Even with a small salary, learn how to save money without straining your budget and build a financial safety net.

In today's world, having a financial safety net is crucial. To build one, it is essential to organize your budget effectively. However, many people face challenges in saving money due to insufficient income levels.

Saving money, even with a modest salary, requires discipline, expense analysis, and clear planning. Start with small steps: keep track of your spending, reduce unnecessary expenses, and automate your savings — informs "Telegraph".

How to Save Money

Expense Analysis

For one to two months, record all your expenses, even the smallest ones. This will help identify where most of your money is going and adjust your habits accordingly. It is convenient to use mobile apps or simply keep records in a notebook or an Excel spreadsheet. Analysis reveals which expenses can be cut without significantly impacting your quality of life (for instance, coffee at cafes or frequent snacks).

Create a Budget

Allocate your income into main categories: essential expenses (food, utilities), leisure, savings, etc. Experts recommend saving at least 15% of your income each month. For convenience, you can use the envelope method, where each expense category has a clearly defined budget.

Save Money Immediately

As soon as you receive your salary, set aside a certain portion right away, for example, 10-15%. This can be done automatically through your bank account or physically placed into a separate "piggy bank." It’s important to set specific goals (for example, saving for a vacation or renovation) as this motivates you to save more.

Eliminate Bad Habits

Cutting down on expenses related to alcohol, cigarettes, or junk food will not only save you money but also improve your health. Over a year, this can add up to a significant amount.

Previously, "Telegraph" discussed the most common habits of poor people. Check if you engage in any of these behaviors.