on quality tasks that help you save money.

For an example:

If you work on a task that pays you less, requires a long time to complete, and dislike that work.

In this situation, there is a higher chance that you may end up consuming more time to complete the same task.

For such situations, try to choose those tasks that make you happy. Practice the skill of Saying NO to projects or work that are not worthy.

By doing so, it helps you get what you value.

But it may take time to receive the desired output at first because you need to work on your passion first. But soon, it will show its effectiveness.

6. Lead a Simple and Healthy Lifestyle

You wish to save money from your salary, to lead a simple and healthy lifestyle.

Other than the planned emergencies, the most common thing that makes our savings dry out is unplanned medical emergencies.

You can keep away from these situations by leading a simple and healthy lifestyle.

Nowadays, the lifestyle and food habit of modern man has changed. He is spending more on bad things and bringing diseases to himself.

These habits don’t show you any bad health effects now. But, they may soon come out letting you spend your lifelong saving on hospitals.

So how can you control this by yourself by making minor changes to your lifestyle? Here are some tips;

  1. Start kitchen gardening to make fresh vegetables and fruits. It not only saves you money but helps to improve your mental health too.
  2. Avoid eating food from restaurants and prepare healthy food at home. Restaurants use many artificial items to enhance taste which is bad for health.
  3. Exercise daily and try doing all services that you can do by yourself.

7. Avoid Using Plastic Money

Plastic money is a hard plastic material that stores all information about your money. Also, it works just like money in the digital world.

Credit cards and debit cards come under plastic money.

With the development of technology, most banks provide these types of cards as an alternative to money.

But it has its own pros and cons. Let us see what are?


You need not carry a large amount with you anytime traveling.

The risk of loss or theft is negligible because, without your permission, no one can take your money even if they get your card.


You do not have control over the money you spend on each purchase.

The chances of buying unnecessary items are high.

If you keep cash in your hand while spending, you will know how much you spend? If the money is too high, you can end up dropping the idea of buying.

It is not the case while using plastic money. So you are the one to decide according to your priority.

8. Follow Easy Option When Buying

Nowadays, people are so carefree while shopping for anything they want. If one likes an item, even if it is unnecessary, he ends up buying that thing.

People never look for the amount. It is the style of shopping in trend now. Maybe the same item is available in some other store for a much lower price.

Try doing some research on the item you wish to buy if it is not an emergency requirement. It helps you find either a much better option or the same item at a low price.

By doing so, you can even decide whether the item was that relevant for you or not. Most people go behind unnecessary items by the attraction it causes in the first appearance.

Next, there is another type of people going behind options stating they bring you money overnight. There is a lot of scam targeting people running for money.

Money chain mafias are a growing team trapping people by showing human models make them believe they are genuine.

So please try to stay away from these types of ways, both resulting in loss of your money.

Ask yourself, do you really want this before spending each penny?

9. Avoid Brand Sickness and Buy When in Need?

It is another trend found in new generation people. People love to show off what they have and try to pretend to have something out of their limits.

It became a serious issue after the entry of social media into our life.

Copying celebrities and living a life similar to them is the wish of many youngsters and even middle-aged people.

By doing so, you are spending more money on irrelevant items.

Yes, branded items have their own quality, but before buying something branded for hefty money, consider the following:

  • Your income
  • Your budget

Whether you will be able to maintain that item if at all it needs maintenance.

Will you be able to find an alternate for a low price and equal quality, etc.?

Most branded items are rubbish, and people are trapped in this magic world without thinking of their income.

So if you go behind those branded items frequently, you will not be able to save money if your income is low.

10. Balance Savings and Expenses

I have listed a few tips on how to save money. Another main quality is balancing your savings and expenses.

Never try to save from what is left behind after expenditure. It will not benefit you in any way.

So plan your savings and keep them aside soon after you receive your monthly wage.

Never make your expense more than 50% of your savings. It is the basic limit for any savings.

If your expense is high, you will not be able to save much. There may be some months where you need to spend more.

When such a situation arises, always try to add more into saving in the coming months.

By doing so, maintain a balance between your savings and expenditure to have steady savings.


Saving money for your future is very important for all people because we cannot expect what will happen to us in the very next moment?

Without money, you will not receive most of your requirements. Hence saving a part of your income should be a priority for anyone.

But saving money from your salary is a confusing task for many people. Some even never know its importance until an emergency arises.

I hope these tips help you get an idea of how you can save from whatever you get?


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