Hello friends, my name is Suresh K. Solanki, and I am a blogger and content publisher. Through this blog, I am going to share one of the most important topics for our financial health.
Today, we will discuss how to save money on a ₹20,000 salary in India.
This topic is very practical and helpful for anyone who wants to manage expenses better and build savings step by step. So, let’s get started.
How to save money from 20K salary in india?
So guys, from now on I am sharing 8 important points that you can use to save money from a ₹20,000 monthly income.
If you follow these steps consistently for a long period, you will be able to manage your finances better and avoid financial crises in the future.
So, I request you to please read this article till the end, where you will find all these useful money-saving ideas explained clearly.
Track very rupee
No matter whether you are earning ₹20,000, more, or even less, always keep one thing in mind: track every single rupee you spend. Knowing where your money goes is the first step toward saving.
I strongly recommend that you manage and record every expense, either by writing it down or by using a modern expense tracking app such as an expense tracker or money manager app. This habit will help you control unnecessary spending and improve your financial discipline over time.
Follow 50-30-20 rule
The next important point you must follow is the 50–30–20 rule. This rule helps you manage your salary in a simple and effective way.
- 50% of your income should be used for your needs (rent, food, bills, travel).
- 30% of your income can be used for your wants (shopping, entertainment, lifestyle).
- 20% of your income must be kept for savings.
Follow the 50–30–20 rule for your entire salary, no matter how much you earn.
Practicing this rule regularly will help you build good financial habits and improve your money management over time.
Cut Unnecessary Expenses
Now, the third and one of the most important points you must follow is to reduce unnecessary expenses. To save money, you need to control habits such as eating outside frequently, going for movies often, and other avoidable spending.
You don’t have to stop enjoying life completely, but you should limit these expenses and choose them wisely. Cutting down unnecessary spending will make you more disciplined, manageable, and in control of your financial health in the long run.
Use public transport
Now, the next point you need to think about is the mode of transport you use. To save money, you should prefer public transport instead of using a bike, car, or other private vehicles.
Using public transport helps you save on fuel, maintenance, parking, and repair costs. Of course, in case of urgency or emergencies, you can use your private vehicle. However, for your daily routine and regular travel, make it a habit to use public transport.
Following this practice will significantly reduce your monthly expenses and support a budget-friendly lifestyle.
Cook at home
Now it’s time to focus on having food at home, as this habit can save a lot of money and also improve your lifestyle. Cooking and eating at home is a good habit that helps you control your food expenses.
Avoid eating outside frequently or ordering food from hotels and restaurants. Home-cooked food is not only cheaper, but also healthier, and it plays a big role in long-term money saving. By following this habit regularly, you can reduce unnecessary spending and strengthen your overall financial savings.h.
Avoid EMI lifestyle
Now, focus on one important aspect of your lifestyle. Make sure you avoid an EMI-based lifestyle as much as possible. Buying things on EMI may look easy, but it puts long-term pressure on your monthly income.
Too many EMIs reduce your savings and increase financial stress. If you avoid unnecessary EMIs and buy things only when you can afford them fully, your financial position will remain strong and stable.Skipping the EMI lifestyle is a smart habit that helps improve your overall financial health.
Start SIP with small amount
Now comes one of the most important habits for saving money. We are living in the age of the internet, digital platforms, and easy access to the stock market, all available right at our fingertips. You should make smart use of these opportunities.
Start investing through a Systematic Investment Plan (SIP) with a small amount like ₹500 or ₹1,000 per month. Even a small start is completely fine. Over time, SIPs can give good returns due to compounding, which helps your money grow gradually. This investment can become a strong financial support for your future and help you achieve long-term financial stability.
Save first, spend later
Now, the main point: please follow this rule — save first and spend later. Follow this step carefully, as it helps build good saving habits.
Final words
So, final words guys, I hope you liked this article. Please follow this blog for more updates.
