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How to save as much money as possible from my salary?

 
 
Reply Mon 12 Oct, 2020 08:46 pm
I have 10 months of work, which's my first work experience, and during this period I haven't saved anything in my bank account. I spend all of my salary on rent, which represents 32% of it and the rest in the daily expenses. I want a way to keep as much money as possible because I really need it to do many things.
 
View best answer, chosen by mkanzari
jespah
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  6  
Reply Tue 13 Oct, 2020 05:21 am
@mkanzari,
Take a look at your daily expenses.

Start with food. How often do you eat out or get takeout? How expensive are these places? Do you find yourself overeating, or throwing anything out? If so, then buy food storage containers (like rubbermaid) and start freezing part of these meals.

When food shopping, do you buy prepackaged or prepared foods, or the raw ingredients? Frozen macaroni and cheese costs more per serving than the boxed kind,which in turn costs more than uncooked pasta and a block of cheese you have to grate yourself.

Learning to cook saves money, and you can control portions (less waste that way) and fat and calories. If you work all day away from the home and are just too tired to cook, buy a slow cooker (they run around $40) and check out YouTube videos on how to use it.

Also comparison shop and use coupons. Start buying whatever is on sale and in season.

For entertainment, consider what you do. Is it drinking at bars? That's not just dangerous these days-- it's expensive. Think of other things that you can do which are fun.

Look at your bills. Can you cut your phone plan to one where you have less data usage? Can you get rid of premium cable channels on your TV? Can you make your current phone, TV, computer, and car last several more years?

Write down a budget. These ideas will help you stick to it.
farmerman
 
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Reply Wed 14 Oct, 2020 04:58 am
@jespah,
Budgets re great , but Id save first nd base the budget on whats lft.(Youll eat Ramen or lobstah) A good IRA or 401-K allows (basedon its construction), him to save in BEFORE tax dollars and save as long term investment. A Roth is ok but you invest as ordinary income for a tax free return later. You still are taxed at reg income levels going in and at a time you least can afford it (When you start your career).

Whn I started my original 401, I out away 18% tax free (of which my employer matched 7%) So , in my first years I was getting the benefit of saving a quarter of my salary TAX FREE. When I sarted withdrawing from this fund it was 30 years compiled and I made a nice bundle.

I have to withdraw 4% a year.
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