How to save when you have a small salary?

It is often wrongly thought that a small wage or a minimum wage will not allow us to fulfill our dreams. Indeed, many of us are content to receive it and live from day to day. All while maintaining a family, shopping and having fun (rightly). But especially thinking that it is impossible to put money aside. Think again! With a little organization and some handy tips, you can quite successfully save.

Live within your means!

Of course, if you want to offer the latest smartphone overpriced, do not be surprised if you can not save.

Adapt your lifestyle to your income

To be able to save, you have to put all the chances on your side. All your expenses must be made in relation to the size of your salary. Your car, your rent, and all other expenses must be in line with your salary. This is the first and perhaps most important rule to be in good condition for saving effectively. If you have trouble managing your money and spending it properly, set a budget that includes fixed and occasional expenses to get a clear idea of what you can afford each month.

To spend well

Do I have to spend a quarter of my salary to buy this trendy smartphone? Absolutely not. When you make a purchase, do yourself a simple reflection: do I need it immediately? And you will often see that this is not the case. Wait to have spared a little to make you really happy. Similarly, for shopping, flee brands at any price or watch the price of food per kilogram to not spend more than necessary. As for the alcohol and the cigarette, we can not ask you to stop overnight but know that they are part of the superfluous purchases.

Avoid getting into debt

Third rule before giving you some keys to save with a small salary: do not go into debt! Credits will undermine your budget and hurt your savings. Unless you have a project that requires a compulsory credit such as the purchase of a house, for example, run away from debt. Consumer loans and similar proposals from your banks can lead you into a financial stalemate, and that's not what we want!

How to save concretely

Here we are! How can you save effectively with a small salary? With a little organization and simple principles, you'll get there without problems.

Serve first!

Salary is the result of your work. You win it by the sweat of your forehead so it's only natural that the first person you think about putting aside is yourself. But it's not just about that, when you want to save, the first thing you have to do when you get your salary is to take the money directly to save and put it aside. We can not, in any case, save with what remains at the end of the month.

How much money to save?

To end up with pennies aside at the end of the year, it is advisable to collect between 20 and 30% of your salary: on a minimum wage of 30k you can find yourself at the end of the year with the sum of 150k, impressive no? If on the other hand, it is not possible for you to collect such a sum, know that even putting 2k aside of your salary per month, which is not excessive, you will have 10000 at the end of the year and you can even go on vacation. Put small sums aside and you will have already taken the gesture of saving.

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—    Shweta Agrawal