Want to save money? Start today!
Ever wondered where your salary disappears to right after payday? Food, bills, shopping—and suddenly, an empty pocket! Budgeting and saving money might sound boring, but if you want a financially stress-free life, it’s a habit worth building. In this article, we’ll discuss easy and practical tips that feel like advice from a friend.
Have you ever thought that everybody works for money, but why can’t they save money? Making a budget may seem boring, but if you want peace in life, you’ll have to think a little.
What is Budgeting and Saving Money?
The meaning of both budgeting and saving money is simple—keep track of your money and save some for the future. These days, inflation has become so high that if we do not manage our money, we will roam around with empty pockets till the end of the month.
Budgeting means that you decide in advance what all things your income will go into—rent, food, bills, shopping, or savings. Meaning, “As much as the bedsheet is, so much should be the size of the purse.”
Saving means that you keep some money aside every month for the future, like for emergencies, travel, or any big goal (house, wedding, car, etc.). This money can become the hero of your bad times.
Pay attention to small things:
- Make a fixed budget every month—in a pen and diary or an Excel sheet.
- Save first, spend the rest (not the other way round).
- Never do impulse shopping—think, then buy.
- Use a separate savings account or a digital savings app.
- Cash vs. UPI: Sometimes, using cash helps control expenses.
Example:
Manoj Bhaiya works in a private job, and his salary is ₹25,000/month. Earlier, all his money used to get spent—without thinking, he used to spend it on Netflix, Swiggy, and shopping. Then he started making a simple budget:
- ₹8,000 – Rent
- ₹5,000 – Food and groceries
- ₹2,000 – Travel
- ₹5,000 – Savings
- ₹5,000 – Other needs/emergency
Now he saves ₹5,000 every month—and in 1 year he saved ₹60,000! Now his stress is also less, and he is not afraid even in case of an emergency.
How to Start Saving Money?
To start saving, you don’t need any big package or MBA degree, brother! You just need determination and a little discipline. First of all, make a record of your income and expenses—write down every small and big thing. Then follow the 50-30-20 rule:
- 50% essential expenses (rent, bills)
- 30% personal needs (shopping, outing)
- 20% savings (this should be fixed)
And yes, open a separate account for savings or use a digital savings app where money gets automatically deducted, like a modern version of a piggy bank.
Small tips that will help:
- Eat home-cooked food; stay away from Swiggy.
- Shop only during offers and sales.
- If you save even ₹100 daily, it will become ₹3,000 per month.
How to Get Better at Budgeting and Saving Money
Small Smart Habits That Will Help:
- Use an app to track monthly expenses (like Walnut or MoneyView).
- Don’t ignore every small saving—even ₹10 becomes ₹1000 with time.
- Spend less from UPI and more from cash—you have to think more!
Importance of Budgeting and Saving Money
In today’s time, budgeting and saving money are not just financial advice; it is a life skill. Whether your income is less or more, if you do not manage money, then problems will not go away. Budgeting and saving give you control so that money does not control you.
- Key Reasons Why Budgeting and Saving Money Are Important:
- It becomes easy to track your own money.
- Mental stress is reduced—you are saved from month-end tension
- Unnecessary expenses are broken down
- Backup is ready for emergency
- Financial goals (like travel, car, marriage) are achieved quickly
- Debt failure is reduced—EMI load remains under control
- It becomes easy to plan long-term investments
When you take budgeting and saving money seriously, the journey of real financial freedom begins.
What is the 60/20/20 Rule for Savings?
If you find budgeting complicated, then the 60/20/20 rule is a simple and easy formula that makes budgeting and saving money easy. According to this rule, you divide your income into three parts—without tension, with full control.
📊 60/20/20 Rule Breakdown:
60% – Needs:
Rent, bills, groceries, travel—i.e., essential expenses20% – Savings:
Emergency fund, SIP, RD, or savings for long-term goals20% – Wants:
Shopping, movies, dining out, or any small luxury
This rule is best for beginners who want to start tracking money. Whether you want to earn ₹10,000 or ₹1 lakh, this formula applies to everyone.
Conclusion
Budgeting and saving money is a small habit that can change your whole life. Start keeping track of your income from today itself and save something for the future. Now make a simple budget, fix your savings and take control of your money. If you need more tips, explore the blog or comment – I am here to help!
FAQ – Budgeting and Saving Money
1. What is the difference between budgeting and saving?
Budgeting means planning your income and expenses, while saving means saving some money every month for the future.
2. How much money should I save every month?
At least 20% of your income should be put into savings. If possible, save more.
3. Which is the best rule to start budgeting?
The 60/20/20 or 50/30/20 rule is best for beginners. These rules divide your income into needs, savings, and wants.
4. Is budgeting only for people with fixed income?
No, budgeting is important for everyone, whether you are a student, a freelancer, or employed.
5. Is there any app that helps with budgeting and saving?
Yes, apps like Walnut, MoneyView, Goodbudget, and ET Money help you track your expenses and plan your savings.