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Emergency Fund

Saving money while earning a low salary can be challenging, but it’s not impossible. With the right strategies, you can manage your expenses, grow your savings, and build financial stability. Here’s how: 1. Create a Realistic Budget Track your monthly income and expenses. Use the 50/30/20 rule: 50% for necessities, 30% for wants, and 20% for savings. Cut down on unnecessary expenses like subscriptions you don’t use. 2. Prioritize Savings (Pay Yourself First) Set aside a fixed amount before spending on anything else. Use automated transfers to a savings account. Even saving ₹500-₹1000 per month can add up over time. 3. Reduce Daily Expenses Cook meals at home instead of eating out. Use public transport or carpool to save on travel costs. Shop during sales and use discount coupons for groceries. 4. Avoid Debt and High-Interest Loans Avoid credit card debt; pay bills on time. If you need a loan, opt for low-interest personal loans. Consider debt consolidation if you have multiple loans. 5. Increase Your Income Look for freelancing or part-time gigs. Upskill with free online courses to boost your career. Consider investing in passive income sources like blogging or YouTube. 6. Use Financial Tools & Apps Budgeting apps like Walnut, MoneyView, or Goodbudget can help track expenses. Compare prices before making purchases online. 7. Start an Emergency Fund Save at least 3-6 months’ worth of expenses. Keep it in a separate high-interest savings account. 8. Invest Smartly Start small with SIPs in mutual funds. Consider PPF, EPF, or Fixed Deposits for secure savings. Final Thoughts Saving money on a low salary requires discipline and planning. By following these steps, you can gradually build financial security and reduce stress. For more financial tips, visit BuzzFlix.

How to save money on a low salary ?

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How to save money on a low salary ?